PNB detects $1.77B fraud, India’s wealthiest chief ministers, and more trending news

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Punjab National Bank has detected fraudulent transactions worth $1.77 billion (?11,400 crore) at one of its Mumbai branches, Economic Times reports. The transactions were "for the benefit of a few select account holders with their apparent connivance," it informed the stock exchanges. The state-run lender didn't name the people involved, nor did it specify the branch where the alleged fraud happened. The CBI has started its investigations, and 10 bank employees have been suspended so far. The stock nosedived 10.33% to close at ?144.95 on the BSE.

Four in five chief ministers are crorepatis, an analysis by the Association of Democratic Reforms and National Election Watch shows. Twenty-five of India’s 31 CMs have assets worth more than ?1 crore, and over half of them have declared wealth between ?1 crore and ?10 crore. Two chief ministers — Andhra’s Chandrababu Naidu and Arunachal’s Pema Khandu — have assets over ?100 crore while Tripura’s Manik Sarkar brings up the rear with just ?27 lakh in declared wealth and ?2,410 in bank balance. Eleven CMs have criminal cases against them, the study shows.

The good old Public Provident Fund scheme is getting more flexible. That's because the government is set to allow premature account closure before the completion of five years, The Times of India reports. Currently, the PPF Act allows premature closure for medical emergencies and higher education needs only after five years, with an interest rate penalty of 1%. Ordinarily, PPF has a long lock-in period of 15 years, and partial withdrawals are allowed only from the seventh year. One can take small loans against one's account balance from the third year, though.

People critical of Aadhaar — especially journalists, researchers, and activists — seem to be inviting trouble. Reuters reports, quoting sources it wouldn’t identify, that at least eight detractors are being harassed by government agencies. Some have been accused of illegally accessing the Aadhaar database and put under surveillance. A case in point is the complaint against The Tribune newspaper for publishing a story on how citizens’ Aadhaar details could be bought for as little as ?500. To assuage security concerns, the Aadhaar authority recently added security features like facial recognition.

India needs to create more salaried jobs to become an upper-middle income country by 2047, according to a World Bank report. Regular jobs with growing earnings are a “rare privilege in India where less than a fifth of workers are in salaried employment,” it says. To boost employment, the World Bank suggests moves such as “grandfathering current workers... and easy mechanisms for firms to buy workers out of their old contracts.” India has been classified as a lower-middle income country for a decade, and its per capita income stands at $6,538. The country generated 3 million jobs annually over 2005-12.

Idea of the Day: Self-awareness is the key to realizing your potential, says psychologist Fiona Murden. This kind of insight improves social skills, decision-making capabilities, and the ability to deal with pressure; it also helps us cope with stress and reduce conflict.

“Having good self-awareness allows us to thrive... Being tuned into our mental and physical needs allows us to know when we need to refuel our body and our mind — leading to better physical and mental health.”

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