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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

The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has imposed <keyword id="512003" type="General" weightage="20" keywordseo="penalties" source="Orion">penalties</keyword> to the tune of Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities for breach of norms during 2022-23, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha on Monday. As many as 176 of these cases involving fines of Rs 14.04 crore pertained to <keyword id="6554737" type="General" weightage="20" keywordseo="cooperative-banks" source="Orion">cooperative banks</keyword>. <keyword id="141219" type="General" weightage="20" keywordseo="private-sector-banks" source="Orion">Private sector banks</keyword> were fined Rs 12.17 crore while public sector banks (PSBs) were levied penalties of Rs 3.65 crore, foreign banks Rs 4.65 crore, and NBFCs ended paying up Rs 4.39 crore. "RBI has informed that it is mandated to take enforcement action as per Enforcement Policy and Framework approved by the Board for Financial Supervision of RBI, in the form of imposition of monetary penalty on regulated entities for contraventions of different statutes and directions," the Minister stated. The RBI issued guidelines on fair practices code to be adopted by banks, NBFCs, and HFCs and these covered various aspects of lending, he added.

RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

(Eds: Adds background) New Delhi, Jun 24 () 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. Terming it a landmark decision, the minister said 1,540 urban cooperative banks and multi-state cooperative banks will be brought under the RBI supervisory process as is applicable in case of scheduled commercial banks. "...depositors (of cooperative banks) will get protection and benefit from this decision," Javadekar said. There are 1,482 urban cooperative banks and 58 multi-state cooperative banks having about 8.6 crore depositors with total savings deposit of about Rs 4.85 lakh crore. The decision assumes significance in the wake of a scam in the Punjab and Maharashtra Cooperative (PMC) Bank and some other cooperative banks affecting lakhs of customers who are facing difficulty in withdrawing their money due to restrictions imposed by the Reserve Bank of India. The RBI had placed regulatory curbs on the PMC Bank on September 23, 2019, after finding out certain financial irregularities and misreporting of loans given to real estate developer HDIL. Earlier this month, the RBI had put restrictions withdrawals from People's Co-operative Bank, Kanpur, Uttar Pradesh. Finance Minister Nirmala Sitharaman had introduced 'The Banking Regulation (Amendment) Bill, 2020' in Lok Sabha on March 3, 2020, which is pending approval. The proposed law sought to enforce banking regulation guidelines of the RBI on cooperative banks. In her February 1 Budget Speech, Sitharaman had proposed amendments to the Banking Regulation Act with an aim to increasing professionalism and improving governance among the cooperative banks. NKD CS MR

All cooperative banks to come under RBI supervision

Mumbai, Jun 25 () The Reserve Bank Employees Association on Thursday welcomed the government's decision to bring all cooperative banks under RBI supervision and requested the central bank to focus on on-site inspection of these banks rather than off-site surveillance. The government on Wednesday said all urban cooperative banks (UCBs) and multi-state cooperative banks will come under the supervision of RBI. The President of India will promulgate an ordinance to this effect, Information and Broadcasting Minister Prakash Javadekar had said. Currently, there is dual control over UCBs by the RBI and the state where they are registered. The RBI regulates and supervises the banking functions of UCBs. It carries out on-site inspections and off-site surveillance of UCBs. In a letter to RBI Governor Shaktikanta Das, the All India Reserve Bank Employees Association (AIRBEA) said the recent PMC Bank case has triggered a country-wide resentment about the affairs and modus-operandi of such banks where depositors' funds were put at risk, forcing the RBI to take punitive steps. "The government has now decided to change the dual control regimen of urban co-op banks to total RBI monitoring. This will definitely put the myriad of depositors of such banks at ease," according to the letter, seen by . The decision will bring in 1,540 urban cooperative banks and multi-state cooperative banks under the RBI supervisory process, as applicable in the case of scheduled commercial banks. There are 1,482 urban cooperative banks and 58 multi-state cooperative banks having about 8.6 crore depositors with a total savings deposit of about Rs 4.85 lakh crore. The union further said, "RBI must initiate on-site supervision and inspection of these small and medium sized banks, instead of depending on data furnished by them as is done in off-site surveillance which are prone to be fudged as our experiences in Punjab and Maharashtra Cooperative (PMC) Bank and some others bear out." AIRBEA said it will extend all support and cooperation to the RBI in monitoring the cooperative banks. "We reiterate in this connection that post- 2012 highly qualified, computer savvy, and energetic Class III staff of the Bank can be gainfully deployed for the purpose after proper training, which will secure good results and will be cost effective too...," it added. HV ABM ABM

