Joy Thomas stated that one large account -- HDIL -- was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India superseded its management and placed it under an administrator for the next six months.
'I just offered her a rose. She said thank you. And I took a photograph with her.'
In a major ruling, the Supreme Court has held that the RBI cannot grant banking licence to cooperative societies registered under Multi-State Act without the NABARD declaring it as a state, central or primary cooperative bank.
Maharashtra, the country's largest cane and sugar producer after Uttar Pradesh, had, over the past few years, weathered adverse market dynamics brought about by a domestic and global sugar glut, mounting arrears and muted exports.
Sanjay Gulati, a resident of suburban Oshiwara, went to a protest march held outside a city court on Monday morning and had been under stress because of his deposit being stuck.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
Do not go for riskier options like co-operative bank only for the higher return. Even if you go for them, park only a small portion of your capital there, say Tinesh Bhasin and Sanjay Kumar Singh.
The Prime Minister's Office tweeted a picture of their meeting but shared no details about their talks.
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.'
The complainant alleged that Darekar posed as a labourer, which was later found wrong.
Pawar thanked the Shiv Sena and the Congress for backing him on the ED action issue.
On average, an account-holder among Punjab farmers availed of crop loans of around Rs 2.23 lakh in the first 11 months of 2016-17.
Nationalist Congress Party chief Sharad Pawar on Sunday said he has clarified his stand on the Election Commission's decision to recognise Eknath Shinde-led faction as the real 'Shiv Sena' and allocation of the 'bow and arrow' poll symbol to it, and will not get involved in the controversy over it.
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.
Section 144 of CrPC, prohibiting assembly of five or more people at one spot, will be in force during the period, Thackeray had said, but refrained from terming the new curbs as a lockdown.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
Shah visited the residences of CM Ekanth Shinde, and DCM Devendra Fadnavis to take darshan of Lord Ganesh.
"It is a stable government and it will continue," Pawar said.
A total of 22,27,506 farmers have obtained loan of about Rs 10,736 crore from cooperative banks in the state.
The suicide note also stated about "foul language" used by people associated with a cooperative society and threat by lenders (finance firms), a police officer said on Monday.
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Thakur, who also represented Shiv Sena in the Rajya Sabha, was 72.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
While some states like Kerala and Telangana were badly hit by the strike, the impact was partial in Punjab, Haryana and Maharashtra
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
The Shiv Sena chief said an atmosphere is being created in the country that the National Register of Citizens (NRC) is 'dangerous' for Muslims, but added that the exercise will not be carried out in Maharashtra.
'Modi wants to reverse everything Nehru did, but is shy of touching his daughter's most unwise policies.' 'There is no example of this more stark than bank nationalisation,' says Shekhar Gupta.
Inching closer to resolving the Punjab and Maharashtra Cooperative (PMC) Bank issue, the Reserve Bank on Monday came out with a draft scheme for takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB). The draft scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, the RBI said. In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
While addressing a joint press conference with Shiv Sena chief Uddhav Thackeray in Mumbai, NCP chief Sharad Pawar paraded 3 MLAs to display that all are with him.
The weekend lockdown will start from 8 pm on Fridays and last till 7 am on Mondays. Besides, prohibitory orders will be in force during daytime on weekdays, the Chief Minister's Office (CMO) said in a statement.
A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank on which the RBI has imposed operational restrictions. The delegation in its complaint alleged that at least 14 people, including the PMC Bank's chairman and all its directors, were involved in misappropriation of funds of the account-holders.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
The money sent home by Indians from West Asian countries took a beating in 2020-21 due to the pandemic. On the other hand, overseas Indians in advanced nations - the United States, United Kingdom and Singapore - emerged as important sources of remittance, according to a Reserve Bank of India (RBI) survey. Indians working in informal sectors in West Asia seem to have been impacted the most due to the lockdowns and subdued crude oil prices as well as slower pace of migration in recent years.
The BJP and the Shiv Sena rule the state in coalition, apart from officially being partners in Delhi as well, while also never missing an opportunity to portray each other as a bungler deserving to be dumped.
Advisory in this regard was issued by the Gujarat government three days before Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1000 notes.
To manage anxious crowds, as many as 3,400 personnel of paramilitary and Delhi Police along with 200 quick reaction teams have been deployed at ATMs and banks.
The Enforcement Directorate (ED) has issued fresh summons to Shiv Sena MP Sanjay Raut asking him to appear on July 1 for questioning in a money laundering case linked to the re-development of a Mumbai 'chawl' and other related financial transactions involving his wife and friends, officials said.
The talks took place in a beach resort in Benaulim on the sidelines of a meeting of the Council of Foreign Ministers of the Shanghai Cooperation Organisation.
That apart, farmers will get loans for post-harvest storage of their produce at a subsidised interest rate of 7 per cent for six months.
"I have been in this business (banking) for two decades. While doing business nothing wrong has been done. However, irregularities may happen. If irregularities have happened, there is punishment for it. I am ready to face punishment," state Cooperatives Minister Subhash Deshmukh said.
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