Page 4 - Cooperative Banks

Co-op banks may come under banking act, forced conversion not ruled out

In the revised scheme, the inspection of the UCBs solely under the Banking Regulation Act will be done by the central bank

Kerala govt set to get its own bank as HC allows merger of co-op lenders

Chief Minister Pinarayi Vijayan also tweeted that the state's own bank would commence soon.

Insurance cover on bank deposits to be raised from Rs 1 lakh: FM Sitharaman

On the telecom sector, the minister said the Centre wanted all companies to flourish and be able to grow their businesses in India

Urban cooperative banks' business size may be capped at Rs 20,000 cr

R Gandhi and Y H Malegam report to be the bedrock of new guidelines

Did not know about loans to HDIL, says PMC Bank director in bail plea

Surjit Singh Narang, one of the directors of scam-hit Punjab & Maharashtra Cooperative Bank, has claimed in his pre-arrest bail plea in a court here that he was not aware of the loans given by the bank to the HDIL group. The Economic Offences Wing (EOW) of Mumbai Police has arrested five persons in the Rs 4,355 crore PMC Bank scam, including promoters of realty group HDIL and top bank officials. Narang (71) has filed an anticipatory bail application before additional sessions judge S T Soor here. The FIR registered by the EOW did not name him, but it was "wide enough" to include him, his plea said. He was one of the promoters and share-holders of the bank, but not involved in its "day-to-day operations", it said. He was not aware of the loans given to HDIL, and there was nothing to show that he was connected with alleged "falsification of records and concealment of information" (to hide these loans), Narang said. As per the EOW, the bank management concealed from the banking ...

PMC Bank scam: Ex-director sent in police custody till October 22

The court also remanded the bank's former managing director Joy Thomas in 14-day judicial custody, after his police remand ended on Thursday

Patils to Thorats: Maharashtra coop bank with political links finds success

The advantage of giving election tickets to politicians with control of co-operatives, say keen watchers of Ahmednagar politics, is their deep pockets

Will discuss PMC Bank issue with PM Modi: Fadnavis tells depositors

Fadnavis said he would be meeting Modi on October 13, and he had already prepared a brief on the PMC Bank issue for the meeting

Banking system is safe: RBI tells depositors again as PMC crisis deepens

The RBI statement came on a day when the Nifty Bank index tanked by 1.30 per cent in intra-day trade amid a barrage of negative news from the sector

Reserve Bank board discusses commercial, co-operative banks, NBFCs

The meeting assumes importance after the Punjab and Maharashtra Cooperative Bank scam and the general liquidity deficit in the NBFC sector

FM Nirmala Sitharaman assures change in cooperative bank laws if required

Tells PMC Bank depositors that government and Reserve Bank working on solving their problems

The mess called cooperative banks

Either co-operative banks or their depositors should be required to buy commercially priced deposit insurance above the level insured by the statutory cover

PMC crisis calls for board of management in urban cooperative banks

The idea - seconded by the R Gandhi committee on UCBs in 2015 - behind this was to cut through the legal bureaucracy and tap dance around dual regulation

What is the way forward for UCBs now? Step back and revisit RBI suggestions

The R Gandhi (former deputy governor of the RBI) Committee's report on UCBs (2015) was prescient, in particular, for the need to set up a board of management (BoM) in UCBs

Caught in the headlights: Here's a look at three big rip-offs in UCBs

Weak governance, poor internal controls, political interference and dual regulation by state governments and the Reserve Bank of India - just about everything which can go wrong at UCBs

The last boarding call: Time running out fast for urban co-operative banks

Coming years will see the sector go through a sea change

High interests driving depositors to co-op banks even amid bankruptcy

Customer service and long-term association spanning generations are also other reasons for the popularity

In NPAs race, Urban Cooperative Banks are no worse than commercial banks

Three UCBs, which reported their FY19 financials, have an average GNPA average ratio of 5.6 per cent last fiscal, down from a high (average) of 5.9 per cent in FY15

Rajasthan State Cooperative Bank recruitment 2019: apply for 715 positions

Rajasthan Co-op Apex bank recruitment notification has been released. Interested candidates can visit rajcrb.rajasthan.gov.in to apply for the posts

PMC Bank doesn't pose a systemic threat but it is a canary in the coal mine

Given the extent of current nervousness in the financial system, it would be a bad idea to let this problem linger for even six months