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April 2, 2001
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Money > Business Headlines > Report April 2, 2001 |
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RBI asks banks to disclose Parekh accountsJanaki Ghatpande RBI has asked all banks in the country to immediately report to it if Ketan Parekh holds accounts in any of their branches. This move is aimed at getting to the bottom of the pay order scam and tracing the movement of the funds involved. "The move to ask all the banks to furnish the deposit details, if any, of Ketan Parekh is meant to close-in on him from all sides. Though, if the big bull holds benami accounts, it will be difficult to attribute them to him," said a source in RBI. In March, the RBI had asked the banks to report on their capital market exposure after the stock markets went into a tailspin and the securities they were holding against loans to individuals and brokers got eroded in value. The banks were required to call in the customers to top up the collateral (securities) and bring in additional margins, failing which they had to liquidate the securities in hand. After the Madhavpura Mercantile Co-operative Bank's diversion of funds to the stock market and its heavy borrowing in the call market, and the pay-order scam involving a nexus between the Classic Cooperative Bank and bullion traders came to light, the apex bank, on March 18, sought details of all transactions in the call money market by cooperative banks, their clearing position as well as their transactions in repos. These details were sought for the period between March 1 and March 17.
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