Bank of Baroda (BoB) remained silent for two years over the Rotomac case and approached CBI after the Nirav Modi case rattled the country’s banking industry. According to a report by The Times of India, in 2015, BoB had classified Rs 435 crore loan given to Vikram Kothari, owner of Rotomac, as Non-Performing Asset (NPA). Later in 2017, the loan was classified as ‘fraud’. But the bank informed the investigating agency only after the Punjab National Bank scam came to light. CBI has said that the bank should have approached them in 2015 when they have noticed the fraud.
“Since this account (Rotomac) is of high value in this fraud case, we apprehend that directors/guarantors of the company may escape from the country to skip the legal/criminal proceedings,” said the bank’s complaint.
Rotomac scam came to light after the Nirav Modi-PNB scam. Vikram Kothari, owner of Rotomac pens and his family members are the accused of Rs 3,965 crore fraud. It was also found that the loans sanctioned to Kothari for importing wheat were moved to Rotomac and its sister companies.
Kothari refused to call it a scam and said: “First of all, don’t call it a scam. Also, I am not leaving the country and I am very much in Kanpur. Banks have declared my company Non-Performing Asset (NPA), but not a defaulter. The matter is still sub judice with National Company Law Tribunal (NCLT). I have taken loans and will repay it all soon.”
Bank of Baroda Forex scam
Bank of Baroda had faced Rs 6,172 crore forex scam in 2015 where money was sent from India to Hong Kong to import cashew nuts, pulses, and rice, but the importing had not taken place and the money was allegedly deposited in 59 accounts of various firms, The Times of India reported. CBI arrested the bank’s assistant manager and the head of the forex division who were related to the fraud. The agency had registered a case against 59 account holders after conducting raids at Bank’s Delhi branch.
Forex refers to the market in which currencies are traded. It includes all the currencies in the world. The forex market is open five days in a week except for holidays and works 24 hours. Forex transactions can take place either on spot or on a forward basis. Spot deal is used for immediate delivery which will be carried out within 2 business days for most currency pairs. Transactions that settles for a date later than the spot transaction is called forward transactions.
Have you ever spotted a speeding car without a care for the traffic signal? Ever spotted a person rushing to the other side of the road when the traffic light is green? Ever seen bikers use pavements as roads to save a few minutes? Ever seen cars change lanes on highways or rush hour traffic on a whim? Well, so have thousands of other Indians.
Road safety in India is a serious concern. For a country that boasts the second largest road network in the world, it is inarguable that we need to pay more attention to our safety on roads – a place where we step out every day, spend a handsome amount of our time.
The government has come up with several regulations on road safety, but is this enough? Not if awareness around the topic is still lacking.
The intention behind the initiative is to bring together lawmakers, local authorities, traffic police and citizens under one umbrella.
The cities will be rated on parameters such as Pedestrian Rights, Road Lighting and Maintenance, Motor Laws and Traffic Control, Emergency Services, Road Cleanliness, Connectivity, Road Transport Infrastructure, Heavy Vehicle Traffic Management, Road Safety, Differently abled friendly, Road Quality and Road Safety For Children.
Here are the ten cities that were chosen for Road Safety Index 2018 and the reasons that make their roads safe or unsafe:
Mumbai has facilities for the differently-abled like reservations in public transports, special train compartments, concessions on fares, etc. The city that never sleeps scored the best when it comes to citizens’ participation in making the city accepting and warm toward the differently-abled. It won the category ‘Differently-Abled Friendly’.
However, there are areas of improvement – illegal hawkers, pavements and footpaths need to be fixed or reconstructed.
Anyone who hails from the capital of West Bengal knows about its recreational parks and brightly lit streets. Its traffic police deserve special mention for redirecting rush traffic every day as Kolkata roads are narrow and many are one-way streets.
During Durga Puja, the city tries to make Pandals differently-abled friendly by installing ramps.
It won the categories – ‘Road Lighting & Maintenance’ and ‘Road Safety For Children’.
But the City of Joy needs to work more on giving its residents #HappyRoads. Issues of waterlogging and numerous street hawkers, roadside vendors in busy areas need to be solved.
There’s no one who’s been to Delhi and not praised its excellent connectivity. Delhi prides itself for broad roads, top-notch metros, pavements and foot over bridges. The national capital surely serves as an example for cities across India when it comes to road connectivity hence, it won the categories ‘Connectivity’ and ‘Road Quality’ in the Road Safety Index.
While Delhi has made many of its public places differently-abled friendly, the areas that need improvement are long hours in traffic, fixing of roads that pose a hindrance to daily commute and rash driving by bikers.
The city boasts well-marked zebra crossings, adequate footpaths for pedestrians, underground SMART dustbins, reduced encroachments. Raipur fares well in almost all parameters of road safety. It won the category of ‘Road Safety’ and ‘Pedestrian Rights’.
However, the city could do better with stricter fines for traffic violators and awareness about road safety and garbage disposal.
Other cities can take inspiration from Chennai on how to ensure good road safety. The city has wide, well-connected roads that are lit properly. It also boasts rigorous night patrolling where traffic rules violators are fined. One of the best initiatives taken by Chennai is the separate parking space on city roads that prevent traffic from accumulating. It came out on top in the category ‘Motor Laws & Traffic Control’.
Areas where Chennai needs to improve are street lighting and cleanliness.
Indore is one of the few cities that has used plastic waste for construction of roads and covered garbage disposals, which explains why the city won the ‘Road Cleanliness’ category. Indore also has adequate zebra crossings, visual signals, street lights, footpaths.
But areas where the city needs improvement are – strict action against traffic violators, public spaces more differently-abled friendly.
There is a lot to learn from the road safety measures implemented by Ahmedabad – sound medical facilities, separate lanes for local buses, special cab service for differently-abled, wide roads. Ahmedabad won in the category ‘Emergency Services’, ‘Road Transport Infrastructure’ and ‘Heavy Vehicle Traffic Management’.
If the Heritage City improves road safety awareness among citizens, it’s bound to fare even better. Better street lighting and lesser encroachments will work in favour of Ahmedabad.
The other cities shortlisted were Pune, Bangalore and Hyderabad but they didn’t win any category.
Maruti Suzuki’s initiative to rank cities will encourage citizens and administration to do better and emerge on top.
The Logical Indian community wholeheartedly appreciates the various initiatives undertaken by Maruti-Suzuki in this direction. Not only the government but we, as citizens of this country, should also pledge to make our roads safe. One of the first steps towards this is that we understand our duties.
We hope the authorities take a note while we pledge to do our own bit towards happier, safer Indian roads.
For more information about the Maruti Suzuki’s initiative and the Road Safety Indexclick here.