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1 Cr loan in 59 min. scam by MODI.

Biggest winner of Modi’s loan-in-59-minutes plan for small companies is an Ahmedabad fintech startup

How was a private player entrusted with a crucial project that gives it access to sensitive data and large commissions?

On November 2, Prime Minister Narendra Modi made a slew of announcements aimed at reviving India’s faltering micro, small and medium enterprises. One of these was about a dedicated digital platform –www.psbloansin59minutes.com – to enable them to access loans of upto Rs 1 crore in just 59 minutes.

Unlike their larger counterparts, India’s smaller companies have long faced difficulty in accessing bank loans. The psbloansin59minutes website was presented as the solution. Once a firm uploads key information such as tax returns and ownership details, proprietary algorithms on the website appraise the application, determine the loan amount that can be given and then connect the applicant to a bank branch – all in under 59 minutes.

As it turns out, the website mirrors the aims outlined in a tender issued by the state-owned Small Industries Development Bank of India on January 22, seeking to hire a consultant to set up a new legal entity that would facilitate contactless lending.

“The solution will use algorithms and techniques to read complex balance sheets, IT returns and bank statements in a very short time,” said the tender. “These solutions can easily capture the basic details of the applicant from present documents. Smart analytics will enable the proposed solution to find discrepancies and automatically pull information from credit bureaus. More importantly the decision-making process for a loan officer can become simpler as the solution provides a summary of credit, valuation and verification on a user-friendly dashboard.”

The tender went on to define eligibility requirements. To qualify, consultants needed to have earned a fee of at least Rs 50 crore from management consulting during the three preceding years. “The consultant should have been in existence in India since April 01, 2012,” it stipulated.

Once a consultant was shortlisted, said the tender, a new legal entity would be formed, in the form of a company with SIDBI and other banks as shareholders.

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However, a closer look at psbloansin59minutes shows that the company behind it does not quite meet the tender stipualtions. The website is not run by a new legal entity as envisioned by the SIDBI tender. Instead, it is run by a Ahmedabad-headquartered fintech company called CapitaWorld Platform, which was set up in 2015.

Who is CapitaWorld?

CapitaWorld is a young company that connects borrowers and lenders. Once customers upload their documents, it runs algorithms to assess their risk profile before connecting borrowers to lenders. In 2017, its software engine won second prize at a contest organised by the Reserve Bank Of India’s research institution, the Institute for Development and Research into Banking Technology, to encourage the development of banking apps.

It is this engine that is being used at psbloansin59minutes to process loan applications.

The company was set up by Vinod Modha, Jinand Shah and Aviruk Chakraborty. As this report says, Shah is a chartered accountant and a chartered financial analyst. Modha has worked in venture capital and non-banking financial companies, in addition to advising firms like Nirma, Mudra and Intellecap. Chakraborty has a background in manufacturing.

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Till March 2016, the company had no revenues. That year, it posted a loss of Rs 38,888. The next year, its income rose to Rs 15,680. By this time, its promoters had rejigged their ownership over the company. CapitaWorld Platform was now a subsidiary of CapitaWorld Global, which held 60% of the shares in the company – this company is equally owned by Vinod Modha and Jinand Shah. Another 32.1% in CapitaWorld Platform was held by a limited liability partnership called JVKM Associates. As an LLP, it does not have shareholders. Its partners, as of May this year, were Jinand Shah, Krunal Sheth and Vinod Modha. Sheth was a director at a firm called E-Advisory Services.

Documents filed by the company with the Registrar of Companies contain a valuation report dated April 16, 2018. Produced by a firm called OMMS & Associates, the report says it has based the company’s valuation on its “potential earning capacity” – not on its past earnings or assets – to arrive at a valuation of Rs 129.39 per share.

In July, the company’s ownership saw a major change when nine public sector banks, including SIDBI, bought a total of 1743,371 shares in CapitaWorld Platform for Rs 22.5 crore, at Rs 119.39 per share. With CapitaWorld’s issued capital standing at 3228,466 shares, that gave the banks a 54% stake in the company.

