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New Delhi, Feb 5 () In order to protect interest of depositors, the Union Cabinet on Wednesday approved amendment to Banking Regulation Act to strengthen cooperative banks and avoid PMC Bank like crisis.There are 1,540 cooperative banks with depositor base of 8.60 crore having total savings of about Rs 5 lakh crore.The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by Registrar of Cooperative, Information and Broadcasting Minister Prakash Javadekar said while briefing media about the Cabinet decisions.Observing that the changes will help strengthen financial stability, he said qualifications would be set for appointing CEO of cooperative banks and the RBI permission would be sought before appointment as followed in case of commercial banks.Audit would be as per the RBI guidelines and the central bank can also supersede the board if any cooperative bank is under stress, he said.Cooperative bank will be given time to comply with the RBI guidelines in phased manner, he added.The cabinet approval is in line with the Budget announcement made by Finance Minister Nirmala Sitharaman on Saturday."To strengthen the Cooperative Banks, amendments to the Banking Regulation Act are proposed for increasing professionalism, enabling access to capital and improving governance and oversight for sound banking through the RBI," she had said in the Budget 2020-21.The decision assumes significance in the wake of a scam in the Punjab and Maharashtra Cooperative (PMC) Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.Javadekar further said this is the second important measure taken by the government to protect the interest of depositors within a week.Sitharaman proposed in the Budget to raise the insurance cover on saving deposits five times to Rs 5 lakh."I wish to inform this august House that robust mechanism is in place to monitor the health of all Scheduled Commercial Banks and that depositors' money is safe."Further, the Deposit Insurance and Credit Guarantee Corporation (DICGC) has been permitted to increase Deposit Insurance Coverage for a depositor, which is now Rs 1 lakh to Rs 5 lakh per depositor," she said in Budget 2020-21.At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation if a bank fails. However, deposits maintained with different banks are not clubbed. DP BAL

Cabinet clears amendment to banking laws to strengthen cooperative banks

If things work as planned, <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> will have at least two operational metro lines in 2020 connecting the western suburbs of the city. The two corridors, Metro Line-2A (Dahisar-DN Nagar) and Metro Line-7 (Dahisar East-Andheri East), are proposed to be commissioned simultaneously in 2020, the <keyword id="64095" type="COMPANY" weightage="20" keywordseo="Mumbai-Metropolitan-Region-Development-Authority">Mumbai Metropolitan Region Development Authority</keyword> (MMRDA) said in a statement. MMRDA has not yet received possession of land for a car depot for Metro Line-7 as the land parcel is currently with the Airports Authority of India (AAI).
 MMRDA had proposed to give AAI another land in Gorai in lieu of their land. However, currently, this land has got a stay by the Bombay High Court as it had been earmarked for a law university.
 Meanwhile, MMRDA has also claimed that corridors, Line-2B (DN Nagar-Mandale), Line-4 (Wadala-Kasarvadavali) and Line-6 (Swami Samarth Nagar-Vikhroli), will be operational by 2021.
 The Supreme Court has restrained MMRDA from chopping trees for construction of the Metro Line-4 and asked to maintain status quo on felling of trees for the project. It had also sought replies from the MMRDA and the state.
 The ambitious Colaba-Bandra-Seepz Metro-3 corridor, being implemented by the <keyword id="117023" type="LOCATION" weightage="20" keywordseo="Mumbai-metro">Mumbai Metro</keyword> Rail Corporation (MMRC), has been facing several roadblocks and also missed its deadlines, which is now expected to be commissioned in 2021. After the change of dispensation in Maharashtra, Chief Minister Uddhav Thackeray ordered a stay on the construction of a metro car-shed for Metro Line-3 in <keyword id="6370614" type="DOMAIN" weightage="20" keywordseo="aarey">Aarey</keyword> colony, touted as the city's green lungs. Protests by locals, NGOs and the chief minister's son who is now a Cabinet minister, Aditya Thackeray, led to Uddhav Thackeray making this announcement soon after taking charge.
 "Once completed, these five lines -- 2A, 7, 2B, 4 and 6 -- with an aggregate worth of Rs 44,869 crore are expected to serve more than 50 lakh commuters at around 98 stations across the city," the MMRDA said.
 These lines are expected to make a considerable commuter shift by 35 per cent, thus easing the gruelling grind that the suburban rail network is, it said.
 "We are overcoming the biggest challenge one might face, which was to do these development projects without having to completely stop the vehicular traffic even for 10 minutes. It will be an accomplishment to showcase to the entire world. Mumbaikars have shown great patience. Now, it is time to reap rewards," MMRDA Commissioner R A Rajeev said.
 Apart from these, Mumbai will also witness works on projects like Mumbai Trans-Harbour Link (MTHL) and the Virar-Alibaug Multi-Modal Corridor having an aggregate cost of Rs 31,430 crore. 
 The ambitious Rs 17,843-crore MTHL project will be connecting Sewri with Nhava Sheva and help solve the traffic congestion in the island city by improving connectivity between Mumbai and <keyword id="57321" type="LOCATION" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>. "Besides these, there are several other bridges and connectors which will be beneficial to Mumbaikars. There are two flyovers, with an estimated cost of around Rs 163 crore and a road coming up to clear the BKC junction, among others proposed," MMRDA said. PSK HRS

