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<ul><li><keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>, <keyword id="6986952" type="UNKNOWN" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword>, and <keyword id="97186" type="CITY" weightage="20" keywordseo="JK-Bank">J&amp;K Bank</keyword> stocks are soaring in trade today, led by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) committee’s recommendation to increase the cap on promoters’ stake from 15% to 26%.</li><li>The proposed change comes at a time when banks need the infusion of funds to deal with the outcome of the COVID-19 pandemic on borrowers.</li><li>Billionaire Uday Kotak, promoter of <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>, may now also be able to cement his position in courts where he was arguing to retain 26% of his shareholding.</li></ul>IndusInd Bank’s shares are up over 4% after the Reserve Bank of India’s (RBI) Internal Working Group (IWG) recommended that the cap on promoters’ stake, in the long run, should be raised from the current level of 15% to 26%. <div type="image" title="indusind bank share price" msid="79363913" hostid="261" caption="&amp;lt;p&amp;gt;IndusInd Bank share price over the last one month&amp;lt;/p&amp;gt;"></div> This brings grand tidings for the bank as its promoter, the Hinduja Group, has indicated its interest to increase shareholding. “We further estimate that, at the current market price, promoters could infuse up to ₹10,000 crore to increase their stake to 26% at the bank versus 14.85% currently,” said Motilal Oswal Financial Services in its report. Other banks are also gaining ground, with Jammu &amp; Kashmir Bank leading the pack, up by 13.3%, and IDFC First Bank also soaring by 6.4%. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jammu &amp; Kashmir Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.30 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.14% </td></tr></tbody></table>Source: Nifty/BSE, share prices as of 11:20am Kotak Mahindra Bank’s share price continues to trade flat While Kotak Mahindra Bank’s shares continue to trade flat, the increase in the cap on promoter stake is favourable for its promoter Uday Kotak as well. If accepted, this recommendation may cement the case he’s making to be allowed to retain a 26% stake in Kotak Mahindra Bank. <div type="image" title="kotak mahindra bank share price" msid="79363928" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank share price over the past one month&amp;lt;/p&amp;gt;"></div> “We view this as a positive development across the banking sector, especially for the promoter-driven banks. This would help promoters have more ‘skin in the game’,” noted Nirmal Bang Securities. According to analysts, increasing the cap on promoters’ sharing holding in banks also levels the playing field for other stakeholders that may have already reduced their shareholder as per RBI’s existing guidelines. The recommendation is also coming at a crucial time when banks need more capital to deal with the outcome of the COVID-19 pandemic after the stay on moratorium is lifted by the Supreme Court. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-earn-money-at-home-from-googles-task-mate/articleshow/79362215.cms">Google is testing ‘Task Mate’ in India, which lets users earn money for doing tasks on their smartphones</a> <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">HDFC Bank’s net banking, UPI service and ATMs were down due to a 'data centre outage' but RBI demands more detailed information</a> <a href="https://www.businessinsider.in/science/environment/news/mount-everest-home-to-microplastics-and-melting-glaciers/articleshow/79324609.cms">Microplastics found at the highest point on Earth as the glaciers around Mount Everest’s death zone melt</a>

IndusInd Bank surges over 4% after RBI committee proposes to increase the cap on promoter stake in private sector banks

Zee Entertainment, Axis Bank, JK Tyre and other stocks to watch out for on May 20

