NEWS & ADVICE : CREDIT CARDS
Two officials of ING Vysya suspended over fake forex positions
By Ankit Sharma
Oct 8, 2010
Print    Email    RSS   

Private sector lender, ING Vysya Bank has suspended two officials after it discovered that they had presented disguised positions in foreign exchange currency trades. There are also losses which they have disguised.

One of them continued to take new positions when the market went in opposite direction with a hope to recover the losses incurred.

"About two months ago, the officials in question went on leave. ING has informed RBI about the development," said a person familiar with the development.

"It's unclear whether such trades took place on a sustained basis and for how long, but the losses may have surfaced when the forwards started moving up in anticipation that the central bank will raise interest rates," said a dealer with a foreign bank.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Know the Reasons for Rejection of a Credit...
Prevent your debit and credit card from...
Kisan Credit Card: Allowing easy credit...
Internet banking: does it put your money...
Increasing trend of prepaid cards in India


Haven't you heard about FUNDS RECOVERY STATION...
Daawat*Call giℛℒ escort In ZiRaKpUr OOOOOOOOOO...
Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive