A Mumbai court has accepted the closure report submitted by the Economic Offences Wing (EOW) in the Maharashtra State Cooperative Bank (MSCB) scam case, giving a clean chit to Ajit Pawar and other accused.
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.
A woman in Dombivali, Thane district, claims unauthorized transactions of 2.6 crore occurred in bank accounts opened in her name, potentially linked to a scam originating in Uttarakhand.
India announces Padma Shri awards for 45 individuals, recognizing 'unsung heroes' like a former bus conductor who created the world's largest free library and a pediatrician who established Asia's first human milk bank.
'We deposited money just yesterday, but they did not say anything...'
The Supreme Court granted bail to Arvind Dham in a money laundering case, emphasizing that prolonged incarceration without trial violates the right to a speedy trial under Article 21 of the Constitution.
The Maharashtra Pollution Control Board (MPCB) has ordered the shutdown of 19 ready mix concrete plants in the Mumbai Metropolitan Region for violating environmental guidelines and contributing to deteriorating air quality levels.
Maharashtra reported 479 farmer suicides in March and April, with financial aid eligibility being assessed for the affected families.
The court will now decide whether to accept the report or direct the agency to continue the investigation and file a chargesheet.
Defying predictions of his political eclipse, Nationalist Congress Party chief Ajit Pawar has not only consolidated his position in the Bharatiya Janata Party-led Mahayuti, but also fortified his place in Maharashtra politics by becoming deputy chief minister for the sixth time.
NCP MP Supriya Sule and other party leaders accompanied the 38-year-old legislator till the entrance of the probe agency's office.
'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'
Emerging out of the ED grilling in Mumbai, Rohit Pawar denied any wrongdoing and asserted struggle was imminent in fight for ideology while declaring he wasn't scared.
The Maharashtra cabinet on Thursday cleared a proposal that offers an option of availing the Old Pension Scheme (OPS) to the state government employees who joined the service after November 2005.
The rift between the Congress Party and Nationalist Congress Party seems to have found a new battleground Maharashtra State Cooperative (MSC) Bank.
The Maharashtra government has transferred Rs 17,505.90 crore into the bank accounts of 2.38 crore women beneficiaries under its Ladki Bahin Yojana till December 2024, in the first five months after the scheme was launched. The scheme, launched in August 2024, provides financial assistance of Rs 1,500 per month to eligible women. The objective of the scheme is to promote employment and economic development by providing adequate facilities to women and girls in the age group 21 to 65 years. The scheme aims to promote the empowerment of women and girls and improve the health and nutritional status of women and children dependent on them.
The Enforcement Directorate on Friday searched premises of Baramati Agro, a company owned by MLA Rohit Pawar, grand nephew of NCP supremo Sharad Pawar, and linked entities as part of a money laundering probe into the alleged Maharashtra State Cooperative Bank scam, official sources said.
'I dreaded meeting him these days because every time he'd say: We have to fight this government, even if it means going to jail.' 'He'd been in jails run by the British, he'd also been in jails in independent India, now he was ready to go to jail under this government.'
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
According to police officers, Shinde was wanted in connection with multiple FIRs of fraud totalling around Rs 300 crore.
A case has been registered against Maharashtra BJP minister Radhakrishna Vikhe Patil and 53 others, including directors of a sugar mill, for allegedly obtaining loans of nearly Rs 9 crore in the names of farmers using forged documents. The complaint was filed by a sugarcane cultivator and member of the cooperative sugar mill, alleging that the loan amounts were never credited to the farmers' accounts and were instead siphoned off by sugar mill officials and bank staff. The case was registered based on a court directive following a complaint alleging irregularities that occurred in 2004.
The EOW stated in its closure report that it did not see any criminality or wrongdoing in the matter, adding that the bank in question did not suffer any losses in the process of sanctioning loans or selling the Jarandeshwar Sugar Mill.
About 150 years ago, in British India, big farmers in the western region of Maharashtra agitated over unfair lending practices and demanded a more fair and inclusive financing structure. People say this is where the seeds of the cooperative movement, now omnipresent in the country, were sown. Today, more than 800,000 cooperative societies thrive in India, with 300 million members, a number close to the population of the United States. Despite a reach this deep--grass roots as they call it--cooperatives do not occupy a lion's share in the Indian economy.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
Bajaj Finance, IndusInd Bank, State Bank of India, Maruti, Tata Motors, ITC, Tata Steel and Reliance Industries were also among the gainers. Nestle, NTPC, Kotak Mahindra Bank, Power Grid and Titan were among the laggards.
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.
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
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.
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.
The flag will be taken down on July 24, 2028, which will mark the conclusion of the Simhastha Kumbh Mela, which is held once in 12 years.
Did the fear of central agencies probing scams involving NCP leaders that forced these politicians to jump ship?
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
Uttar Pradesh and Punjab have announced loan waivers for farmers, while Maharashtra has not despite Opposition pressure. Sanjeeb Mukherjee reports.
Maharashtra Chief Minister Devendra Fadnavis said the ED registered the case based on the high court directive.
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.
He is expected to be produced before a special Prevention of Money Laundering Act court on Saturday where the ED will seek his remand for custodial interrogation.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
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