A puzzling transaction

Both decisions – to appoint a private company to handle psbloansin59minutes and the selection of CapitaWorld – deserve a closer look.

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In the past, the business of linking borrowers and banks was handled by SIDBI on its own through sites such as www.udyamimitra.in. It is unclear why the state-owned financial institution chose to tie up with a single fintech player instead of, say, buying its algorithm-based software engine.

Under the present arrangement, CapitaWorld will earn a lot of money and gain access to a lot of data. “For registration purpose, the borrower doesn’t need to make any payment,” the FAQ section on the website says. “Any borrower whose proposal matches with the products of lenders and wants to receive an In-Principle approval will be required to make a nominal payment of Rs. 1,000 + Applicable Taxes.”

This money goes to CapitaWorld because it provides that in-principle approval. Subsequently, banks do their own due diligence. If the loan gets approved, CapitaWorld also gets 0.35% of the loan amount.

The day after Modi made his announcement, a statistics counter on the website – it has been removed since – claimed 1.69 lakh registrations and loan approvals of Rs 23,582 crore. By a simple calculation, 0.35% of that works out to Rs 82.53 crore. “Can you imagine the amount of money that can be made if a million MSMEs apply for loans?” asked a Delhi-based businessman who applied for a loan. He said he thought he was dealing with a government or at least a public sector entity but was puzzled when an email containing his “in-principle approval” came not from a government bank but from no-reply@capitaworld.com.

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Data access

Money is just half the story. The website, as Moneylife reported, also gains access to a lot of data. To apply for a loan, companies have to submit critical details including not just bank statements and income tax and Goods and Services Tax returns but also their login IDs and passwords for both websites.

In the age of algorithm-based lending, such data gives CapitaWorld a competitive edge its rivals cannot possibly match. As the sole company managing psbloansin59minutes, it will have deeper access to the data of India’s micro, small and medium enterprises sector than any of its peers.

To top it all, in August this year, Bank Of Baroda nominated Akhil Handa, its head of fintech and new business initiatives, to the board of CapitaWorld Platform. His LinkedIn page contains a hyperlink to a Swarajya report that describes him as “a former Asian investment banker with JP Morgan (Hong Kong) and Founding Member of CAG – the professional support group for Mr Modi’s 2014 campaign. At present enjoying the freedom from the corporate world and excited to setup his own financial inclusion business. He tweets @navitweet321.”

Handa’s Twitter bio refers to Bank of Baroda, Citizens for Accountable Governance and Mitra Fintech.

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When Scroll.in asked Jinand Shah, founder-promoter of the startup, how his firm came to run psbloansin59minutes, he declined to answer. “It will be better if you direct these questions to SIDBI,” he said. A text message request for a conversation to Ronak Shah, the firm’s co-founder and COO, did not get a response.

Scroll.in has subsequently emailed questions to CapitaWorld and SIDBI asking how the company was chosen.

This report will be updated if they respond.

In the meantime, CapitaWorld has changed its homepage. Till November 4, the startup described itself as a digital lending initiative supported by “SIDBI led consortium of PSBs”, and listed six banks as “strategic partners”.

But now, the company seems eager to stress the participation of banks in its operations. Its new homepage starts by listing these six banks and calls them key shareholders.


https://scroll.in/article/901303/biggest-winner-of-modis-loan-in-59-minutes-plan-for-small-companies-is-an-ahmedabad-fintech-startup
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బయటపడ్డ మరో భారీ స్కాం...
రైతులకు భీమా పేరుతో కార్పొరేట్ కంపెనీ లకి కొన్ని వందల కోట్లు దోచిపెట్టిన మోడీ

కేంద్ర ప్రభుత్వం రిలయన్స్ ఇన్సూరెన్స్ కోసం ప్రధాన మంత్రి ఫాసల్ బీమా యోజన కింద 22 వేల కోట్ల ప్రీమియం చెల్లించింది! రిలయన్స్ ఇన్సూరెన్స్ ప్రధానమంత్రి ఫాసల్ బీమా యోజన భీమా క్రింద రూ. 3,600 కోట్లు రైతులకు చెల్లించింది. రిలయన్స్ ఖాతాలకు మిగిలిన మొత్తం రూ 18,000 కోట్లు చేరింది !

