The ED wants to question Varsha Raut with regard to "receipt" of some funds that were allegedly siphoned from the bank, official sources claimed.
Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
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.
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.
A total of 161.30 acres of land, plant, machinery and building of the Kannad Sahakari Sakhar Karkhana Limited (Kannad SSK) located in Kannad village of Aurangabad district has been provisionally attached under the Prevention of Money Laundering Act (PMLA), the ED said in a statement.
Devulkar had a certain abnormal vagueness about him that was unreal and defied belief. That came across in both his slightly too easy-going, extra-cooperative manner and the ragged nature of his testimony.
As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.
The Supreme Court on Friday stayed the Bombay high court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay high court order.
Recovery note by registrar not court order, says Bombay high court.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
Ramesh wants Maharashtra to be a pace setter.
Maharashtra blames IFCI for attachment orders
'As long as Amul was coming in with products it was not a problem because it was something value added and with a shelf life.' 'When it gets into the local market by procuring locally, it cuts into the market-share of local cooperatives.'
The Nagpur bench of the Bombay high court has quashed the decision of Maharashtra Chief Minister Eknath Shinde to stay the recruitment process of a co-operative bank, noting that the CM has no powers to review or modify the calls taken by the minister concerned.
'Around April 1-2, both states had similar number of cases, around 300.' 'The number of deaths in Kerala were 2 and in Maharashtra around 10. But the two graphs have diverged after that.'
Suitors for Punjab and Maharashtra Co-operative Bank (PMC Bank) may have to infuse additional capital of nearly Rs 750 crore so that the payout per depositor is more than the Rs 5 lakh sum assured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The Reserve Bank of India (RBI) has also slotted its board meeting on March 19 in Mumbai - a fortnight short of the current deadline to find a resolution for the beleaguered bank and the moratorium placed on it comes to an end. Sources close to the PMC Bank transaction said that the central bank wants the suitors "to go the extra mile so that depositors can get more than the Rs 5 lakh insured by the DICGC". This is also to ensure that the new owners of the bank - who are to be issued a small finance bank (SFB) licence - are serious and have deep pockets.
Sharad Pawar reckons that the NCP has value as a united, going concern, not as a gaggle of leaders in search of followers, notes Shreekant Sambrani.
'The government in the past has also increased (the limit) from Rs 2.5 lakh to Rs 5 lakh. In future, whenever the time arises, we will look into the matter.'
The Directorate General of Civil Aviation (DGCA) on Monday suspended operations at Redbird Flight Training Academy, one of India's largest flight schools, across all five of its training bases in the country. This action was taken after five accidents involving the institute's planes in the past six months. The DGCA announced it would conduct an audit of the academy's maintenance practices and also proficiency checks of the institute's flight instructors before allowing it to resume operations.
First-time MLA Bhajan Lal Sharma was sworn in as the chief minister of Rajasthan at a ceremony attended by Prime Minister Narendra Modi and the Bharatiya Janata Party's top leadership on Friday, 12 days after the party ousted the Congress in the assembly polls.
Be wary of co-operative banks which have historically been most vulnerable.
ED has come across two immovable assets - one flat in Dubai and one land parcel in London. It is examining the valuation of both properties, estimated between Rs 150 crore and Rs 200 crore.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
However, the RBI declined to share details of action being taken on these fraud cases saying "it is not readily available".
The government started promoting cashless transactions but forgot that it needs infrastructure.
The order was issued on Thursday by the deputy commissioner of police (operations) in view of inputs received by the police about disturbance of peace, law and order, danger to human life and property, the official said.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
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.
He had resigned from his post as a deputy leader of the Uddhav Thackeray-led Shiv Sena, Khotkar told reporters in Jalna.
Party insiders say the high command could consider replacing state chief Manikrao Thakre, reports Sanjay Jog.
Chaudhari was released from Arthur Road Jail in central Mumbai after completion of formalities, including furnishing of a cash bail of Rs 1 lakh, his lawyer Mohan Tekavde said.
President Droupadi Murmu, Prime Minister Narendra Modi and other leaders celebrated Raksha Bandhan on Thursday.
Bharatiya Janata Party legislator Nitesh Rane on Wednesday surrendered before a court in the Sindhudurg district of Maharashtra in an alleged attempt to murder case.
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
The Delhi and District Cricket Association has offered to host the two IPL play-off games scheduled in Pune after the Bombay High Court ordered for their shifting from Maharashtra owing to the water crisis in the state.
'But he was very quick and did a very stylish adab.' 'Of course, I didn't expect him to hug.'
The ED said in a statement that it has attached the properties including land, building and structure and plant and machinery of Jarandeshwar Sahkari Sugar Karkhana at Chimangaon, Koregaon, Satara worth Rs 65,75,00,000 under the provisions of the Prevention of Money Laundering in a case related to Maharashtra State Co-operative Bank (MSCB).
Additional sessions judge R B Rote also held that the custodial interrogation of Nitesh Rane, the son of Union minister Narayan Rane, was necessary as police probe into the matter was 'incomplete.'
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