Latest news with #CertificatesofDeposit
Express Tribune
30-07-2025
- Business
- Express Tribune
Accountability eludes RDA probe
The fact-finding inquiry initiated by the Punjab Chief Secretary into the Rawalpindi Development Authority (RDA) financial scandal has entered its concluding phase, but without accountability in the loop. Written testimonies from six employees of the RDA Finance Directorate, along with two retired officers, have been submitted. A pivotal hearing is scheduled for July 31 in Lahore, after which the final inquiry report — complete with recommendations — will be submitted to the CS. Sources told The Express Tribune that a female member of the inquiry committee recorded statements from the summoned officials on Tuesday regarding the alleged embezzlement involving the transfer of Rs1.94 billion from an official RDA account. Simultaneously, a separate departmental probe committee — formed to investigate transfers via Certificates of Deposit (CDRs) from another RDA bank account — has failed to meet its seven-day reporting deadline. Notably, despite the National Accountability Bureau (NAB) having questioned all summoned individuals in connection with the scandal, no investigation has yet been conducted involving any Directors General or Directors of Administration and Finance who held office during the five-year span in which the alleged misappropriations occurred. To date, only two retired officers — former Director of Admin and Finance Asif Mehmood Janjua, and former Assistant Director Khawaja Arshad Javed — have been officially questioned. It's essential to note that within the RDA, only two positionsthe Director General and the Director of Administration and Finance — are vested with the authority to approve financial transactions. Over two months have passed since the scandal surfaced in mid-May, revealing that Rs1.94b in public funds had been transferred via CDRs to various companies, firms, and individuals. Despite the gravity of the matter, no responsible parties have been identified, nor has any portion of the misappropriated amount been recovered. Parallel investigations are ongoing by NAB, the chief secretary's fact-finding committee, and the departmental probe team formed by the RDA Director General. However, none have produced definitive findings. The departmental committee, specifically tasked with determining whether RDA's financial securities were transferred between internal accounts, has yet to deliver its overdue report. Last month, the RDA administration begun implementing key reforms to restore financial discipline. As an initial step, the implementation of an irregular promotion was halted, and a revised framework for financial authority was introduced. Under the new structure, the director finance and deputy director finance had been jointly authorised to approve financial transactions up to Rs0.5 million. According to sources, the reforms came in response to investigations by the NAB, the Punjab Anti-Corruption Establishment, and the fact-finding committee set up by the chief secretary. The scandal involved the unauthorised transfer of Rs1.94 billion in public funds to various companies and individuals through Call Deposit Receipts (CDRs).
India Today
23-06-2025
- Business
- India Today
Still earning 2.75% in your savings account? Here's a smarter option
Most people leave their extra money in a savings account because it feels safe and easy. But with low interest rates, that money isn't really growing, it's just sitting there, losing value to the Reserve Bank of India's (RBI) decision to cut the repo rate by 50 basis points, i.e., from 6% to 5.5%, several leading banks have slashed their savings account interest rates. The State Bank of India (SBI), the country's largest lender, has brought its rate down to a flat 2.5% per annum across all balances, effective June 15, 2025. HDFC Bank followed suit with a uniform 2.75%, starting June 10, and ICICI Bank did the same from June let's be honest, with prices rising and your money earning just 2.5% or 2.75%, that doesn't do much for your WHAT'S THE ALTERNATIVE? One increasingly popular option is liquid funds — a low-risk, short-term investment that gives your idle money a chance to earn better returns without compromising on access or understand how they work and why they're gaining traction, spoke to Kaustubh Gupta, Co-Head, Fixed Income at Aditya Birla Sun Life AMC ARE LIQUID FUNDS?Think of liquid funds as the middle ground between a savings account and fixed deposits, but with more flexibility and usually better returns.'Liquid funds are open-ended mutual fund schemes that invest in debt and money market securities with maturity of up to 91 days,' explains Gupta. 'These include Treasury Bills (T-Bills), Commercial Papers (CPs), Certificates of Deposit (CDs), CBLO and similar instruments.'advertisementThese funds are designed to serve as a short-term parking solution for your surplus funds, while offering reasonable returns. Because these funds invest in high-credit-quality instruments with short maturity periods, the risk of default or losing money is very limited, noted THEY REALLY OFFER BETTER RETURNS?In most cases, yes. 