The plea, filed by Delhi-based Bejon Kumar Misra, said the Centre and RBI should be directed to ensure complete insulation and insurance of the hard-earned deposited money of people in various co-operative banks, including nationalised banks, by enacting an appropriate measure of 100 per cent insurance coverage towards the deposited amount.
'Probably revised guidelines will come, and then the real picture will emerge.'
"I mentioned to sir (Ratan Tata) that the son of a fellow army officer was handicapped below the waist and needed a job," he told PTI from Pune where he now lives. "Vijay Bisht, son of my then colleague in M&G area HQ Lt Col B S Bisht, had sustained severe leg injuries after falling from a horse and I came to know he was looking for a job," he added. Tata said the needful would be done. And it was.
With US-based electric vehicle (EV) maker Tesla scouting for a suitable location for its foray in India, Rajasthan has joined the fray with a host of offers to woo the Elon Musk-led company. Other challengers include Gujarat, Tamil Nadu, and Maharashtra. Sources privy to the development said that an initial meeting between the senior executives of Tesla and the government of Rajasthan, which was held last week, turned out to be "quite positive." Tesla would now carry out a survey and is expected to share the survey details with the state's investment promotion department soon.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
Wilful defaulters owe SBI Rs 80,000 crore. 10 nationalised banks are owed another Rs 1.5 trillion.
Congress wants to change the Constitution and rob Dalits, OBCs of quota benefits for religion-based reservation, Modi said.
'Currently, our individual first premium would be in the Rs 3,000-Rs 3,200 crore range. We want to take that to about Rs 6,000 crore in three years.'
'Slogans like 'Ek hai toh safe hai' and 'Batenge toh katenge' resonated with voters.'
Monetary transmission has been an issue for the Indian banking sector.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
It has been a decade since Shyam Srinivasan took over as managing director and chief executive officer at Federal Bank. He wants to ramp up the bank's unsecured lending going ahead even as it homes into the space vacated by competition. Reappointed for a fresh three-year term as the bank's helmsman, he spoke to Hamsini Karthik on the plot ahead.
'The temple's construction is the result of collective wisdom of some of the best brains in the country. Water and sacred soil from almost all pilgrimage sites in India, including Gangotri, Yamunotri, Kailash Mansarovar, Prayags (there are seven Prayags) and all 'puris' (seven holy towns in India, besides Ayodhya) have been used in the making of the temple'
The number of active SIP accounts is nearing the 100 million milestone.
A non-strategic investor like Poonawalla brings in not only capital but also creative freedom. Indian cinema needs more investors like him, reports Vanita Kohli Khandekar.
The draft amalgamation scheme of Punjab and Maharashtra Co-operative (PMC) Bank with Unity Small Finance Bank (SFB) allowed quick relief to depositors with savings of up to Rs 5 lakh, but a long wait for those who had their nest egg with the scam-tainted bank. If the scheme gets approved, 96 per cent (or 880,000 of 924,000) depositors will get their full money straightaway after PMC is merged with Unity SFB. According to the draft scheme, retail investors may get up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) instantly, and then some more in phases till they can recall their full deposits after 10 years.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
Executive directors from different banks are eligible to be promoted to the post of chairman and managing director.
As part of its expansion plan to strengthen its base in North Maharashtra, Saraswat Co-operative Bank Ltd (SCBL), the largest multi-state co-operative bank in the country with a business turnover of Rs 17,000 crore, has acquired the financially troubled city-based Nashik People's Co-operative Bank (NPCB) with 14 branches.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
The crisis at the bank is attributed to loans made to realty player Housing Development Infrastructure Ltd, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
The unions also suggested banks can extend special and exclusive loans to the airline to pay the salary dues or some subsistence payments to them against proper collateral.
An advisory body of EPFO has rejected a proposal to engage private banks -- ICICI, Axis and HDFC Bank -- for collection of PF contribution from employers.
Scenes from polling stations in Mumbai which voted in the Lok Sabha election on Monday, May 20, 2024.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
At least 27 Indian pilgrims, all from Maharashtra, who arrived in Nepal for a 10-day tour were killed and 16 others injured after their bus veered off the highway and fell into a fast-flowing river in central Nepal on Friday.
"My aim is to make Maharashtra the world's big financial powerhouse and to make Mumbai a global fintech capital," he said.
He could have blazed a trail that few Indian judges had. It was a missed opportunity of a lifetime, notes Ramesh Menon.
Coming down heavily on the Maharashtra government, the apex court castigated it saying the state has huge amount to "waste on freebies" but does not have money to compensate to a private party which lost land to it "illegally".
Keeping up his tradition of celebrating the festival with soldiers, Prime Minister Narendra Modi visited Sir Creek near the Indo-Pak border in Gujarat's Kutch district and offered sweets to jawans.
Beneficiaries of kerosene, LPG and fertiliser subsidies will be able to get direct cash transfers through banks, ATMs or even mobile banking after the UIDAI's recommendations to plug leakages in the system are implemented.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
Vijaya Bank assured employees that the service conditions 'will remain unaffected and staff benefits retained'
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