The delegation, which was led by Communist Party of India-Marxist member of the Parliament Basudeb Acharia, told Mukherjee that the urban cooperative banks have been put to 'extreme hardship' due to the hefty 30 per cent tax on profits.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
India supports dialogue and diplomacy and not war, Prime Minister Narendra Modi said at the Brazil, Russia, India, China, South Africa (BRICS) Summit in Kazan, Russia on Wednesday, in an unambiguous message calling for resolution of the Russia-Ukraine conflict through peaceful negotiations.
Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.
China does not have to give up what it took in 2020, it will never give up its claim to Arunachal Pradesh, Ladakh and other areas, and it has all the time now to plan its next surprise, points out Lieutenant General Prakash Katoch (retd).
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
India on Monday asserted that its friendly ties with the Maldives will continue as Prime Minister Narendra Modi and President Mohamed Muizzu unveiled a blueprint for comprehensive economic and maritime cooperation, signalling a reset of the relationship that had hit a rough patch last year due to anti-New Delhi rhetoric.
Some people have tried to secure their unaccounted cash by donating it to temples by taking its management into confidence and making receipt of such donations as anonymous donors
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
The ED slapped criminal charges of money laundering on the basis of the Mumbai Police FIR that was filed in August this year, which itself was filed on the basis of a similar complaint by the state economic offences wing.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
'If you want to win you need to perform.' 'Governments have found a way to buck anti-incumbency, but one policy intervention will not pay in all elections.'
The government has appointed a Task Force headed by A Vaidyanathan of Madras Institute of Development Studies, to prepare an action plan for reviving rural cooperative banking institutions.
Be wary of co-operative banks which have historically been most vulnerable.
The Union home ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed "incomprehensible and disproportionate" and vowed to seek legal recourse against.
India borrows ideas that we don't need, like the FRDI Bill, and ignores the ones we need, like rewarding whistleblowers such as the ones who want to save Bombay Mercantile Bank, says Debashis Basu.
The government on Tuesday said absence of professionalisation and democratic management had rendered the cooperative banks in a financial mess with their total accumulated losses estimated at Rs 15,000 crore (Rs 150 billion).
'The BJP is solely responsible for changing the image of the state, which is now known for political switch overs, and decline in its culture'
'Communist China continues to aggressively expand its domain in the Indo-Pacific region.' 'It's crucial for the USA to continue its support in countering these malicious tactics.' 'India, along with other nations in the region, is not alone.'
The size of the scam is about Rs 15,000 crore, as per the first information report (FIR) registered by the police in the case.
Operations in branches of public sector banks are affected and cheque clearance would be delayed.
He could have blazed a trail that few Indian judges had. It was a missed opportunity of a lifetime, notes Ramesh Menon.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
"From the beginning, as of last summer, we've worked closely with our Five Eyes partners, particularly with the United States, where they have gone through a similar pattern of behaviour from India in regards to an attempted extrajudicial killing," Trudeau told reporters at a news conference in Ottawa.
The senior JMM leader, who briefly held the chief minister's post after Hemant Soren's resignation, said only the saffron party seems serious over the issue of tribals, while others are indulging in vote bank politics.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the depositors of 21 stressed cooperative banks, including the Punjab & Maharashtra Co-Operative Bank (PMC Bank), up to Rs 5 lakh within 90 days. The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these banks. Of the 21 banks, 11 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.
In spite of the government's efforts to help cooperative banks post the farm loan relief scheme, through the liquidity support fund, the banks are facing huge cash deficits.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
"The people of Gaza need food, water, medicine, shelter. Today, I asked the Israeli cabinet to agree to the delivery of life-saving humanitarian assistance to civilians in Gaza...and the aid should go to civilians, not to Hamas. Israel agreed that the humanitarian assistance can begin to move from Egypt to Gaza. If Hamas diverts or steals the assistance it will have demonstrated once again that they have no concern for the welfare of the Palestinian people.. and it will stop the international community from being able to provide this aid," Biden said.
If Maratha activist Manoj Jarange Patil drops a hint of supporting or opposing a particular coalition on the eve of polling on November 20, things may change overnight.
Modi said South America has tremendous potential.
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.
India on Monday expelled six Canadian diplomats and announced withdrawing its high commissioner and other 'targeted' officials from Canada after strongly dismissing Ottawa's allegations linking the envoy to a probe into the killing of Sikh extremist Hardeep Singh Nijjar, in a major downturn in already frosty ties between the two nations.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
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