Fasal Bheema Yojana for Agriculture (Fasal Crop Insurance Scheme) became a scam. It was introduced by MODI in 2016 and executed by Govt. Agency called "Agriculture Insurance Company of India Ltd (AICIL)" for distributing insurance to crops. In the Second year, Modi removed This govt. insurance agency and gave this scheme to private players like "Reliance", "ICICI Lombard", " TATA AIG", "Chola MS" and handed over them 15500 Cr profit by increasing insurance premium over 350% than what Govt. agency AICIL used to charge farmers. AICIL insured fasal scheme for 5.72 Cr farmers where as private players insured only 4.9 farmers as lot of other farmers can't afford premiums charged by these private players.

 

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  • 2 weeks later...

Prime Minisiter of Gujarat Achievements in Foreign Tours

*1) Modi's Russia Visit !* 

*Mukesh Ambani's Reliance* signs pact with Russian arms firm as Modi visits Moscow - Reuters

India's Reliance Defence signs $6bn deal with Russian arms firm as Modi visits Moscow - Dawn

https://in.reuters.com/article/india-reliance/reliance-signs-pact-with-russian-arms-firm-as-modi-visits-moscow-idINKBN0U70LP20151224

*2) Modi's France Visit*

*Anil Ambani's Reliance Group* ties up with Dassault after Rafale fighter jet deal - Firstpost

https://www.firstpost.com/business/anil-ambanis-reliance-group-ties-up-with-dassault-after-rafale-fighter-jet-deal-3031950.html

*3) Modi's Australia Visit*

*Adani’s* Australia coal mine project gets final approval - LiveMint

for adani's loyality, 1 billion dollar line of credit by SBI is approved to his Adani Power Ltd. for australia coal project

https://www.livemint.com/Companies/hxfjNJjJO9wzkffSC5NdeK/Adani-gives-final-approval-for-4-billion-Australia-coal-min.html

*4) Modi's Bangaldesh Visit*

*Adani, RPower, Petronet*  sign pacts for projects in Bangladesh - Hindustantimes

https://www.hindustantimes.com/business-news/ntpc-adani-rpower-petronet-sign-pacts-for-projects-in-bangladesh/story-m9PCksAslRx6Ub0vxfPaoL.html

*5) Modi's United States' Visit* 

*Reliance Defence* signs warship repair pact with US Navy - Live Mint

The deal may generate Rs15,000 crore revenue for Reliance Defence over next three to five years

https://www.livemint.com/Industry/VZqdl90t3NiQZHl7ccylwK/Reliance-Defence-signs-warship-repair-pact-with-US-Navy.html

*6) Modi's Israel Visit* 

*Adani* & Israel's Elbit form JV for unmanned aerial vehicles - Business Standard.

https://www.business-standard.com/content/b2b-manufacturing-industry/adani-israel-s-elbit-form-jv-for-unmanned-aerial-vehicles-116110800721_1.html

*7). Modi's Aregentina Visit in Nov 2018*

*Modi secured funding from Saudi Arabia to invest in quasi indian govt fund called NIIF. This NIIF primarily invests in ports, shipping, logistics, road connectivy. 

This NIIF fund already invested heavily in Gujarat and Maharashtra. Recently aquired 90% stake in Continental warehousing Group. (CWCNSL). Also aquired IDFC Infrastructure division which mainly have loans given in gujarat.

https://www.reuters.com/article/us-saudi-crownprince-india/saudi-crown-prince-meets-indias-modi-in-argentina-idUSKCN1NZ08K

*8). SBI loan of 1 billion dollar to Adani Power Ltd for Australia Project. 

https://www.newsgram.com/achche-din-how-gautam-adanis-fortune-changed-when-prime-minister-narendra-modi-came-into-power

*9). Prime Minister of Gujarat spent 1485 Cr over 3.5 years just on foreign tours.  Chai wala bahut sastha hai. 

https://www.thehindu.com/news/national/modi-foreign-visits/article24481914.ece

*10). Prime Minister of Gujarat has finally helped his friend Adani in 2014 with forcible aquisition of port in orissa and dhamra port for 5500 Cr. Very Costly and Nice Friend ship. ??

