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The attached assets -- including fixed deposits, bank balances, residential flats, a commercial office and agricultural land -- are linked to the bank's former chairman Hiren Bhanu and his family members. The action has been taken under provisions of the Prevention of Money Laundering Act (PMLA), officials said on Wednesday. The ED initiated its probe last year based on an FIR registered by the Mumbai Police's Economic Offences Wing (EOW), after the alleged fraud came to light in February follo ...Read More >
The ED registered its money laundering case on the basis of an August 2019 FIR filed by the Mumbai Police's Economic Offences Wing . The First Information Report alleged fraudulent sale of SSKs by the then officers and directors of the MSCB at throwaway prices to their relatives/private persons without following due procedure. But the EOW later filed a closure report in the alleged ₹25,000 crore scam citing a lack of evidence, which a special court for MPs/MLAs cases recently accepted. Rohit ...Read More >
Mumbai, Apr 6 (PTI) The RBI on Monday said it has cancelled the licence of The Shirpur Merchants' Co-operative Bank as the lender does not have adequate capital and earning prospects. Consequently, the bank ceases to carry on banking business, with effect from the close of business on April 6, 2026, the Reserve Bank said in a statement. The Commissioner for Cooperation, Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint ...Read More >
BENGALURU: Bangalore City Co-operative Bank Ltd's performance in mobilisation of share capital, reserves and other funds, deposits, working capital, loans and advances and in profit stands first among all urban co-operative banks of Karnataka, the bank said in a statement. Releasing its financial performance for the financial year 2025-26 (pre-audit), the bank said share capital exceeded Rs 96.06 crore while reserve fund and other funds exceeded Rs 555.37 crore. With Rs 2,324.44 crore in deposi ...Read More >
Nashik: Two major co-operative banks in Nashik have reported strong financial performance for the last financial year, reflecting steady growth in deposits, lending, and overall business. The Nashik Merchants Co-operative (NAMCO) Bank has posted a net profit of ₹43.33 crore, informed Chairman Hemant Dhatrak during a press conference. The bank's total business has reached ₹4,348.42 crore, with deposits increasing by ₹282.06 crore during the year. Dhatrak stated that loan disbursement by the ban ...Read More >
KOCHI, Apr 5 : Union Home Minister Amit Shah on Sunday reached out to the Christian community on the occasion of Easter, requesting them to stand with the BJP-led NDA and help it form a government in Kerala where assembly elections will be held on April 9. Shah, speaking at a public meeting in Kunnathunadu constituency in Ernakulam, also referred to the alleged misappropriation of gold from Sabarimala and said the culprits behind it would be jailed within two months if the NDA forms a governmen ...Read More >
NEW DELHI: A Delhi court on Thursday sentenced Congress' Madhya Pradesh MLA, Rajendra Bharti, and co-accused Raghuvir Sharan Prajapati to three years of imprisonment in a document forgery and bank fraud case, a day after finding them guilty of conspiring to cheat a cooperative bank while holding positions of responsibility. The court also imposed a fine of Rs 1 lakh each on both.The defence submitted that Bharti is a "sitting MLA from Datia, and is a third-time MLA who is responsible for the dis ...Read More >
NEW DELHI: Holding that "documents do not lie," a Delhi court has convicted Datia's Congress MLA Rajendra Bharti and co-accused Raghuvir Sharan Prajapati in a cheating and forgery case involving a cooperative bank, finding clear evidence of manipulation of fixed deposit (FD) records using correction fluid to alter the tenure of the deposit. Bharti, 67, was sent to jail though the hearing of the quantum of the sentence has been scheduled for Thursday. The Datia MLA has been found guilty under sec ...Read More >
New Delhi [India], April 1 (ANI): The Reserve Bank of India introduced trade relief measures for exporters to counter ongoing logistical disruptions and geopolitical uncertainties. The central bank extended the enhanced export credit period of 450 days for all disbursals made until June 30, 2026. The bank released the Reserve Bank of India (Trade Relief Measures) Directions, 2026, to provide a buffer for businesses affected by the West Asia crisis. The RBI on Tuesday confirmed that the extensio ...Read More >
In a response to the persistent geopolitical uncertainties and supply chain disruptions in West Asia, the Reserve Bank of India (RBI) on Tuesday announced the continuation and expansion of key relief measures aimed at supporting exporters struggling to meet payment realisation deadlines. The central bank said it has been receiving multiple representations from stakeholders highlighting difficulties in adhering to prescribed timelines for the realisation of export proceeds. These challenges are ...Read More >
New Delhi [India], April 1 (ANI): The Reserve Bank of India introduced trade relief measures for exporters to counter ongoing logistical disruptions and geopolitical uncertainties. The central bank extended the enhanced export credit period of 450 days for all disbursals made until June 30, 2026. The bank released the Reserve Bank of India (Trade Relief Measures) Directions, 2026, to provide a buffer for businesses affected by the West Asia crisis. The RBI on Tuesday confirmed that the extensio ...Read More >
The Delhi government plans to open cooperative stores in housing societies next year to enhance market access and income for those in the cooperative sector, announced Cooperation Minister Ravinder Indraj Singh at an event by NABARD. The initiative aims to support farmers, artisans, and entrepreneurs nationwide. The Delhi government is set to launch cooperative stores across housing societies next year to enhance market access and incomes for individuals in the sector, Cooperation Minister Ravi ...Read More >
Mumbai - Network People Services Technologies Limited (NPST), a leading digital banking and payments technology company, has announced the launch of its Bank-in-a-Box platform, a comprehensive and ready-to-deploy digital banking solution designed to help small, mid-size, and co-operative banks accelerate their digital transformation and enhance customer experience. Banks across India continue to face challenges such as legacy systems, fragmented infrastructure, and limited digital capabilities ...Read More >
New Delhi, Nov 10 (PTI) Union Cooperation Minister Amit Shah on Monday launched two mobile applications - Sahakar Digi Pay and Sahakar Digi Loan - for urban cooperative banks, describing digital payment adoption as essential for their survival in an increasingly cashless economy. Addressing a two-day international conference on the urban cooperative credit sector, Shah highlighted the government's efforts to professionalise urban cooperative banks (UCBs) and cooperative credit societies, credit ...Read More >
New Delhi: If you are depositing large amounts of cash in your bank account, this could attract the attention of the Income Tax Department. While most people consider depositing money in banks completely safe, transactions exceeding prescribed limits in a financial year can be flagged. Banks and cooperative banks are required to report such transactions to the tax authorities. Why People Are Worried Recently, the Income Tax Appellate Tribunal (ITAT) in Delhi clarified that if a substantial amo ...Read More >
A government resolution (GR) issued on October 31 said "70 per cent of the posts should be reserved for domicile candidates of the respective districts", while the remaining 30 per cent will be open to candidates from outside the district. In a move aimed at encouraging local employment, the Maharashtra government has directed that 70 per cent of jobs in District Central Cooperative Banks (DCCBs) be reserved for candidates domiciled in the respective districts. The government has also decided ...Read More >
Thiruvananthapuram, Oct 23 (PTI) Kerala Finance Minister K N Balagopal on Thursday said that the second Pinarayi Vijayan government has spent Rs 43,653 crore on welfare pension distribution. The minister, in a statement, said that the social security pension for the month of October will be distributed from October 27 onwards and Rs 812 crore has been allocated for this. He said that 62 lakh people will get Rs 1600 each as social security pension. Of them, 26.62 lakh beneficiaries will get th ...Read More >
Mumbai: No-frills account holders can now use the digital banking facility free of cost, as the Reserve Bank on Wednesday expanded the bouquet of services offered to Basic Savings Bank Deposit (BSBD) accounts. BSBD accounts are designed to provide essential banking services to account holders free of cost. Some of the services which are offered by banks free of charge are cash deposit at bank branches as well as ATMs/CDMs, and a minimum of four withdrawals in a month, including ATM withdrawals. ...Read More >
Mumbai: The Reserve Bank of India (RBI) has revised its existing rules to make retail loans more flexible, widened the scope for lending against gold and silver collateral, and provide easier capital-raising avenues for banks besides improving credit information systems. Announced through seven directions and circulars on Monday evening, three of these changes will take effect from October 1, while four others have been released for public consultation until October 20, 2025. Draft proposals, me ...Read More >
Mumbai: Traditionally, banks were barred from lending for buying gold or silver or offering loans secured by primary gold or silver. But under new guidelines, a carve‑out allows scheduled commercial banks (SCBs) to extend working capital loans to jewellers and businesses that use gold as raw material. This change means that manufacturers who rely on gold inputs -- beyond jewelry makers -- can now access credit backed by gold. More Flexibility in Interest Spreads and Rate Resets Previously, ban ...Read More >
