The Rajya Sabha on Tuesday gave its green light to the Multi-State Cooperative Societies (Amendment) Bill 2023. This Bill introduces significant amendments to the Multi-State Cooperative Societies (MSCS) Act. These modifications aim to enhance the transparency and accountability of these cooperatives' operations in a bid to improve governance.
The Gujarat Anti-Terrorist Squad (ATS) has busted a terror module and arrested four individuals for allegedly promoting the ideology of Al-Qaeda in the Indian Subcontinent (AQIS). The arrests were made in a multi-state operation, with the accused involved in sharing radical content on social media to incite violence and establish 'sharia' law in India.
Radical Islamist networks are deliberately targeting Muslim youths embedded within the country's professional and academic ecosystems, leveraging their skills, mobility, and digital reach to quietly strengthen operational capabilities. This trend highlights a dangerous evolution in terror recruitment -- one that exploits ideological faultlines, online echo chambers and transnational radical Islamist influences to attract individuals who outwardly embody India's modern and aspirational narrative, points out Dr Kanchan Lakshman.
Police said that Pakistan-based Anees Ibrahim, who is brother of Dawood Ibrahim, was connected with the underworld operatives to execute the terror plan.
The raids were carried out in Punjab, Haryana, Rajasthan, Uttar Pradesh, Delhi and the Union Territory of Chandigarh by the NIA as part of a mega operation that began early Thursday morning, a spokesperson of the premier investigating agency said.
Writing to Shah, Stalin drew the Centre's attention to the issues arising out of milk procurement by the Kaira District Cooperative Milk Producers' Union (Amul) in the Tamil Nadu milk shed area.
'When there was no crime committed, everything had to be fabricated. They see it as a war, and everything is fair in love and war.'
The productivity of the Budget session was abysmal. The Lok Sabha functioned for 33% of its scheduled time (46 hours); the Rajya Sabha 24% (32 hours).
The Delhi Police's Special Cell on Tuesday busted a Pakistan-organised terror module with the arrest of six men, including two ISI trained terrorists.
'As long as Amul was coming in with products it was not a problem because it was something value added and with a shelf life.' 'When it gets into the local market by procuring locally, it cuts into the market-share of local cooperatives.'
The monsoon session of Parliament which saw many disruptions since it began on July 20 over the Manipur violence issue, is set to become more turbulent with the government likely to introduce a bill in the Lok Sabha to replace the Delhi services ordinance.
The terrorists wanted to target Fateh, a Canadian national who often visits India, to create a sensation across the world.
The Centre has also listed 24 bills, including the Cantonment Bill, the Multi-State Cooperative Societies (Amendment) Bill and the Insolvency and Bankruptcy Code (Amendment) Bill.
New ministry will bring much-needed transparency in the functioning of the cooperatives, which so far have been riddled with allegations of political interference and mismanagement.
Raids were carried out on Thursday morning in Mumbra (Maharashtra), Jalandhar (Punjab), Narkatiaganj (Bihar), Bijnor and Muzaffarnagar (both in Uttar Pradesh) in a joint operation of the Delhi special cell, the Anti-Terrorism Squad of UP and Maharashtra, and the police of Andhra Pradesh, Punjab and Bihar, an official said.
The Central Bureau of Investigation has busted a multi-state racket of imposters and arrested four of them for allegedly attempting to cheat people of Rs 100 crore with false promises of Rajya Sabha seats and governorship, officials said.
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.
After an all-party meeting in New Delhi, Parliamentary Affairs Minister Pralhad Joshi also said that some of these 32 bills have already been discussed by standing committees of Parliament.
Over the last 50 years, the number of sittings of Parliament has been declining and has halved since the 1950s and the 1960s, the report stated.
Is Governor Ravi acting without informing/consulting the Centre, or is the BJP leadership unsure of what to do with the DMK in Tamil Nadu? asks N Sathiya Moorthy.
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.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
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.
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.
Large urban co-operative banks may come to be solely under the provisions of the Banking Regulation Act, even as the smaller among them are to remain within the exclusive fold of the Registrar of Co-operative Societies. The upcoming changes will bring the curtains down on the vexed issue of dual control of UCBs, which has been in vogue for 54 years. The new framework will affect 1,551 UCBs in the country, which had a total business of Rs 7.36 trillion.
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 three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
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.
It is largely due to his vision and efforts that we have almost quadrupled our per capita milk availability in the last 40 years, points out Shailesh Dobhal.
Reaction to surge in applications, seemingly to hide identity as chit funds.
Neither do they have a no-objection certificate from the state nor any kind of Reserve Bank of India permission.
The apex court also said no coercive steps, including the arrest of the Kolkata Police chief, will take place during the course of investigation.
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.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
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.
'No commercial bank will be allowed to fail. There is nothing to worry about.'