Adani’s companies are labouring under a debt of Rs 72,000 crore but this hasn’t stopped him buying two power plants, plus a port in Odisha, after the change in regime in Delhi. And the day Modi’s landslide in the general elections win was announced — May 16 last year —Adani celebrated the acquisition of Dhamra Port from Larsen and Toubro and Tata Steel for Rs 5,500 crore after nearly a year of negotiations. 

http://www.sify.com/finance/swamy-s-rs-72000-crore-bad-loan-bombshell-hits-adani-shares-hard-news-equity-sdhrFDiifdjch.html

https://www.newsclick.in/house-debt-adani-drowning-debt-and-nobody-helping

*11). Modi's Saudi Prince meet in Argentina in G20: *

Modi discussed with saudi prince for Saudi Aramco's 1 Billion dollar oil refinery project establishment in Gujarat. Modi asked saudi prince to expedite the process to start refinery construction. 

https://www.reuters.com/article/us-saudi-crownprince-india/saudi-crown-prince-meets-indias-modi-in-argentina-idUSKCN1NZ08K

* 12). Modi's Japan Visit for bullet train*

Modi signed a pact with Japan for constructing, maintaining and operating bullet train for gujarat and maharashtra. Total burden would be around 2 lac crore on indian public for modi's fancy dream of gifting bullet train to gujarat.

https://thewire.in/business/india-japan-yen-loan-mumbai-ahmedabad-bullet-train

* 13). Modi's South Korea Visit *

Modi met CEOs of several companies including samsung, hyundai and LG. Modi invited Hyundai to set up 3rd car plant and ship building industry in Gujarat (ofcourse official statement is that modi invited them to invest in india. but miraculously they will go to gujarat only.)

https://www.business-standard.com/article/companies/pm-modi-meets-hyundai-chairman-m-k-chung-invites-investment-in-india-115051900134_1.html

https://www.thehindu.com/business/Industry/Don’t-delay-setting-up-of-third-plant-Govt-tells-Hyundai/article14427998.ece

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  • 1 month later...

Modi's Role in Haren Pandy's Murder. Everybody should know this.

Indulo Hyd lo Encounter ayina Gangster Nayeem ki role undi ata. Eenadu sugar coating Modi role below.

Modi-Nayeem3.jpg

while AJ wrote directly from direct court deposition without any sugar coating. ?

Modi-Nayeem1.jpg

Modi-Nayeem2.jpg

 

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700cr we can build a world biggest stadium..

1500cr you can not build world class capital ? aa money antha em chesaaru ? evari pocket lo pettukonnaru ? tell me ? no body going to believe tdp in ap.

 

