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.
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.
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.
Did the fear of central agencies probing scams involving NCP leaders that forced these politicians to jump ship?
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.
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.
'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.
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.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
NCP workers had staged protests in Mumbai earlier when the ED named Sharad Pawar in the case.
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).
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
The Maharashtra government will amend its agriculture law to protect farmers and Agriculture Produce Marketing Committees (APMCs) as the three central farm laws are not in the interest of agriculturists, state Revenue Minister Balasaheb Thorat said.
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.
'No action will be taken against Ajit Pawar. I am sure.'
He is the fourth leader of the Sharad Pawar-led Nationalist Congress Party, which is ruling in alliance with the Shiv Sena and Congress in Maharashtra, to face the heat from the central agency.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
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.
'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.'
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.
'It showed me that this man had courage. He makes his own decisions, but he also trusted me enough in that moment to walk with me into the crowd,' Modi tells Lex Fridman on his podcast.
Maharashtra Deputy Chief Minister Ajit Pawar on Friday said he did not have any connection with Guru Commodity Services Pvt Ltd which is under the Enforcement Directorate's (ED) scanner, though a sugar mill owned by the company is being run by one of his relatives.
Sharad Pawar has left the door open for his nephew's return by not suspending him from the party for his rebellion.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
On Friday, Ajit caused a flutter in the party when he sent his resignation as the MLA from Baramati segment to Legislative Assembly Speaker Haribhau Bagade, which has been accepted.
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.
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.
Asked if the investigation by the Enforcement Directorate prompted some NCP leaders to join the BJP-Shiv Sena government, Pawar said he didn't have any information regarding this.
Pawar said he was upset that his three sisters were dragged into this.
The NCP leader defeated his cousin Pankaja Munde of the BJP in the just-concluded assembly elections from Parli in Beed district of central Maharashtra.
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.
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.
In its EoI document, the bank had said it was open to converting into a small finance bank.
'I had told Fadnavisji that I will be with the party till the Lok Sabha election and I will give my 100 per cent to campaign for the BJP. But ultimately I will have to take this decision (to quit the BJP).' 'When I requested him to see this from the point of view of an elder brother, he could not say anything more after that.'
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