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The formal announcement will be made once both sides work out the detailed itinerary of the proposed visit, the sources said. KP Sharma Oli last month said he wants to "update" relations with India. (File) KATHMANDU :  Nepal's Prime Minister KP Sharma Oli is expected to travel to India on a three-day official visit in the first week of April, his maiden foreign trip after assuming office last month, a media report said yesterday. However, no official announcement has so far been made regarding Oli's proposed visit to India, the Kathmandu Post reported. Citing sources at the Nepali Embassy in New Delhi and officials at India's External Affairs Ministry, the paper said that dates of Prime Minister Oli's India visit have been "under active consideration" since he assumed office more than a month ago. The formal announcement will be made once the Nepali side gives its concurrence to the proposed date-April 6-8, according to a senior official in Kathmandu...

In what is India's biggest banking fraud worth Rs. 11,400 crore, celebrity jeweller Nirav Modi and others were able to get two PNB officials at a single branch in Mumbai to issue fake guarantees or Letters of Undertaking to get loans from banks overseas. The fraud went undetected for years as the officials shared their passwords to the SWIFT network and also didn't register the transactions on the account books. In the case of PNB, fake guarantees were routed to the foreign bank branches through SWIFT system. Long before the Punjab National Bank (PNB) scam erupted, the Reserve Bank of India had cautioned banks about the abuse of the SWIFT interbank network, for "unauthorised transfer of funds". A circular put out by the central bank in August 2016 has emerged just after the government called the PNB fraud a result of "supervisory failure" at the central bank. In what is India's biggest banking fraud worth Rs. 11,400 crore, celebrity jeweller Nirav Modi a...