http://www.andhrajyothy.com/artical?SID=692437

రూ. 700 కోట్లతో.. 63 ఎకరాల్లో..
07-01-2019 02:36:38
 
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  • అహ్మదాబాద్‌ వేదికగా ప్రపంచంలోనే అతిపెద్ద క్రికెట్‌ స్టేడియం!
అహ్మదాబాద్‌: ప్రపంచంలోనే అతిపెద్ద క్రికెట్‌ స్టేడియం భారత్‌లో నిర్మితమవుతోంది. గుజరాత్‌ రాష్ట్రం అహ్మదాబాద్‌లోని మొతేరాలో 63 ఎకరాల విస్తీర్ణంలో ఈ భారీ స్టేడియాన్ని నిర్మిస్తున్నారు. గుజరాత్‌ క్రికెట్‌ సంఘం (జీసీఏ) డ్రీమ్‌ ప్రాజెక్ట్‌గా రూపొందుతున్న ఈ స్టేడియానికయ్యే ఖర్చును దాదాపు రూ. 700 కోట్లుగా అంచనా వేశారు. లక్ష సీటింగ్‌ సామర్ధ్యం గల ఈ స్టేడియాన్ని ప్రపంచ ప్రఖ్యాత ఆర్కిటెక్ట్‌ పాపులస్‌ డిజైన్‌ చేస్తున్నారు. స్టేడియం నిర్మాణ చిత్రాలను జీసీఏ ఉపాధ్యక్షుడు పరిమల్‌ నత్వాణీ ఆదివారం ట్విటర్‌లో పో స్ట్‌ చేశారు. 3వేల కార్లు, 10వేల ద్విచక్రవాహనాలు పార్క్‌ చేసేందుకు వీలుగా పెద్ద పార్కింగ్‌ సముదాయమున్న ఈ స్టేడియంలో మూడు ప్రాక్టీస్‌ గ్రౌండ్స్‌, ఇండోర్‌ క్రికెట్‌ అకాడమీని ఏర్పాటు చేస్తున్నారు. అంతేకాదు.. ఇందులో 76 కార్పొరేట్‌ బాక్సులు, 55 గదులతో ఓ క్లబ్‌ హౌస్‌తో పాటు ఒలింపిక్‌ స్థాయి స్విమ్మింగ్‌ పూల్‌ నిర్మిస్తున్నట్టు నత్వాణీ వెల్లడించారు.
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Mudra Loans (PMMY Scheme): 11000 Cr bad loans aggregated for banks due to Modi's Mudra Loan scheme (PMMY)  for industries. RBI found this latest scam while it was doing audit roll call for IL&FS scam....Who will pay these dues to banks? whatever banks modi touches, boodida the ash migulthondi Indian Public ki.... ?

Idi chaaladu annattu recent ga 59 minutes lo MSME loans ani koths scheme (ade inko scam) start sesadu. Adi enni vela kotla scam ga teluddo..?

 

ముద్ర రుణాలతో ఎన్‌పీఏల పెరుగుదల : ఆర్‌బీఐ

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న్యూదిల్లీ: చిన్న పరిశ్రమలను ప్రోత్సహించేందుకు ప్రభుత్వం ఏర్పాటు చేసిన ప్రధాన మంత్రి ముద్ర పథకం కారణంగా బ్యాంకింగ్ ‌రంగంలో ఎన్‌పీఏలు పెరుగుతున్నాయని ఆర్‌బీఐ హెచ్చరించింది. భవిష్యత్తులో ఆ పథకం ఎన్‌పీఏలకు మూలంగా మారుతుందని పేర్కొంది. ఈ పథకం కింద ఇప్పటికే దాదాపు రూ. 11,000 కోట్ల మేరకు మొండిబకాయిలు ఉన్నాయని వెల్లడించింది. ఒక్క 2017-18 సంవత్సరాల్లోనే ఈ పథకం కింద రూ. 2.46లక్షల కోట్ల మేరకు రుణాలు పంపిణీ చేశారు. వీటిల్లో మొత్తం 40శాతం మహిళలకు పంపిణీ చేశారు. మరో 33శాతం సామాజికంగా వెనుకబడిన వర్గాలకు అందజేశారు. ఈ పథకం మొత్తం 4.81 కోట్ల మంది లబ్ధి పొందారు.

ఐఎల్‌ అండ్‌ ఎఫ్‌ఎస్‌ సంక్షోభం కొనసాగుతున్న సమయంలో ఆర్‌బీఐ ముద్ర రుణాలపై కూడా హెచ్చరికలు జారీ చేసింది. 2015లో పీఎంఎంవై పథకాన్ని ప్రారంభించింది. ఈ పథకం కింద చిన్న పరిశ్రమలు, వాణిజ్య సంస్థలకు బ్యాంక్‌లు రూ. 10లక్షల వరకు రుణాలు ఇవ్వాలి. మొత్తం మూడు విభాగాల్లో ఈ రుణాలను మంజూరు చేస్తారు.

 

So far indian banks are holding 9 lac crores of NPAs.

The bad loans of public sector banks peaked at Rs 8,95,601 crore as of 31 March, 2018.

https://www.deccanherald.com/business/npas-mudra-loans-rise-whopping-709856.html

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