"Himachal Pradesh had to fight for its rightful share on several issues. Despite the expiry of the lease period of the Shanan hydroelectric project, it has not been given back to the state from Punjab and arrears due from BBMB have also been delayed due to obstructions posed by Punjab and Haryana despite a Supreme Court decision," Sukhu said. The dispute between the neighbouring states is related to the British-era Shanan hydropower project at Jogindernagar of Mandi district. It was constructed ...Read More >
Pune: The Kothrud police have launched manhunt for two men who applied adhesive tape to the cash tray of an ATM and stole Rs 10,000 from the Kothrud branch of a cooperative bank on Sept 3.A bank officer (50) and a resident of Vadgaon Budruk lodged a complaint with the Kothrud police on Friday evening.Senior inspector Sandeep Deshmane of Kothrud police said, "After receiving the complaint application, we laid a trap in and around the ATM kiosk. However, none of them turned up and then we decided ...Read More >
The Kerala Cabinet has approved a draft bill to safeguard housing rights for individuals facing potential home loss due to loan defaults. This legislation aims to protect those with annual incomes below Rs 3 lakh and loans not exceeding Rs 5 lakh, plus interest, up to Rs 10 lakh. The Kerala Cabinet on Saturday gave its nod to a draft bill aimed at protecting the right to housing in cases where people risk losing their only residence due to loan defaults. The significant legislation comes amid ...Read More >
Thiruvanthapuram: The Kerala Cabinet on Saturday gave its nod to a draft bill aimed at protecting the right to housing in cases where people risk losing their only residence due to loan defaults. The significant legislation comes amid growing reports of financially struggling families facing the attachment of their homes by banks over unpaid loans. According to a CMO statement here, the bill seeks to protect the rights to housing of individuals in cases where loan repayments are delayed not due ...Read More >
Thiruvananthapuram, Sep 13 (SocialNews.XYZ) Leader of Opposition V.D. Satheesan on Saturday launched a sharp attack on Chief Minister Pinarayi Vijayan, accusing him of adopting an "ostrich-like attitude" by ignoring mounting outrage over custodial torture and corruption scandals in Kerala. "The police have been reduced to an instrument of fear, behaving like loyalists to the ruling party rather than protectors of the people," said Satheesan, pointing to a string of incidents that have rocked th ...Read More >
New Delhi: The Delhi High Court has reaffirmed that the personal liberty of two consenting adults to marry and live together peacefully is protected under Article 21 of the Indian Constitution. In a recent ruling, the court emphasised that family opposition cannot override this autonomy. Justice Sanjeev Narula stated that the Supreme Court has consistently upheld this principle, directing law enforcement to protect couples from threats or coercion. In this case, the court ordered police protect ...Read More >
Kerala lottery result today, August 14, 2025 OUT: The Kerala State Lottery Department has announced the much-awaited results for the Karunya Plus KN-585 lottery draw held today, August 14, 2025. The draw took place at Gorky Bhavan, Thiruvananthapuram, with participants eagerly checking the winning numbers for a chance to win exciting cash prizes. The Karunya Plus bumper offers a grand first prize of ₹1 crore, followed by ₹30 lakh for the second prize and ₹5 lakh for the third. Alongside the bum ...Read More >
Bulandshahr: A court in Bulandshahr delivered its verdict in the Syana violence case that dates back to December 2018. The court convicted all 38 accused individuals, including prominent local activists and community members. Mob Violence Erupted Over Cow Carcass Discovery The violence followed the discovery of cow carcasses near Mahav village, prompting protesters to storm Chingrawathi police outpost. They set vehicles ablaze, leading to escalating chaos. During the riot, Inspector Subodh Kum ...Read More >
Mumbai: Saraswat Co-operative Bank, the largest urban cooperative lender, has received RBI approval to merge New India Co-operative Bank with itself. The merger will take effect from Aug 4, 2025, and all branches of NICB will operate as branches of Saraswat bank from that day.Following the merger, Saraswat Bank will assume all assets and liabilities of New India Bank. "Customers, including depositors of NICBL, will be treated as customers of Saraswat Bank with effect from 4th August, 2025, and t ...Read More >
Mumbai, Aug 1 (PTI) The Reserve Bank gave its nod for the merger of the troubled New India Co-operative Bank Ltd (NICBL) with Saraswat Co-operative Bank. Acting on a request from both the lenders, who approached the central bank after clearance from their shareholders, RBI sanctioned the Scheme of Amalgamation in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act 1949, as per an official statement. Saraswat Bank will take ov ...Read More >
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