Latest news with #BoG
The Hindu
21-05-2025
- Politics
- The Hindu
Governor urged to intervene in KTU BoG controversy
The Confederation of University Employees Organisations, Kerala, has urged Governor Rajendra Vishwanath Arlekar to direct APJ Abdul Kalam Technological University (KTU) Vice-Chancellor in-charge K. Sivaprasad to cancel the Board of Governors (BoG) meeting scheduled to be held on Thursday. In a formal communication, the organisation flagged various 'illegalities' in convening the special BoG meeting. It highlighted the recent judgement of the Kerala High Court, which deemed the notification issued by the Chancellor appointing Prof. Sivaprasad as the Vice-Chancellor 'not sustainable in law.' The confederation also cited Section 26(1) of the University Act, which mandates that the meeting of the BoG should be convened on the dates fixed by the Vice-Chancellor 'in the manner decided by the BoG.' In addition, Section 26(3) of the Act states that the Vice-Chancellor 'may upon a requisition in writing signed by not less than one half of the total number of members of the BoG, convene a special meeting'. The organisation stated that the proposed meeting is illegal since it is being convened without fulfilling such statutory requirements. Meanwhile, Students Federation of India (SFI) activists attempted to barge into the Vice-Chancellor's office, prompting the police to forcibly remove the protesters. Demanding Prof. Sivaprasad's resignation on account of the HC order, the activists burnt an effigy in front of the university office.
The Hindu
19-05-2025
- Politics
- The Hindu
Controversy erupts over KTU BoG meeting
A controversy is brewing over a Board of Governors (BoG) meeting of APJ Abdul Kalam Technological University (KTU), scheduled for May 22, which has been convened by the Chancellor. The special session, mainly called to present the university Budget for 2025-26, has sparked concerns with various quarters alleging the meeting is being convened in violation of university norms. In a joint statement on Monday, Left-leaning All Kerala Private College Teachers' Association and the University Employees Confederation argued that the Chancellor does not possess the authority to directly convene a BoG meeting under the University Act. They also claimed that the notification that intimated BoG members of the meeting was issued by the former Registrar whose tenure ended on March 3. With the university yet to appoint a new Registrar, the communication has further raised concerns about its legitimacy. The organisations further alleged that the notice has not been sent to all BoG members, particularly those who were nominated under the amended university law five years ago. While several of these members were subjects of petitions that demanded their removal, such pleas were subsequently dismissed by the Kerala High Court. The court had then upheld their continuation in office until the end of their legally defined term. However, these members have allegedly been denied invitation to the upcoming meeting. While the university sought clarification on the issue, the Raj Bhavan responded that it is up to the university to adopt appropriate action. The organisations also alleged that the key agenda for the meeting, i.e., the presentation of the university Budget, is also a matter of contention. The Syndicate and the finance committee, which are responsible for preparing and presenting the budget, are yet to undertake the tasks.
Time of India
19-05-2025
- Business
- Time of India
THINK Gas to set up six new LNG fuelling hubs by end of 2025
New Delhi: City Gas Distribution company THINK Gas announced the rollout of six new LNG fuelling hubs to support long-haul heavy-duty truck transport across key locations in Andhra Pradesh and Tamil Nadu. Three of the stations will be commissioned by September 2025 and the remaining three by December 2025. The company said the new LNG fuelling points will be set up at Anantapur and Nellore in Andhra Pradesh, and Vallam in Tamil Nadu's Kanchipuram district. These will be integrated with THINK Gas's existing LCNG stations to facilitate LNG dispensing. 'India is entering a new era of energy transformation, and at THINK Gas, we are proud to be at the forefront of that journey,' said Abhilesh Gupta, Managing Director and CEO, THINK Gas. 'The addition of 6 (six) new LNG filling hubs/points at our existing LCNG Stations marks a major milestone in our mission to accelerate the adoption of low-emission fuels in the heavy commercial vehicle segment and also drives economic growth by providing fleet operators with cost-effective fuel.' The company currently operates 18 LCNG stations across its authorised areas. These stations are being upgraded with LNG dispensing capabilities. India is aiming to raise the share of natural gas in its energy mix from around 6 per cent to 15 per cent by 2030. Gupta said, 'We currently operate 18 LCNG stations across our authorised geographical areas. These stations are now being equipped with LNG dispensing capabilities to support the growing demand for long-haul, low-emission transport solutions.' THINK Gas operates a fleet of 61 LNG carriers to ensure nationwide supply and is targeting national freight corridors and industrial hubs with its infrastructure expansion. The company's Net Metering service enables real-time tracking of fuel usage, while its Boil-off Gas (BoG) management system prevents methane release. THINK Gas is collaborating with OEMs, logistics firms, and transporters to ensure vehicle availability matches the expansion of its LNG fuelling infrastructure. The company is actively engaging along routes including the Delhi-Mumbai Industrial Corridor and the Eastern and Southern freight corridors.