<ul class="summary-list"><li><keyword id="44360" type="ORGANIZATION" weightage="60" keywordseo="JK-Rowling">JK Rowling</keyword> asked Twitter to explain <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> to her, and was bombarded by replies — including from <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>.</li><li>Rowling ultimately gave up engaging with the topic, a decision Musk supported.</li><li>In the process, he took a swipe at conventional central banks, which he said had undermined their credibility and made even bitcoin "look solid by comparison."</li><li>Banks like the Federal Reserve and European <keyword id="6358156" type="ORGANIZATION" weightage="60" keywordseo="central-bank">Central Bank</keyword> have pumped trillions of dollars into the global economy via quantitative easing programs.</li><li>Many of these have been expanded in an attempt to mitigate the economic fallout of the coronavirus pandemic.</li><li><a href="https://www.businessinsider.com">Visit Business Insider's homepage for more stories.</a></li></ul>Elon Musk intervened in a Twitter thread to attempt to explain bitcoin to J.K. Rowling, and ended up attacking central banks whom he said made the cryptocurrency "look solid by comparison."Musk chimed in after Rowling, the author of the Harry Potter novels, was bombarded by replies after tweeting: "I don't understand bitcoin. Please explain it to me."Bitcoin advocates and skeptics then rushed to explain the cryptocurrency — a financial asset which exists solely in digital form.Unlike traditional currencies, it is not tied to a central bank controlled by a government, and instead is regulated by complicated mathematics and a public log — called a blockchain — of all transactions.Its value has ballooned since its creation. <a href="https://markets.businessinsider.com/currencies/btc-usd">According to Markets Insider data</a>, a single Bitcoin was worth almost $20,000 in December 2017. Its price at the time of writing was around $9,410.Despite lofty predictions by its advocates, it has not found widespread use.Rowling eventually gave up trying to understand bitcoin, posting a tweet that implied that she was no longer interested.Musk responded essentially agreeing with her, but taking a swipe at the behavior of traditional central bankers in the process.Musk said that central banks — like the Federal Reserve, European Central Bank, Bank of Japan, and Bank of England — made bitcoin "look solid by comparison" because of their recent behavior.Since the financial crisis in 2008, banks embarked on a huge program of "quantitative easing" — essentially pumping vast sums into the economy — to prevent the collapse of the economy.It also left interest rates at historic lows and, critics say, has distorted financial markets in ways we are yet to understand fully.Many banks have renewed their easing programs in light of the coronavirus pandemic. <a href="https://www.fitchratings.com/research/sovereigns/global-qe-asset-purchases-to-reach-usd6-trillion-in-2020-24-04-2020">A report in late April by Fitch Ratings</a> said that central banks around the world had already committed to $6 trillion worth of easing programs.Read the original article on <a href="https://www.businessinsider.com/musk-tries-explain-bitcoin-jk-rowling-attacks-central-banks-2020-5">Business Insider</a>

Elon Musk tried to help explain Bitcoin to J.K. Rowling in a bizarre Twitter exchange, and said central banks have made cryptocurrency 'look solid by comparison'

Jammu, May 15 () The Jammu and Kashmir administration on Friday approved the appointment of senior vice president of HDFC Bank Zubair Iqbal as the new managing director of Jammu and Kashmir Bank. R K Chibber will continue as the bank's chairman for the next three years. Iqbal will have a three-year tenure. An order to this effect was issued by the additional secretary to the finance department Friday night. "Consequent to the above (decision of appointment), the board of J&amp;K bank may appoint him (Iqbal) as managing director of J&amp;K bank," the order said. In another order, Chibber, who is currently MD and Chairman of J&amp;K bank, has been reappointed as the chairman for the period of three years. Both of them were appointed as director and nominee of the government in the J&amp;K Bank Board. The RBI had extended the tenure of Chibber as MD of the bank for a period of three months in April. On June 10 last year, the Reserve Bank had approved the appointment of Chibber as interim CMD of Jammu and Kashmir Bank for three months following the removal of Parvez Ahmed from the post by the then state government. He received a month's extension in September 2019 to continue as the bank's interim CMD, followed by a six-month extension in October last year. Ahmed was removed by the erstwhile state government on alleged charges of corruption, nepotism and favouritism. AB AQSAQSAQS

Zubair Iqbal appointed MD J-K Bank, Chibber to continue as chairman

The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> Friday said it has attached a multi-storeyed commercial complex, worth more than Rs 252 crore, located in Delhi's <keyword id="138738" type="General" weightage="100" keywordseo="shalimar-bagh" source="Orion">Shalimar Bagh</keyword> area in connection with a money laundering investigation linked to an alleged bank fraud case against the <keyword id="692589" type="General" weightage="80" keywordseo="ambience-group" source="Orion">Ambience Group</keyword>. The immovable property is named <keyword id="16931757" type="General" weightage="80" keywordseo="ambience-tower" source="Orion">Ambience Tower</keyword> and it belongs to a company called Ambience Towers Pvt Ltd, a firm of the Ambience Group promoted by Raj Singh Gehlot, the agency said in a statement. A provisional order, under the Prevention of Money Laundering Act (PMLA), was issued by the ED to attach the commercial building worth a total Rs 252.17 crore. The money laundering case stems from an FIR and chargesheets filed by the Jammu and Kashmir anti-corruption bureau that found that a company named Aman Hospitality Pvt. Ltd, through its promoter director Gehlot, was sanctioned a term loan facility of Rs 810 crore by a consortium of banks led by J&amp;K Bank to part finance its hotel project in Shahdara, Delhi. "The loan amount later turned into an NPA. During the investigation, it was revealed that Gehlot had diverted loan funds and layered the same through a web of bank accounts belonging to his relatives and Ambience Group companies," the ED said. Apart from the diversion of funds, it was also found that Gehlot "diverted" materials to the other project sites of the Ambience Group, it said. Gehlot was arrested by the ED in September 2021 in this case. His wife Sheela Gehlot and other directors of the Ambience Group such as Amit Gehlot, Shamsher Singh and Pawan Singh were also named as accused in the chargesheets filed by the ED earlier. The agency earlier attached assets worth Rs 20.20 crore belonging to Raj Singh Gehlot, his family members and the Ambience Group companies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/github-launches-ai-powered-copilot-x-adopts-openais-gpt-4-model/articleshow/98970047.cms">GitHub launches AI-powered Copilot X, adopts OpenAI's GPT-4 model</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Bank fraud: ED attaches ₹252 crore worth 'Ambience Tower' in Delhi's Shalimar Bagh

