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.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
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.
Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from phishing calls. Most of the UPI-related frauds, however, have a low ticket size.
The EOW suspects a nexus between some of the accused and HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of administrator by RBI and restrictions on withdrawal of funds.
The Gone Game Season 2 is a lesson in how not to mess up the memory of a good show with pointless extensions, asserts Deepa Gahlot.
The Gujarat government has decided to wind up nine of the 18 sick co-operative banks involved in the multi-crore co-operative bank scam and repay around Rs 870 crore (Rs 8.70 billion) to 900,000 small investors in next 60 days.
The agency had summoned him in January too but he sought time, citing the ongoing Winter Session of Parliament, they said.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
Defence Minister Rajnath Singh on Sunday claimed that Prime Minister Narendra Modi has been receiving invitations for functions scheduled much after the Lok Sabha polls, which showed the 'entire world believes his return to power is inevitable'.
A Delhi court has allowed Congress MP Karti Chidambaram, accused in Aircel-Maxis and INX Media scam cases, to travel to Spain and the United Kingdom from June 25 to July 17.
The agency has written to the Interpol to issue a Red Corner Notice which would mean that the member countries of the Lyon-based international police cooperation agency can arrest and extradite Nirav Modi
The CBI on Monday questioned relatives of Trinamool Congress MP Abhishek Banerjee in connection with its investigation into the multi-crore coal pilferage case.
Govt tells PSBs to integrate banking systems, rotate staff as a policy
With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank said as most of its account holders have an average balance of just about Rs 10,000.
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.
While extending support to his deputy, Delhi chief minister and Aam Aadmi Party convener Arvind Kejriwal said Sisodia was going to be arrested in a bid to stop him from campaigning in Gujarat.
Sharing a screenshot of an article that stated his "recent investment had experts in disbelief and major banks concerned" as an example, he wrote, "If you see any articles or ads mentioning my association with cryptocurrency, they are absolutely untrue and meant to scam citizens."
Wedding.con is a watchable show, if only to caution people about the latest scams, notes Deepa Gahlot.
A 'White Paper' versus 'Black Paper' battle erupted on Thursday as the Centre and the Congress unveiled documents and crossed swords over the handling of the Indian economy during the nearly 10 years of the BJP-led NDA rule and the previous 10-year tenure of the Congress-led UPA government.
The govt and the opposition appeared set for a showdown in Parliament's monsoon session.
'The biggest festival of democracy is here! EC has announced the 2024 Lok Sabha election dates. We, the BJP-NDA, are fully prepared for elections'
Reddy, who was an accused in a money-laundering case linked to the alleged liquor scam in Delhi, had turned an approver in the case that is being probed by the Enforcement Directorate (ED). The CBI is yet to file a chargesheet against him.
It appears that the BJP government has succeeded in managing the communication of the PNB scam in a manner that its adverse impact on its electoral fortunes is largely contained
The victims were duped of of their retirement savings ranging between $ 1,180 and $ 174,300, the Department of Justice said on Monday.
It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Where do Vijay and his TVK expect to get their votes from? Vijay has a huge fan following among women, but will they automatically become his voters like they had done for MGR's AIADMK, asks N Sathiya Moorthy.
The opposition's Indian National Developmental Inclusive Alliance (INDIA) will hold a 'maha rally' at Delhi's Ramlila Maidan on March 31 to safeguard the country's interests and democracy, Aam Aadmi Party leader Gopal Rai said on Sunday.
Justice Shalini Phansalkar Joshi, who presides over the special court set up for cases related to the 1992 securities scam, said in her judgment last week that there was no hesitation in holding that that the prosecution had failed to prove the case beyond reasonable doubt.
The recent revelations of financial irregularities, as in real estate firms allegedly involved in a loan syndication bribery case and the 2G telecom licence scam, may impact credit flow.
With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said.
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
The plea, filed by Delhi-based Bejon Kumar Misra, said the Centre and RBI should be directed to ensure complete insulation and insurance of the hard-earned deposited money of people in various co-operative banks, including nationalised banks, by enacting an appropriate measure of 100 per cent insurance coverage towards the deposited amount.
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
A bench headed by Chief Justice of India Ranjan Gogoi said, "We are not inclined to entertain this petition under Article 32 (writ jurisdiction). Petitioner can approach the high court concerned for appropriate relief."
They had gathered at Maharashtra government's Sahyadri Guest House nearby when they were stopped while moving towards Varsha, the official said.
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
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