In 2020, Mumbai's Western suburbs could have two operational metro lines

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li">With at least two major regional elections in 2020, all eyes are on how the BJP will arrest the fallout from the citizenship act and local poll defeats.</li><li class="generic-article__summary--li content--li">Analysts say the BJP will concentrate on centralising power and a hardened focus on Hindu nationalism.</li></ul> December was a difficult month for <a href="https://www.scmp.com/topics/india" class="link-text">India</a> Prime Minister <a href="https://www.scmp.com/topics/narendra-modi" class="link-text">Narendra Modi</a> and Amit Shah, his top lieutenant in the ruling Bharatiya Janata Party (BJP).The BJP is facing the biggest challenge of its five-and-a-half-year rule as it scrambles to defuse crises on multiple fronts. How Modi and Shah, the home minister, respond to these problems could determine whether the party maintains its comfortable political edge over rivals, observers say. The current problems – <a href="https://www.scmp.com/news/asia/east-asia/article/3043741/thousands-take-part-rival-protests-over-indias-citizenship-law" class="link-text">mass protests</a> over a controversial <a href="https://www.scmp.com/week-asia/politics/article/3042045/modis-surgical-strike-muslims-puts-india-war-itself" class="link-text">citizenship law</a> and back-to-back state election defeats – are seen in some quarters as an early sign that the public is pushing back against their aggressive advocacy of the Hindu nationalist agenda over broader national interests. Activists wear masks of Home Minister Amit Shah, Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and West Bengal BJP president Dilip Ghosh during a protest against the citizenship bill. Photo: AFP The two men are lifelong members of RSS, the hardline Hindu nationalist group that serves as the ideological fountainhead of the BJP. Political researcher Neelanjan Sircar said the state election defeats also happened “due to the BJP’s desire to centralise power in Modi and Shah. It does not want strong regional leaders and units”. At the moment, the biggest headache for the BJP going into 2020 is the mass protest action around the country over the controversial Citizenship Amendment Act, which was passed on December 12. The law paves the way for immigrants from non-Muslim minorities from Afghanistan, Pakistan and <keyword id="6354759" type="LOCATION" weightage="20" keywordseo="Bangladesh">Bangladesh</keyword> to obtain Indian citizenship. Demonstrators, many of whom are students, say the legislation brings out into the open what they claim is the BJP’s plan to systematically drive out the country’s 200 million Muslims as it seeks to create a Hindu Rashtra, or a Hindu nation. The belief is that the CAA, along with the government’s plan to initiate a National Register of Citizens, will create a scenario wherein Muslims who do not have documents to prove their citizenship will be declared illegal immigrants. Hindus and other minorities will not face such a predicament. Modi and Shah have found themselves in an embarrassing bind over this issue because while Shah had explicitly outlined this plan in multiple speeches – saying it targeted “infiltrators” and not Muslims – Modi came out after the protest to directly contradict this position. The prime minister declared his government had no plans to implement the National Register of Citizens. ELECTION SETBACKS If this was not enough of a quandary, the BJP is also reeling from two setbacks in state elections. Earlier in December, the BJP’s oldest ally, the regional party Shiv Sena – with which it has partnered for 25 years – cut ties with the Modi administration and formed a coalition government with the opposition Congress to govern the state of Maharashtra following state polls there. On Christmas Eve, the BJP lost power in Jharkhand, a small but crucial state which holds 40 per cent of India’s mineral wealth. Despite ruling the state for five years, the BJP could only manage 25 seats in the 81-member assembly, while the Congress and its ally got 46 seats. This was its fifth major loss in regional polls in the last year. Indian Prime Minister Narendra Modi addresses a rally to launch the BJP campaign for the upcoming Delhi assembly elections. Photo: EPA-EFE With at least two major regional elections in 2020, in the capital New Delhi, and in the eastern state of Bihar, all eyes are on how Modi and Shah arrest the fallout from the citizenship act saga and the poll defeats. Also weighing on their popularity is the slowing economy, which grew at its lowest rate since 2013 in the July-September quarter. Sircar, an assistant professor at the Ashoka University in the state of Haryana, cautioned against using state poll results as a crystal