NCP (SP) MLA Rohit Pawar has filed a discharge application in connection with the Maharashtra State Co-operative Bank (MSCB) 'scam' case, claiming the predicate offence has been closed and no money laundering case is made out.
Apart from Gujarat, Shah claimed that co-operative movement is still active in many other states, such as Maharashtra, Karnataka and Rajasthan.
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.
'We deposited money just yesterday, but they did not say anything...'
As a fallout of the dissolution of the administrative board of Maharashtra State Co-operative Bank by the Reserve Bank of India, the Nationalist Congress Party is eager to teach its ally, Congress, a lesson.
As part of its expansion plan to strengthen its base in North Maharashtra, Saraswat Co-operative Bank Ltd (SCBL), the largest multi-state co-operative bank in the country with a business turnover of Rs 17,000 crore, has acquired the financially troubled city-based Nashik People's Co-operative Bank (NPCB) with 14 branches.
Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
Be wary of co-operative banks which have historically been most vulnerable.
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).
A total of 161.30 acres of land, plant, machinery and building of the Kannad Sahakari Sakhar Karkhana Limited (Kannad SSK) located in Kannad village of Aurangabad district has been provisionally attached under the Prevention of Money Laundering Act (PMLA), the ED said in a statement.
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.
He had resigned from his post as a deputy leader of the Uddhav Thackeray-led Shiv Sena, Khotkar told reporters in Jalna.
Students who are selected for Federal Bank Hormis Memorial Foundation Scholarship 2024-25 will receive 100 per cent reimbursement of tuition fees and certain other educational expenses.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
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 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.
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
The government on Wednesday said that all urban cooperative banks and multi-state cooperative banks will come under the supervision of the Reserve Bank of India, a development aimed at providing comfort to depositors and prevent repeat of PMC Bank like scams. The President of India will promulgate an ordinance to this effect, Information and Broadcasting Minister Prakash Javadekar told reporters after the meeting of the Union Cabinet.
'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.'
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.
In the months immediately following the 2024 tragedy, reporting on the landslide per se had been a straightforward affair. On one side was death and destruction. On the other side, survivors and the business of survival. It was black and white. What direction to take was clear. Rehabilitation in comparison, felt like a complex situation. One that is fraught with shades of grey. As grey as human life, explains Shyam G Menon.
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.
'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.'
The government had appointed a sub-committee headed by Industries Minister Narayan Rane on November 19 which submitted its report recently.
Tomato prices have been on the boil for more than a month. Data from major cities show that the spike has been between 125 and 150 per cent at the wholesale level. Soaring vegetable prices, including tomatoes, pushed the retail inflation rate to a nine-month high of 5.49 per cent in September, according to government data. Though reports say prices are expected to come down in the next few weeks after supplies improve from Madhya Pradesh and Himachal Pradesh, how long will the respite last is anybody's guess.
The draft amalgamation scheme of Punjab and Maharashtra Co-operative (PMC) Bank with Unity Small Finance Bank (SFB) allowed quick relief to depositors with savings of up to Rs 5 lakh, but a long wait for those who had their nest egg with the scam-tainted bank. If the scheme gets approved, 96 per cent (or 880,000 of 924,000) depositors will get their full money straightaway after PMC is merged with Unity SFB. According to the draft scheme, retail investors may get up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) instantly, and then some more in phases till they can recall their full deposits after 10 years.
Bharatiya Janata Party legislator Nitesh Rane on Wednesday surrendered before a court in the Sindhudurg district of Maharashtra in an alleged attempt to murder case.
Additional sessions judge R B Rote also held that the custodial interrogation of Nitesh Rane, the son of Union minister Narayan Rane, was necessary as police probe into the matter was 'incomplete.'
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.
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.
'No action will be taken against Ajit Pawar. I am sure.'
'No commercial bank will be allowed to fail. There is nothing to worry about.'
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.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
'The government in the past has also increased (the limit) from Rs 2.5 lakh to Rs 5 lakh. In future, whenever the time arises, we will look into the matter.'
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.
There are many life lessons to be learnt from the way Sharad Pawar handled the Maharashtra political crisis.
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Thakur, who also represented Shiv Sena in the Rajya Sabha, was 72.
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