Other major laggards were IndusInd Bank, SBI, Bharti Airtel, ONGC, Tata Steel and Reliance Industries -- falling as much as 6.30 per cent.
He said trust and confidence were the backbone of any financial system and one should never underestimate the power of ethics and values.
'Government supplied public services are less likely to be found in neighbourhoods with high numbers of Scheduled Castes and Muslims.'
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.
Shiv Sena MP Sanjay Raut on Friday appeared before the Enforcement Directorate (ED) in Mumbai to record his statement in connection with a money laundering probe.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
The central government, in its typical sledgehammer style, has unleashed the might of its investigative agencies like the Enforcement Directorate against NCP and Shiv Sena leaders.
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
The Congress and JD-S have made much of Amit Shah's remarks about milk co-operatives. 'If the Opposition harps on the statement, it could add to the narrative that Gujarat was trying to take over Karnataka.'
Notably, after coming to power in November 2019, the then MVA government scrapped certain policy decisions of its predecessor BJP-Shiv Sena government led by Fadnavis.
Modi must co-operate with "younger brother" Uddhav, the Shiv Sena said in its mouthpiece 'Saamana'.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
Analysts say that PMC Bank case is only going to make matters worse for HDIL and the Wadhawans.
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.
A flavour-of-the-season approach does not work in investing, suggests Deepesh Raghaw.
When a former police constable was appointed Gujarat unit chief, everyone was surprised. Now workers are laying bets on when he will be elevated to the Union Cabinet, notes Aditi Phadnis.
BJP official spokesperson Nikhil Anand alleged that the proof and evidence related to the case are being destroyed and tampered with. "An absurd article was written in Saamna by Shiv Sena in which Rajput's fans, his family, Bihar Police and Bihar Government were insulted. It is clear that Shiv Sena leaders are afraid of CBI investigation and they are nervous about it," he said.
The government had appointed a sub-committee headed by Industries Minister Narayan Rane on November 19 which submitted its report recently.
While Waryam Singh was a non-executive director at HDIL, he is listed as one of the promoters of the company and had relations, including shareholding, with several other entities controlled by the Wadhawans, the HDIL founders.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
There will be different ways of returning the money, depending on the profile of the depositors and the amount, predicts Tamal Bandyopadhyay.
NCP spokesperson and Maharashtra minister Nawab Malik said that AICC general secretary H K Patil was told about this scheduled meeting when he and other Congress leaders met Pawar in Mumbai recently.
To tide over the difficulties due to incessant shutdowns, several farmers in Maharashtra have turned into aggregators and started selling their produce without the help of mandis or agents. They have started contracting with bulk consumers like hypermarkets and co-operative housing societies to sell their produce directly.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
'Modi underestimated Pawar.'
'People have asked us to sit in the Opposition.'
'When an institution believes its knowledge and capability is superior to everyone, it behaves like a frog in the well.' 'And this is precisely the cause for the mess,' says J N Gupta.
'No action will be taken against Ajit Pawar. I am sure.'
"People have asked us to sit in the opposition. The thought of trying to get into power doesn't even cross our minds. We will work to expand our base," he further said.
Maharashtra Chief Minister Eknath Shinde reviewed the rain situation on Tuesday and said over 3,500 people had been shifted to safer places from flood-prone and vulnerable spots across the state, where several districts, including Mumbai, experienced downpour.
The Bombay high court has granted anticipatory bail to a 22-year-old student of the Tata Institute of Social Sciences (TISS), who was charged with sedition last year for allegedly shouting slogans in support of jailed JNU student Sharjeel Imam at an LGBTQ event in the city.
NCP workers had staged protests in Mumbai earlier when the ED named Sharad Pawar in the case.
Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets milk and other dairy products under the Amul brand, will hike milk prices by Rs 2 per litre across India from July 1 due to an increase in input costs. The increase of Rs 2 per litre translates into a four per cent hike in MRP (Maximum Retail Price) which is much lower than average food inflation, GCMMF said in a statement on Wednesday. "We have increased Amul milk prices by Rs 2 per litre across all markets.
'No commercial bank will be allowed to fail. There is nothing to worry about.'
The 26th edition of the Pune Festival kick-started on Friday evening with a host of celebrities from Bollywood and Maharashtra politics in attendance.
'We will do whatever is suggested to us. We will co-operate with whatever is told to us.'
The law does not permit a builder to handover possession under any situation, not even for 'fitout' unless the building completion certificate is obtained, points out Jehangir B Gai.
The government on Wednesday said that all urban cooperative banks and multi-state cooperative banks will come under the supervision of the Reserve Bank of India, a development aimed at providing comfort to depositors and prevent repeat of PMC Bank like scams. The President of India will promulgate an ordinance to this effect, Information and Broadcasting Minister Prakash Javadekar told reporters after the meeting of the Union Cabinet.
Congress President Sonia Gandhi held consultations with senior leaders Pranab Mukherjee and A K Antony in the backdrop of the controversy over allotment of prime defence land to Adarsh co-operative housing society in Mumbai.
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.