ball into Modi and Shah’s longer term fate as the ruling party had been struggling to win state elections even before it cruised to a general election victory in May. The Congress, which held power for decades and which continues to be led by the country’s influential Nehru-Gandhi clan, swept regional polls in Madhya Pradesh, Chhattisgarh and Rajasthan months before the general election. But what the results do reveal is that local elections are no longer swayed by Modi’s popularity alone, said Sircar, whose research interests include studying election data. After 2014, when Modi first came to power, his party won state elections in most major states and governed over 70 per cent of India’s land mass until March 2018. This has now come down to half, partly due to the BJP’s efforts to centralise power in the two leaders, said Sircar. Meanwhile, continuing confusion in the opposition ranks is harming efforts to build an anti-BJP front. The Congress, for instance, still has a temporary party chief in <keyword id="689" type="PERSON" weightage="20" keywordseo="Sonia-Gandhi">Sonia Gandhi</keyword> after her son and former party chief Rahul Gandhi quit, taking blame for its election defeat. The fragmentation of opposition unity is likely to rear its head during the upcoming Delhi elections, in which the Congress might not want to ally with the Aam Aadmi Party (AAP) to defeat the BJP. Congress president Sonia Gandhi and ex-party president Rahul Gandhi (L) attend a sit-in protest. Photo: AFP HONEYMOON PERIOD Another crucial reason why the current situation might not affect the BJP’s long-term standing is timing. There is an important reason it introduced the legislation in the first six months of its five-year term. “The BJP has been very effective in setting its own narratives and winning elections. Hence, while it does seem like the BJP is floundering, it is too early in its term for it be considered a threat to their popularity,” said Sudha Pai, a retired professor in political science from New Delhi’s Jawaharlal Nehru University. Pai points to the 2019 elections, when Modi managed to divert attention away from issues such as development, infrastructure, a slump in the economy and the highest unemployment rate in 45 years, to rake up nationalism against Pakistan and come back to power with an enhanced margin. The BJP has probably learned this from experience. In 2016, India’s campuses were rocked with student protests against the government but this did not feature in the discourse during the general elections. The face of the protests, youth activist Kanhaiya Kumar, lost by over 400,000 votes to a controversial BJP leader, Giriraj Singh. A man wearing a mask of Indian Prime Minister Narendra Modi waves the BJP flag during a rally in New Delhi. Photo: AP COURSE CORRECTION? Since Modi’s re-election in May, his government’s two major moves – the decision to revoke <a href="https://www.scmp.com/topics/kashmir" class="link-text">Jammu &amp; Kashmir’s special status</a> and bifurcate the state, and the citizenship law amendment – have seen a similar approach being employed. Both were passed in Parliament without much debate, despite acrimonious opposition.Even in the face of the protests, Modi and Shah have remained defiantly supportive of the police action, which has so far resulted in 23 deaths. Most of these occurred in Uttar Pradesh, India’s most populous state, where the BJP’s controversial chief minister <keyword id="43254" type="PERSON" weightage="20" keywordseo="Yogi-Adityanath">Yogi Adityanath</keyword> hailed the police crackdown. But both Pai and Sircar believe the protests and Jharkhand defeat will come as a rude shock to the BJP. “No matter what the final outcome is, there is a sense that the mood in the country is changing, that nationalism might not be enough to win elections any more and that the BJP is not invincible,” said Pai. Such widespread protests have not occurred in the last few decades. “Somewhere, this is affecting Modi’s popularity, bit by bit,” Pai said. Indian Prime Minister and BJP leader Narendra Modi. Photo: DPA Opinions are mixed on whether these issues will result in a course correction in the next four years of the BJP’s term. Sircar does not see a shift by the BJP any time soon. “I don’t see the BJP’s model changing. Centralising power in their own hands is a very important project for both Modi and Shah. Taking decisions without consultation is also integral to it; to consult means to slow down the process,” said Sircar. Pai, however, is slightly more optimistic, but also believes the next four years will see a hardened focus on Hindu nationalism. “It depends on what happens with the protests and how long they sustain. But I think the BJP will realise that nationalism and warmongering have diminishing returns. It will have to deliver.”