<ul class="summary-list"><li><keyword id="12103101" type="UNKNOWN" weightage="60" keywordseo="jon-stewart" source="Orion">Jon Stewart</keyword> said on Wednesday that he did not think that J.K. Rowling was antisemitic.</li><li>His comments came after he had claimed that Goblin bankers in the franchise were tropes of Jews.</li></ul>Jon Stewart on Wednesday said in a video that he doesn't think that J.K. Rowling or the "<keyword id="12067470" type="UNKNOWN" weightage="60" keywordseo="harry-potter" source="Orion">Harry Potter</keyword>" series are antisemitic, following coverage of <a href="https://www.insider.com/jon-stewart-accuses-jk-rowling-antisemitic-trope-harry-potter-goblins-2022-1">comments he made about Goblin bankers</a> in the movies on his podcast in December."I do not think J.K. Rowling is antisemitic," Jon Stewart said in the video. "I did not accuse her of being antisemitic. I do not think that the Harry Potter movies are antisemitic."His criticism was largely aimed at <a href="https://www.newsweek.com/jon-stewart-accuses-jk-rowling-antisemitism-harry-potter-goblins-1665301">a viral article</a> that covered his comments, where he criticised the depiction of Goblin bankers, last month.Stewart added on Wednesday that "any reasonable person" would have concluded that the conversation "was lighthearted.""Have you ever seen the scenes in Gringotts Bank? Do you know what those folks who run the bank are? Jews!'" Stewart said in December, adding that he was surprised about a lack of criticism of the trope."And they're like, 'Oh, look at that, that's from "Harry Potter!"' And you're like, 'No, that's a caricature of a Jew from an antisemitic piece of literature.' J.K. Rowling was like, 'Can we get these guys to run our bank?' It's a wizarding world…we can ride dragons, you can have a pet owl… but who should run the bank? Jews."

Jon Stewart says J.K. Rowling is not antisemitic following 'Harry Potter' comments on his podcast last month

<ul class="summary-list"><li>Jon Stewart described the goblins in "<keyword id="12067470" type="UNKNOWN" weightage="60" keywordseo="harry-potter" source="Orion">Harry Potter</keyword>" as an antisemitic trope. </li><li>In the film franchise, goblins work at Gringotts Wizarding Bank.</li></ul>Jon Stewart criticized J.K. Rowling for the use of goblins in the "Harry Potter" film series, which he described as an antisemitic caricature.During a December episode of his <a href="https://www.youtube.com/watch?v=DzffpeYnv-w&amp;t=137s">podcast "The Problem with Jon Stewart,"</a> Stewart drew comparisons between the appearance of goblins in "Harry Potter" and illustrations of Jewish people in the 1903 book "The Protocols of the Elders of Zion," an infamous antisemitic text that dates back to the early 20th century.In the "Harry Potter" film franchise, goblins work and occupy Gringotts Bank, the central bank of Rowling's Wizarding World."Here's how you know Jews are still where they are. Talking to people, here's what I say: 'Have you ever seen a 'Harry Potter' movie? Have you ever seen the scenes in Gringotts Bank? Do you know what those folks who run the bank are? Jews!'" Stewart said on the podcast episode."And they're like, 'Oh, look at that, that's from 'Harry Potter!' And you're like, 'No, that's a caricature of a Jew from an antisemitic piece of literature.' J.K. Rowling was like, 'Can we get these guys to run our bank?' It's a wizarding world…we can ride dragons, you can have a pet owl… but who should run the bank? Jews."<div type="image" title="gringotts bank goblins harry potter" height="3456" width="5184" msid="88714147" hostid="261"></div>Stewart later added that he has been surprised by the lack of criticism the films have faced for the use of goblins as bankers."It was one of those things where I saw it on the screen and I was expecting the crowd to be like, 'Holy shit, she [Rowling] did not, in a wizarding world, just throw Jews in there to run the fucking underground bank," he said.Representatives for J.K. Rowling did not immediately respond to Insider's request for comment.Rowling has previously spoken out in support of British Jews in the fight against <keyword id="11916577" type="UNKNOWN" weightage="60" keywordseo="antisemitism" source="Orion">antisemitism</keyword>, Josh Kaplan at <a href="https://www.thejc.com/news/world/jon-stewart-accuses-jk-rowling-of-antisemitism-over-goblin-banker-characters-in-harry-potter-14nlktsZJ2W1qJGKzUfyaW">The Jewish Chronicle noted.</a><a href="https://www.thejc.com/news/uk/jk-rowling-non-jews-should-start-shouldering-the-burden-of-fight-against-antisemitism-1.462747">In 2018,</a> Rowling tweeted examples of antisemitism and described how "UK Jews are currently having to field this kind of cr*p."Stewart is not the first person to describe the use of goblins as bankers in "Harry Potter" as an antisemitic trope, though.In 2020, Pete Davidson criticized Rowling and the use of goblins in the "Potter" franchise during a segment on "SNL," which has since been widely shared across social media."Who controls the banks?" he asked at the beginning of the segment. "Jews obviously. Little giant-nosed Jew goblins. And I can say that because, as you can see, I'm half-goblin."Last week, HBO Max released its wizarding-world reunion show "Harry Potter 20th Anniversary: Return to Hogwarts." The one-off reunion special was commissioned to mark the 20th anniversary of "Harry Potter and the Philosopher's Stone," the first film in the "Potter" franchise.J.K. Rowling — who has faced widespread criticism for <a href="https://www.insider.com/harry-potter-reunion-jk-rowling-transphobia-criticism-2021-12">comments she has made about trans people</a> — appeared sparingly in the special, through clips from an archived 2019 Warner Bros. Studio Tour London interview, but not in any new footage.