Business Insider
06-05-2025
- Business
- Business Insider
Ghana's banking sector hit by rising fraud as 155 staff dismissed in 2024
This figure represents part of a total of 365 staff identified in connection with fraudulent practices, according to the Bank of Ghana's (BoG) 2024 Fraud Report. The report revealed a year-on-year increase in the number of fraud cases reported by banks and Special Deposit-Taking Institutions (SDIs), rising from 15,865 incidents in 2023 to 16,733 in 2024—a 5% increase. Financial risk escalates by 13% The estimated value of financial risk associated with these cases has also risen sharply. In 2024, the sector recorded a potential loss of approximately GH¢99 million, up from GH¢88 million in the previous year. This marks a 13% increase in the monetary impact of fraud. Legal hurdles undermine recovery efforts The BoG expressed concern over the slow pace of legal proceedings, which has hindered banks' efforts to recover losses. The central bank noted in its report: "The lengthy nature of court cases often discourages institutions from pursuing them, resulting in fewer successful recoveries." The report further observed that: "This is an indication that other staff implicated in fraud activities are either exonerated or given lesser punishments." To counter this, the BoG urged financial institutions to reinforce their disciplinary procedures and adopt a zero-tolerance approach to fraud. Fraud cases fall but risks remain high In a positive development, the total number of reported fraud cases dropped by 26%, falling from 969 cases in 2023 to 716 in 2024. This decline has been attributed to the improvement of internal controls within the sector. However, the Bank stressed that the overall risk remains significant, with the types of fraud becoming more sophisticated and widespread. Top five fraud types identified The most common types of fraud recorded in 2024, based on value at risk, included: Fraud Type Forgery and document manipulation Identity theft/impersonation ATM/POS/Card fraud E-money fraud Remittance-related fraud Microfinance institutions and savings and loans companies have also experienced a notable rise in cash theft cases, prompting the BoG to call for stricter internal controls. Staff misconduct on the rise The Bank of Ghana voiced strong concern over the increasing number of financial institution staff involved in fraudulent schemes. It recommended enhanced background checks during recruitment and continuous training to uphold professional standards. The report stated: "Banks and SDIs should also ensure the prosecution of culprits to serve as a deterrent." Electronic fraud on the rise Electronic fraud continues to be a major issue. In 2024, reported incidents totalled 15,673—up 7% from 14,655 in 2023. The data shows that fraudsters are still able to exploit weaknesses in digital payment systems, despite improved cybersecurity measures. Within the SDI sector, cash theft remained the highest fraud risk, recording losses of GH¢1.6 million in 2024—slightly down from GH¢1.9 million in 2023. However, credit fraud saw a dramatic surge, with values at risk jumping from GH¢30,000 in 2023 to GH¢1.2 million in 2024. Burglary also emerged as a top fraud concern, with GH¢730,000 at risk in 2024, compared to just GH¢40,000 in the previous year.
Coin Geek
06-05-2025
- Business
- Coin Geek
Ghana to begin digital asset regulation in September
Getting your Trinity Audio player ready... Ghana's central bank will begin overseeing the digital asset space later this year, pending the passage of legislation currently before parliament, Governor Johnson Asiama has revealed. Asiama spoke at the African Leaders and Partners Forum, held in Washington on the sidelines of the International Monetary Fund (IMF)-World Bank Spring Meetings. He pledged the Bank of Ghana's (BoG) commitment to promoting digital asset adoption by enforcing friendly laws that protect consumers without stifling innovation. The central bank's oversight authority relies on legislators passing the Virtual Asset Providers Act, the governor stated. The proposed framework covers consumer protection, preventing illicit 'crypto' use, financial stability, cybersecurity, and the interaction of virtual asset service providers (VASPs) with mainstream finance. VASPs must obtain a license from the top bank, with the Securities and Exchange Commission (SEC) also involved in oversight. The central bank intends to establish a dedicated digital asset unit once the legislation is passed, Asiama added. 'This is a technology we cannot prevent, hence the need to move fast to regulate it.' Despite the lack of regulation, Ghana's population has taken to digital assets, led by the young and tech-savvy. A November report revealed that 3.1 million Ghanaians owned a digital asset, representing 17% of the population. Data from 'crypto' analytics platform CoinGecko further revealed that the country ranks fourth in Africa for 'crypto' interest behind Nigeria, South Africa, and Kenya. Beyond digital assets, Ghana is also accelerating the development of its digital currency: the eCedi. In February, BoG's innovation head, Kwame Oppong, revealed that the central bank intends to launch the central bank digital currency (CBDC) this year, pending the passing of new legislation to support a sovereign digital currency. Speaking in Washington, Asiama reiterated the bank's commitment to the CBDC, which he believes will digitalize the country's payment systems. 'Africa's future must be digital—but inclusive. Ghana's eCedi pilot reflects our ambition to build not only innovative payment systems, but public infrastructure that expands access and safeguards monetary sovereignty,' he noted. Asiama believes inclusive digital transformation is the best way to empower Ghana's youth. Like many others in Africa, Ghana has a very young population, with 56% of Ghanaians aged 25 and below. This young population has turned to digital asset trading amid an economic crisis that has led to a record number of emigrations from the West African nation. The cedi's continued depreciation in the past two years has also pushed Ghanaians to explore hedges, with USD-pegged stablecoins proving a popular choice. In March, the cedi dipped 5.3% against the USD and 9.2% against the euro; in 2024, it lost 19% of its value against the greenback. Watch: Tech redefines how things are done—Africa is here for it title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
