The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
Arivandakshan's arrest is the first of a political person in the alleged scam in which several political functionaries of the CPM are under scanner, they said.
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said regulations should not create unintended barriers to financial inclusion while emphasising that the impact of regulations on individuals and businesses should be considered.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Oracle introduced on Thursday complete and affordable IT solutions for the cooperative banks in the country.
World leaders, including US President Donald Trump, Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu, condemned the terror attack in Jammu and Kashmir that killed 26 people, expressing solidarity with India. The attack was claimed by The Resistance Front (TRF), a proxy of the Pakistan-based Lashkar-e-Taiba (LeT) terrorist group. The attack came during US Vice President J D Vance's maiden visit to India. Prime Minister Modi, who had arrived in Saudi Arabia on a two-day visit earlier in the day, cut short his visit and departed for New Delhi on Tuesday night following the attack.
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.
India is expected to be the top recipient of remittances in 2023 as inflows increase 12.4 per cent to $125 billion, said a World Bank report on Tuesday. Mexico will come next by receiving $67 billion and China will follow it at $50 billion. The key drivers for remittance growth in 2023 are a tight labour market in the United States, high employment growth in Europe reflecting extensive leveraging of worker retention programs, and a dampening of inflation in high-income countries. India's growth in remittances is expected to halve to 12.4 per cent in 2023 from a historic peak of 24.4 per cent in 2022.
'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.'
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
The Union Cabinet on Wednesday approved amendment to the DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress, leading to restructuring by the regulator and the government.
If Beijing succeeds in this multipronged effort to challenge the current dominant power, it will have not just economic but political and security consequences. There is no let-up in the South China Sea nor any de-escalation moves on the India-China border. This portends to ominous signalling from Beijing, observes China expert Srikanth Kondapalli.
Moody's Ratings on Tuesday said India has a lower overall exposure to the US relative to others in the APAC region, although certain sectors such as food, textiles and pharmaceutical products face risks. Moody's said most companies in its rated portfolio are domestic-focused with limited exposure to the US market.
However, the RBI declined to share details of action being taken on these fraud cases saying "it is not readily available".
Leaders from around the world extended their greetings to India on its 76th Republic Day, emphasizing the importance of bilateral relations and expressing hope for a stronger future. The Indian diaspora across the globe celebrated the occasion with enthusiasm at Indian missions abroad, where the national tri-colour was unfurled, accompanied by cultural performances and patriotic fervour. The celebrations highlighted the strong bonds of friendship and cooperation between India and its global partners.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
The delegation, which was led by Communist Party of India-Marxist member of the Parliament Basudeb Acharia, told Mukherjee that the urban cooperative banks have been put to 'extreme hardship' due to the hefty 30 per cent tax on profits.
The Reserve Bank on Friday extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to set up a small finance bank (SFB). "Taking into account the time required for completion of various activities involved in the process...the validity of the ...Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from July 1, 2021 to December 31, 2021, subject to review," the RBI said in a notification.
'I think today RBI supervision is much sharper than what it was earlier.'
According to the Trends and Progress Report of the RBI, 98 per cent of frauds in terms of value were related to loans, and their occurrence was spread over several previous years.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
For the cooperation ministry, the government made a total budget outlay of Rs 1,150.38 crore for 2023-24, lower than the revised estimate of Rs 1,624.74 crore for 2022-23.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.
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
Union Home Minister Amit Shah took a dip at the Triveni Sangam in Mahakumbh Nagar on Monday and described the Maha Kumbh as a unique symbol of the Sanatan culture's philosophy, which is rooted in harmony.
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.
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.
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 government has appointed a Task Force headed by A Vaidyanathan of Madras Institute of Development Studies, to prepare an action plan for reviving rural cooperative banking institutions.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
India has served a formal notice to Pakistan seeking a review of the Indus Water Treaty, arguing that 'fundamental and unforeseen' changes in the circumstances require a reassessment of the pact.
At the PMO, policies are framed by factoring in analytical perspectives, implications, sustainability, and other dimensions.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
'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.
