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This is India !

SBI wrongly credits woman Rs.95,700 Crores !!

A WOMAN earning Rs 3,000 per month became the richest person in the world due to a technical error. However, Urmila Yadav’s happiness was shortlived as the bank froze her account till further notification.

During a visit to her State Bank of India branch in Kanpur on July 24, she was informed by a clerk that Rs 95,700 crore had been transferred to her account on July 21. Panic struck bank officials as the news spread.

Her happiness was short lived as her account has been frozen till further notification. A native of a small village of Kanpur district, Urmila went to the UPSIDC branch of the State Bank of India on July 24 to get her pass book updated.

She had Rs.3000 in her account and after getting her account updated, she could not read the amount.”It was a 17 digit amount and failing to read it, I again went to the clerk and he informed me that I have Rs 95,700 Crore in my account”, a bewildered Urmila said.

The amount deposited by the bank in her account was estimated to be Rs 95,711,69,86,47,130.14.

The amount was credited in her account on July 21. “I was also informed by the bank that since I have not filed my KYC(Know your customer),  my withdrawal limit has been fixed to Rs.9.99 Lakhs”, she said.

It is to be mentioned that Urmila’s riches’ were more than those of Bill Gates, Mukesh Ambaniand Laxmi Niwas Mittal brought together.However, as the news spread, panic struck senior bank officials who started finding out the error.

“The main server of the bank is in Mumbai and it is a technical error. We have informed the matter to the head office and the amount will soon be reverted”, Rajendra Awasthi, a senior official of the bank said.  

-from Yahoo India

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CoatTailing

Portfolio of Porinju Veliyath

This post is in continuation of my coat tailing series (see here).

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Porinju Veliyath of Equity Intelligence is a well known SEBI-registered PMS manager.

His significant holdings in India as on 30 June,2015 as per Stock Exchanges is given below:

Company Name Symbol Entity Date End # of Shares % Value (In Crores)
Accel Transmatic 517494 Porinju V Veliyath 201506 171478 1.55 0.15
Eastern Treads Limited 531346 EQUITY INTELLIGENCE INDIA PRIVATE LIMITED 201506 100000 1.91 0.77
Eastern Treads Limited 531346 PORINJU V VELIYATH 201506 77773/td>

1.49 0.60
Hind Industries Limited 526307 Equity Intelligence India Pvt Ltd 201503 580199/td>

6.72 1.45
IZMO Limited IZMO PORINJU V VELIYATH 201506 215000 1.78 1.6
Jubilant Industries Limited JUBLINDS Porinju V Veliyath 201506 120000 1.01 2.01
Kerala Ayurveda Limited 530163 EQUITY INTELLIGENCE INDIA PVT LTD 201506 172280 1.63 1.2
Selan Exploration Technology Limited SELAN Equity Intelligence India Pvt. Ltd. and its Clients as PACs under Portfolio Management Service 201506 831758 5.07 22.45
Simran Farms 519566 Porinju V Veliyath 201506 40000 1.05 0.16
Stylam Industries 526951 Porinju V Veliyath 201506 75000 1.03 0.88
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Cartoon

Diet to get rich

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Links

Linkfest: July 27,2015

Some stuff I am reading today morning:

PFC Offer for Sale today (OneMint)

Over 20,000 Crore loans of JPAssociates at stake (Capital Mind)

Airtel to roll out 4G services before Reliance Jio (BS)

P-Note crackdown may weigh heavily on markets (BS)

Sanjay Bhattacharyya is buying Salzer Electronics (RJ)

It’s hard to bet against houses (Bloomberg)

Gold is dead, long live Gold (Market Anthropology)

The rally is rotting from within (TRB)

Startups should aim for niche not mainstream (A VC)

4 Things to know about Asset Allocation (Vanguard)