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.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
NCP workers had staged protests in Mumbai earlier when the ED named Sharad Pawar in the case.
'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.
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).
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.
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.
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
'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.'
'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.'
Terming Naxals the biggest human rights violators, Union Home Minister Amit Shah on Monday said security forces have been carrying out 'offensive operations' instead of defensive against the insurgents and have achieved big successes in recent times.
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.
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.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
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.
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.
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.
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.
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.
Be wary of co-operative banks which have historically been most vulnerable.
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.
Pawar, who was also the deputy CM in the previous Uddhav Thackeray-led Maha Vikas Aghadi (MVA) government, which was in power from November 2019 to June 2022, enjoys the image of a grassroot leader and an able administrator.
In its EoI document, the bank had said it was open to converting into a small finance bank.
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.
Pawar reminded PM Modi of his recent remarks about 'corruption' of NCP leaders, and asked him to act against those who are guilty.
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.
'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.
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.
He could have blazed a trail that few Indian judges had. It was a missed opportunity of a lifetime, notes Ramesh Menon.
Shridhar Madhav Patankar, the brother of Thackeray's wife Rashmi, "owns and controls" Shree Saibaba Grihanirmiti Private Limited, it said.
'No commercial bank will be allowed to fail. There is nothing to worry about.'
Banks cannot shirk their responsibility in cases of frauds.
The Make in India Week has become a platform for two Bharatiya Janata Party (BJP)-ruled states to jostle for the number one destination in India for investor funds.
Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank's Bhandup branch. Despite non-payment, the bank officials did not classify the loans as NPA and intentionally hid the information about the same from RBI.
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