After a torrid December, how will India’s Narendra Modi, Amit Shah and the BJP fare in 2020?

New Delhi, More than 10 years after a Supreme Court judgement paved way for introduction of the <keyword id="20335981" type="General" weightage="20" keywordseo="nota" source="keywords">NOTA</keyword> button on EVM for polls, the number of voters choosing it still remains low, with the experts dubbing it as a "toothless tiger" with no implications on the results. NOTA (None of the Above) was introduced in India through the Supreme Court's judgement in September 2013. The need to introduce NOTA was felt to discourage the parties from fielding tainted candidates. The Supreme Court directed the Election Commission to make necessary provision in the ballot papers/EVMs so that the voters can decide not to vote for any of the candidates in the fray. Introduced in 2013, the NOTA option on electronic voting machines has its own symbol - a ballot paper with a black cross across it. After the Supreme Court order in September 2013, the Election Commission added the NOTA button on the EVMs as the last option on the voting panel. One ballot unit has 16 buttons. Before the apex court order, those not inclined to vote for any candidate had the option of filling what is popularly called form 49-O. But filling out the form at the polling station under Rule 49-O of the Conduct of Elections Rules, 1961, compromised the secrecy of the voter. However, even as NOTA has secured over 1.29 crore votes in the state assembly elections and the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> elections combined in the last five years, the number of candidates with criminal records has increased in both the general and the assembly elections. According to a report by Association for Democratic Reforms (ADR), the share of MPs with declared criminal cases against them has been increasing in the last decade. While 30 per cent elected MPs had criminal cases against them in 2009, which went up. Of the 543 winners analysed by the ADR in the 2009 Lok Sabha elections, 162 (30 per cent) had declared criminal cases against them, with 76 (14 per cent) had serious criminal cases against them. In 2019, the share of MPs with criminal and serious criminal cases increased to 43 per cent and 29 per cent. "NOTA has made no difference as far as criminality is concerned, in fact the number of candidates with criminal cases has increased," Major General (Retd) Anil Verma, Head of ADR, told PTI. "The concept of NOTA was that some pressure would be on the parties not to field tainted candidates. It has not happened," he said. Overall in different state and general elections, votes polled on NOTA have been between .5 per cent to 1.5per cent, according to data compiled by the ADR. It secured around 1.06 per cent votes in the 2019 Lok Sabha polls, and among states, highest was when it got 1.98 percent of the total votes in the 2018 Chhattisgarh Assembly polls. The lowest number of votes NOTA in the Lok Sabha was 100 votes in Lakshadweep, and among the state polls, it secured the lowest percentage of vote share - 0.46 percent in both the Delhi State Assembly Elections, 2020, and the Mizoram State Assembly Elections, 2018. "Unfortunately, it turned out to be a toothless tiger. It merely provided a platform to express dissent or one's anger for political parties to take note and nothing more," <keyword id="20887282" type="General" weightage="20" keywordseo="maj-gen-verma" source="keywords">Maj Gen Verma</keyword> (Retd) said. He, however, pointed out that overall, the percentage of NOTA votes in seats reserved for the Scheduled Castes and the Scheduled Tribe has been slightly higher, which may indicate there are more grievances among these groups. "In the reserved constituencies, we have seen the percentage of NOTA votes are higher. Perhaps the tribals and SCs have more grievances so they go in larger numbers for NOTA," he said. Constituency wise, NOTA has secured as high as 27,500 votes in Maharashtra's Latur Rural constituency, a seat reserved for the SC community, over 13 per cent of the total votes. NOTA got the second spot, with Congress' Dhiraj Deshmukh winning with over 67 per cent of the total votes. In 'Red Alert Constituencies', the seats with three or more candidates with criminal cases contesting the elections, NOTA secured 26, 77,616 votes (26.77 lakhs) in the state assembly elections since 2018. It ranges from 1.63 per cent in Bihar in 217 red alert constituencies to 0.43 per cent in Delhi. In the 2019 Lok Sabha polls, the highest number of NOTA votes (51,660) were polled in Bihar's Gopalganj, another reserved SC constituency, where it secured the third spot getting 5.03 per cent of the total votes. Axis India chairman <keyword id="20816878" type="General" weightage="20" keywordseo="pradeep-gupta" source="keywords">Pradeep Gupta</keyword> said there is a requirement to give more teeth to the NOTA option. "I believe that candidates, who have lost against NOTA should not get a chance to contest again. That is what the logic is all about. Since there is no such rule, many voters think what is the point of choosing NOTA," Gupta told PTI. "In 2014, 1.08 pc voters chose NOTA, the percentage was 1.06 pc in 2019. It is a sizeable number but I believe it is more due to error and less due to intention," Gupta said. "But if a rule is brought in barring the rejected candidates from contesting again, I believe the number will go up like anything. The political parties understand the sensitivity of this and that is why I believe no one will favour such a law and hence NOTA is a toothless option," he added. Calls have also been made for scrapping NOTA. Former Chhattisgarh chief minister Bhupesh Baghel had last year sought scrapping NOTA, stating that in certain cases it polled more votes than winning margin. In 2018, the Supreme Court had ruled that NOTA option should not be given in the <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword> elections.