Jon Stewart accuses J.K. Rowling of using an antisemitic trope for goblin bankers in 'Harry Potter'

Jammu, Jun 2 () The Anti-Corruption Bureau (ACB) on Tuesday issued a lookout notice for a former chairman of J&amp;K State Cooperative Bank Limited in connection with his alleged involvement in Rs 223-crore land scam pertaining. The chairman of the Jhelum Cooperative House Building Society (JCHBS), Hilal Ahmed Mir, was arrested on May 14 in the alleged land scam. "The ACB issues lookout notice for Mohmmad Shafi Dar, ex-chairman J&amp;K State Cooperative Bank Limited. Any person giving information about his whereabouts will be suitably rewarded," an ACB spokesman said. "If any person is having any knowledge and information about the whereabouts of the accused, he or she may inform or communicate through email, WhatsApp or toll-free numbers to ACB," he said. The organisation said that any person giving the information shall be suitably rewarded and his or her identity will be kept secret. The official spokesperson said the ACB has been successful in unearthing the siphoned funds and an amount to tune of Rs 187 crore has been frozen. A preliminary inquiry was conducted by the ACB, Jammu, on allegations that Dar, in connivance with officials and a beneficiary of a non-existent cooperative house building society, had sanctioned an amount of Rs 223 crore fraudulently under the name of 'River Jhelum Cooperative House Colony at Shivpora, Srinagar', run by Hilal Ahmad Mir, a resident of Srinagar. The investigation revealed that Mir had moved an application to the secretary, Cooperatives, Administration Department of Cooperative Societies, in which he sought directions to the J&amp;K Cooperative Bank Limited for grant of financial assistance to the tune of Rs 300 crore for taking over possession of 300 kanals of land located in the outskirts of Srinagar for construction of a satellite township, he said. The spokesman said the application was endorsed to the registrar of Cooperative Societies, J&amp;K, for taking up the matter with the Jammu and Kashmir State Cooperative Bank. Accordingly, the cooperative bank in Srinagar sanctioned a loan to the tune of Rs 223 crores without adhering to any codal formalities like obtaining the details of the society such as its balance sheet, profit and loss account business, activities being done by it, income tax returns and details of construction of the board resolutions, the spokesman said. During inquiry, he said, it also surfaced that the River Jhelum Cooperative House Building Society has not even been registered with the Cooperative Societies, J&amp;K. "The accused (Mir), by acting in league with the chairman of the J&amp;K Cooperative Bank, Srinagar and others, had prepared a fake and fictitious registration certificate in the name of the society and managed the sanction of loan to the amount of Rs 223 crore," the spokesman said. He said the omission and commission on part of the chairman of the J&amp;K State Cooperative Bank and others, in conspiracy with Mir, constitute offences under various sections of the Prevention of Corruption Act and the Indian Penal Code. It also resulted in a loss of Rs 223 crore to the bank. Accordingly, a case was registered and investigation taken up, the officials said. Mir was arrested on May 14 to effect the recovery of documents required in the case which were purportedly in his possession and also to unearth the modus operandi, and the end-use of funds and quid pro quo, if any, obtained, the spokesman said. He said the interrogation of the accused is in progress to ascertain further leads in the matter. AB AAR

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Jon Stewart says J.K. Rowling is not antisemitic following 'Harry Potter' comments on his podcast last month

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