The ban prescribes Rs 5,000 fine for the first-time offenders and Rs 10,000 for the second-time offenders. Those who violate the ban for the third time will face a fine of Rs 25,000, along with a three-month imprisonment.
The government has already announced infusion of Rs 10,086 crore in Bank of India, Rs 5,500 crore in Oriental Bank of Commerce and Rs 2,159 in United Bank of India.
In its EoI document, the bank had said it was open to converting into a small finance bank.
Maharashtra was followed by Delhi with 33 cases from April 2005 to September 2008 and the money involved was little over Rs 47 lakhs (Rs 4.7 million), minister of state for Finance Pawan Kumar Bansal said in a written reply in Lok Sabha. In the current fiscal till September this year, 66 cases have been reported in the country where the money involved is more than Rs 100,000 while 46 incidents have come to notice where amount involved was less than Rs 100,000.
It, however, lags other states on crucial parameters such as health care and rural poverty.
The Supreme Court on Wednesday asked a special court in Ghaziabad, which has summoned journalist Rana Ayyub in a money laundering case lodged by the Enforcement Directorate (ED), to adjourn the proceedings scheduled for January 27 to a date after January 31.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
The Sena faction alleged corruption cases against BJP leaders are being suppressed.
Sanjib Jha, CEO, Coverfox Insurance Broking answers your health insurance related queries.
Their number is dwindling, but single-screens believe they have a place in the entertainment space
The local train traffic on the Central and Western Railway routes was mostly normal though the trains were running a few minutes late, railway officials said.
'Banking is a business of trust.'
Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore, followed by Oriental Bank of Commerce, which might get Rs 5,500 crore through recapitalisation bonds
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
Religion matters. Aspirational India is still poor. India admires strong leaders. India values decency. Shreekant Sambrani highlights the reasons why the BJP pulled off improbable victories in the Hindi heartland.
TCS was the top gainer in the Sensex pack, rising around 4 per cent, followed by ONGC, ICICI Bank, HDFC Bank, Dr Reddy's, HDFC and HCL Tech. NSE Nifty advanced 76.65 points to 14,581.45.
Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
This is one of the many such cases that helped to create an acute fear psychosis among public sector bankers, reveals Tamal Bandyopadhyay in his fascinating new book Pandemonium: The Great Indian Banking Tragedy.
It was not a one-way ride up though for the man who now could potentially become the BJP's national president over time.
The Make in India Week has become a platform for two Bharatiya Janata Party (BJP)-ruled states to jostle for the number one destination in India for investor funds.
Sena criticised Modi's announcement of a credit line of $1 billion to Mongolia and asked why he can't show the same eagerness to help the distressed farmers of Maharashtra.
From offering office premises that can be converted into isolation wards to earmarking funds to be used for procuring kits, ventilators as well as personal protective equipment for health care workers, India Inc has put a united front to combat the unprecedented crisis facing the country.
Meet the richest and poorest candidates contesting the election to the richest civic body in the country.
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the "shortcomings" of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.
According to the RBI's Financial Stability Report, the industry's gross bad-loan is at a 14-year high. As RBI's March 2017 deadline for banks to clean up soured credit looms closer, Shailajanand Mishra takes stock of just how bad the situation is.
With this relaxation more than 77 per cent of the depositors will be able to withdraw their entire account balance.
The money sent home by Indians from West Asian countries took a beating in 2020-21 due to the pandemic. On the other hand, overseas Indians in advanced nations - the United States, United Kingdom and Singapore - emerged as important sources of remittance, according to a Reserve Bank of India (RBI) survey. Indians working in informal sectors in West Asia seem to have been impacted the most due to the lockdowns and subdued crude oil prices as well as slower pace of migration in recent years.
Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's pursuit to be on the top. Now arrested in connection with the ICICI Bank loan fraud case, Venugopal Dhoot during his heydays was not the one to simply sit on small achievements like Videocon becoming the largest television set manufacturer in India.
The village in Maharashtra has continuously sent soldiers to the Army since World War I. Every other person you meet is a soldier or a retired soldier or is aspiring to be a soldier.
When there is a state government committed to development, it is important that Mumbai has a civic body that, too, shares that goal, Modi said.
If money allocations, investment commitments are a sign of better things to come, the state can be optimistic.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The son of a financially constrained tailor in Srinagar, Adil Altaf blazed to glory in the Boys 70km road race on Saturday.
Two of the depositors had died of cardiac arrest, while another, a woman doctor, allegedly committed suicide.
At the end of March 2016, Uttar Pradesh was the most indebted state, with an outstanding liability of Rs 385,300 crore, followed by Maharashtra at Rs 351,400 crore and West Bengal at Rs 314,700 crore.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
"Every time we cut trees, we plant more. It is a rule of the forest department," Javadekar said.
India's GDP may turn positive at 1.3 per cent in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus pandemic, as the number of cases is falling and public spending has started rising, according to a report. The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday. Projecting that the gross domestic product (GDP) may have returned to the black in the last quarter of the calendar year 2020, DBS Bank in the report said the full-year growth in real terms may be at a negative 6.8 per cent.
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