'Liquid funds are more responsive to the market and adjust their holdings with interest rate movements, unlike savings' accounts which offer fixed, lower returns,' says returns aren't guaranteed, the numbers speak for themselves. Over the past one and three years, liquid funds have delivered average annualised returns of 7.3% and 7% respectively. Compare that to 2.5–2.75% in a savings account, and the difference is clear, pointed out Kaustubh short, liquid funds help your money keep pace with inflation, something most savings accounts fail to THEY SAFE?A valid concern, especially when it comes to short-term reassures, 'Liquid funds have become a go-to choice for many looking to park idle cash. With their focus on high-quality, low-risk short-term debt, they offer not just safety, but better returns than your average savings account - all without locking away your money.'HOW QUICKLY CAN YOU GET YOUR MONEY?advertisementThis is where liquid funds shine. They offer high liquidity, allowing redemptions within one working day (T+1).'Investors can further take advantage of an instant redemption facility to redeem up to Rs 50,000 per scheme per day through online mode on a T+0 basis, bringing liquid funds at par with savings bank accounts,' Gupta noted.'There's no lock-in,' he points out. 'Withdrawals can be made any time, making them ideal for managing short-term needs.'However, while redemptions are continuous, short exit loads may apply if withdrawals occur within the first seven days, pointed out YOU CONSIDER SWITCHING?If you've got money sitting in your savings account that you don't need immediate access to, liquid funds are certainly worth explains, 'They're ideal for investors with short-term goals, ranging from a few days to a few weeks, who want better returns without giving up too much liquidity.''Liquid funds are suitable for those willing to accept minimal risk for potentially higher returns than a traditional savings account,' he other words, it's easy to overlook your savings account's performance — until you realise it's barely keeping your money afloat in today's economy. Liquid funds offer a chance to change that, giving you better returns, without taking big risks.(Disclaimer - This article is for general informational purposes only and does not constitute financial advice. Readers are encouraged to consult a certified financial advisor before making any investment or financial decisions. The views expressed are independent and do not reflect the official position of the India Today Group.)Tune InMust Watch
Yahoo
01-06-2025
- Business
- Yahoo
CD vs Treasury bonds: 5 factors to decide what's best for you
Certificates of Deposit (CDs) and Treasury bonds are generally considered some of the safest investments, but which one is best for your money? Schwab Center for Financial Research fixed income strategist Cooper Howard joins Wealth with Brad Smith to outline five factors to take into consideration when deciding between investing in a CD or Treasury bond. To watch more expert insights and analysis on the latest market action, check out more Wealth here.
Express Tribune
28-05-2025
- Business
- Express Tribune
RDA scam suspects in the NAB crosshairs
The National Accountability Bureau (NAB) has summoned two retired officials in connection with the Rawalpindi Development Authority (RDA) financial scandal. The summons were issued for Thursday (today) following their nomination as suspects by the RDA administration. The accused include former Director Asif Mehmood Janjua and retired Assistant Director Khawaja Arshad Javed. According to the NAB notice, both individuals are required to explain why they issued instructions to the bank regarding the issuance of Certificates of Deposit (CDRs), despite allegedly lacking the authority to do so. The bureau has asked them to provide a detailed explanation for their actions, submit complete records related to the CDRs, and furnish the names and details of all recipients. The notice further warned that failure to appear or comply would result in legal action in accordance with the law. This development marks a significant step in NAB's investigation into alleged financial irregularities within the RDA. More details emerge of scam Investigations have revealed that large sums of money were transferred to various companies, vendors, and individuals through Call Deposit Receipts (CDRs). These transactions were traced with the help of bank records and a report compiled by RDA's probe committee, which has now been provided to the investigative authorities. The companies and vendors involved in these transactions include MS Addad (Rs393.17million), Car Specialist Network (Rs11 million), Pothohar Associates (Rs74.26 million), SNK & Company (Rs324.46 million), Silver Stone (Rs339.4 million), and Smart Cubed (Rs309.77 million). RDA's investigation is currently comparing these transactions with records from the relevant banks. Meanwhile, a probe committee formed by RDA's Director-General Kanza Murtaza under Director State Management Nasir Shehzad Gondal has issued a report. The committee noted significant negligence and carelessness in RDA's Finance Department and found that the bank involved failed to verify the transactions with authorities before processing them. The committee concluded that the preparation of CDRs was an overstep of authority and illegal. As a result, the committee has recommended that the case be forwarded to the ACE and other relevant agencies to recover RDA funds and further investigate the irregularities.