None of the Above or NOTA toothless without right to reject, say experts

New Delhi, The <keyword id="6362177" type="COMPANY" weightage="20" keywordseo="Union-government">Union Government</keyword> plans to sell 10% stake in Rashtriya Chemicals and Fertilisers Ltd (RCFL) through the offer for sale (OFS). The Department of Investment and Public Asset Management has sought bids from law firms to act as legal advisers and assist the government in the process. A domestic law firm will act as the legal adviser to the transaction and submit proposals in a consortium with an international law firm of repute, with similar experience and expertise in public offerings or OFS in capital markets, <keyword id="6470244" type="COMPANY" weightage="20" keywordseo="dipam">DIPAM</keyword> said in a notice. The <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> currently holds 75 per cent stake in the public sector undertaking (PSU). The notice said: "The GoI intends to disinvest 10 per cent paid-up equity capital of RCFL out of its shareholding of 75.0006 per cent, through 'Offer for Sale (OFS) method of shares by promoters through the stock exchanges' as per Securities and Exchange Board of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) Rules and Regulations." The government is also considering allotting shares to eligible and willing employees of the RCFL at a discount on the issue or discovered price up to a maximum of certain percentage of the OFS size subsequent to completion of the transaction under OFS. The percentage and extent shall be decided in due course. The notice also said that merchant bankers or selling brokers will be required to render such assistance. Rashtriya Chemicals &amp; Fertilisers Ltd is a Mini-Ratna fertiliers and chemicals manufacturing company under the administrative control of the Ministry of Chemicals and Fertilisers. It has two operating units, one at Trombay in Mumbai and the other at <keyword id="1314206" type="COMPANY" weightage="20" keywordseo="Thal">Thal</keyword> in Maharashtra's Raigad district, about 100 km from Mumbai. RCFL manufactures urea, complex fertilisers, bio-fertilisers, micro-nutrients, 100 per cent water-soluble fertilisers, soil conditioners, and a wide range of industrial chemicals. The authorised share capital of the company is Rs 800 crore and the paid-up equity capital is Rs 551.69 crore as on March 31, 2020.

You Searched For "maharashtra cet law 2020" and got 5 results

Cabinet clears amendment to banking laws to strengthen cooperative banks

PTI

In 2020, Mumbai's Western suburbs could have two operational metro lines

PTI

After a torrid December, how will India’s Narendra Modi, Amit Shah and the BJP fare in 2020?

SCMP

None of the Above or NOTA toothless without right to reject, say experts

PTI

Centre plans to sell 10% stake in Rashtriya Chemicals via OFS

IANS

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