Time Business News
02-05-2025
- Business
- Time Business News
GTFSolutions Empowers Brokers with Expert Financial Instrument Guidance and Access to High-Level Funding Resources
TORONTO, CANADA – GTFSolutions, a global financial services leader specializing in structured instruments and project finance, today announced the formal expansion of its Broker Partnership Program, offering unparalleled support to brokers seeking to use advanced financial instruments in commercial lending, project development, and capital acquisition. With today's economy increasing strain on traditional lending sources, many brokers have turned toward complex financing instruments to secure the capital their clients require. However, without the proper expertise, these brokers often face critical knowledge gaps that stall deals, delay funding, or result in disqualification. GTFSolutions has spent years developing a professional broker network that is trained explicitly in applying financial instruments. This network brings unmatched experience and credibility to every deal. 'A financial instrument is only as strong as the person presenting it,' said Robert Wilson, Head of Sales and Marketing at GTFSolutions. 'That's why we work closely with brokers who understand not just lending, but how to position instruments like Standby Letters of Credit, Bank Guarantees, and Certificates of Deposit in ways that lenders and institutions accept. It's a specialized field—and we bring that specialization to every transaction.' Bridging the Gap Between Brokers and Institutional-Grade Financing While many brokers come from residential real estate, consumer credit, or commercial lending backgrounds, they often find themselves unequipped when applying financial instruments such as Demand Guarantees, Proof of Funds, or Monetized Assets for project-level transactions. GTFS bridges this gap by offering brokers: Access to seasoned financiers and former senior banking professionals Hands-on guidance in structuring and presenting financial documents Legal and compliance review of all documents and supporting material Full back-end support for client interaction, negotiations, and funding steps Assistance with complex multi-jurisdictional projects and cross-border financing 'We're not just offering products—we're offering solutions backed by professionals who have spent decades in private banking, institutional lending, and sovereign-level deals,' added Wilson. Industries and Sectors Served GTFSolutions supports a wide range of project types through its broker-enhanced financial offerings. These include: Commercial Real Estate Development Oil and Gas Exploration Construction and Infrastructure Media and Film Financing International Public-Private Partnerships Business Expansion and M&A Green Energy Projects Healthcare and Hospitality Ventures Whether the project involves raising $1 million or $500 million, GTFS's experts and affiliated brokers can assess, package, and present funding proposals that can withstand institutional scrutiny. Case Example: Turning Broker Potential into Client Success A broker from Florida approached GTFS last year with a client needing $42 million to fund a cross-border construction initiative. The broker had experience in SBA lending but had never handled international project finance. GTFS's broker support program restructured the deal using an SBLC-backed monetization package, vetted by a senior GTFS consultant with prior experience in World Bank frameworks. The result: The client secured funding within 45 days, and the broker earned a commission five times higher than the average domestic deal. The GTFS Broker Difference What makes GTFSolutions' Broker Program distinct is the level of professionalism and industry pedigree behind its partner network. GTFS does not simply enroll brokers—it vets and trains them. Many of the brokers in its circle are: Former senior executives at tier-1 banks Private equity advisors International project financiers Legal and compliance professionals These individuals bring product knowledge, credibility, and networks needed to make deals happen. 'A broker with access to our platform is never alone,' said Wilson. 'They are backed by experts who've been in boardrooms, not just showrooms.' Why GTFS is the Right Partner for Brokers Expertise in Financial Instruments : Guidance on presenting instruments such as SBLCs, Proof of Funds, Demand Guarantees, and more. : Guidance on presenting instruments such as SBLCs, Proof of Funds, Demand Guarantees, and more. Institutional Credibility : Backing from investor groups and private banks that allow brokers to bring real value to their clients. : Backing from investor groups and private banks that allow brokers to bring real value to their clients. Custom Deal Structuring : Not cookie-cutter financing—GTFS creates tailor-made solutions for each project. : Not cookie-cutter financing—GTFS creates tailor-made solutions for each project. Client Resources Included : Brokers don't pay extra to use GTFS' team. These experts are part of the full-service offering. : Brokers don't pay extra to use GTFS' team. These experts are part of the full-service offering. Compliance Ready: Full KYC/AML protocols and regulatory documentation included in every deal. Open Invitation to Brokers Worldwide GTFSolutions is actively seeking new brokers and financial intermediaries who want to level up their ability to close major deals using financial instruments. If you've had success in consumer lending, real estate finance, or commercial banking—but want to enter the world of high-ticket global finance—GTFS can provide the training, tools, and team you need. Whether your client is developing a luxury hotel, building a refinery, launching a media empire, or expanding overseas—GTFS wants to help you get them funded. Contact GTFSolutions 📞 Phone: 1-888-305-9992 📧 Email: info@ 🌐 Website: 🔗 LinkedIn: GTFSolutions 🐦 Twitter/X: @GTFSolutions 📘 Facebook: GTFS Financial Solutions 📸 Instagram: @gtfsolutions For broker-specific inquiries, contact: Robert WilsonHead of Sales and Marketing 📧 info@