RBI union calls for tighter supervision of cooperative banks

Mumbai, The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> on Friday announced doubling the lending limits for <keyword id="185013" type="General" weightage="20" keywordseo="gold-loans" source="Orion">gold loans</keyword> under the bullet repayment scheme for <keyword id="117575" type="General" weightage="50" keywordseo="urban-cooperative-banks" source="Orion">urban cooperative banks</keyword> to Rs 4 lakh. "It has been decided to increase the existing limit for gold loans under the bullet repayment scheme from Rs 2 lakh to Rs 4 lakh in respect of Urban Cooperative Banks (UCBs) who have met the overall target and sub-targets under the Priority Sector Lending (PSL) as on March 31, 2023," <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said. A bullet repayment scheme is one where a borrower repays interest and the principal amount at the end of a loan tenure without worrying about repayment during the loan tenure. Das, who had a meeting with top brass of UCBs recently, said the measure is in line with the RBI's earlier announcement of providing "suitable incentives" to UCBs that have met the prescribed PSL targets, wherein a lender is mandated to devote a certain part of its overall lending for the marginalised sector. Speaking after announcing the bi-monthly policy review, Das also announced that the RBI will be issuing a comprehensive regulatory framework on project finance. "With a view to strengthen the extant regulatory framework governing project finance and to harmonise the instructions across all regulated entities, the extant prudential norms for projects under implementation have been reviewed," he said, adding that detailed draft guidelines will be released for public comments. He also announced that non-bank lenders in the 'middle and base layers' will be permitted to use Credit Risk Mitigation instruments for reducing their counter party exposure under the credit concentration norms, just like their peers classified in the 'upper layer' are allowed to right now. The RBI is also mulling introducing Card-on-File Tokenisation (CoFT) creation facilities directly at the issuer bank level, given the growing acceptance and benefits of tokenisation of card data, Das said, adding that this will help make e-commerce transactions more convenient.

RBI doubles bullet repayment gold loan limits for urban co-op banks to Rs 4 lakh

New Delhi, Soon after the Budget announcement, insurance cover on bank deposits has been increased from Rs 1 lakh to Rs 5 lakh effective Tuesday, the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) said.A Deposit insurance was static at Rs 1 lakh since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. The increase, the RBI said, has been done with a view to providing a greater measure of protection to depositors. On Saturday, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had announced the increase of insurance cover to Rs 5 lakh in her Budget Speech. The move will help boost the confidence of people in the banking system after a scam last year in Punjab and <keyword id="689622" type="COMPANY" weightage="20" keywordseo="Maharashtra-Cooperative-Bank">Maharashtra Cooperative Bank</keyword> (PMC Bank) which affected lakhs of customers. As the insurance cover stands increased, the banks will pay a premium of 12 paise against 10 paise per Rs 100 deposit. The deposit insurance scheme covers all banks operating in India, including the private sector, cooperative and even branches of foreign banks. There are some exemptions such as deposits of foreign governments, deposits of central and state governments, and inter-bank deposits.

RBI says bank scam victim compensation increased to Rs 5 lakh after Budget announcement

Mumbai, <keyword id="7340328" type="General" weightage="20" keywordseo="reserve-bank-governor-shaktikanta-das" source="Orion">Reserve Bank Governor Shaktikanta Das</keyword> on Monday said the central bank has noticed "excessive dominance" by one or two board members even in "big commercial banks" and asked the lenders to desist from such practices. Board discussions have to be free, fair and democratic, Das said, addressing directors of <keyword id="117575" type="General" weightage="50" keywordseo="urban-cooperative-banks" source="Orion">Urban Cooperative Banks</keyword> (UCBs) at a meeting organised by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) here. "There should not be an over-dominance or excessive dominance by one or two members of the board, or the chairman or the vice-chairman. We have seen this even in big commercial banks... wherever we have seen this, we have told the bank that this is not the way," he said. He said all directors need to be given a chance to speak and a particular director's say should not be the final one on a matter. The governor, who made the point while illustrating the importance of a well-functioning board, however, did not elaborate further. In the past, the Indian banking system has witnessed problems at the promoter-led YES Bank, which had to be bailed out in an SBI-led initiative, which was supported by the RBI and the government. YES Bank Co-Founder Rana Kapoor, who was also its Chief Executive and Managing Director, was arrested in connection with the irregularities at the bank. Earlier this month, Uday Kotak, the Chief Executive and Managing Director of Kotak Mahindra Bank, resigned from his post and will continue as a non-executive board member. Das said directors in UCBs -- who are elected to the post -- need to have expertise in various aspects of banking, such as risk management, information technology, etc. He urged directors to go through agenda notes, which are prepared in advance, and ask relevant questions. While a managing director should have the freedom to act as per what she or he feels right, it is also important for directors to get their doubts clarified, Das added.

RBI found excessive dominance by 1-2 board members even in big commercial banks: Das

(Eds: Adding details) New Delhi, Mar 3 () A bill to provide more powers to the RBI for regulating cooperative banks was introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday.The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of PMC Bank scam, seeks to strengthen cooperative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI.Introducing the bill, Sitharaman said it is the "need of the hour" to avoid a PMC Bank-like crisis in the future.Noting that the happenings at the PMC Bank had "unfortunately" put a lot of small depositors in difficulty, she said there were demands that the government should do something about it.The Bill was introduced in the Lok Sabha amid the din, with Sitharaman saying that if the opposition wants to deny the small depositors their rights then "it is a shame". It could not be cleared because of the ongoing ruckus in the House over the issue of violence in Delhi.The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by the Registrar of Cooperative.It also proposed to bring cooperative banks on par with developments in the banking sector through better management and proper regulation of cooperative banks with a view to ensure that affairs of cooperative banks are conducted in a manner that protects the interest of depositors, it said."Keeping in view developments in the banking sector and regulation thereof overtime, it has become necessary to strengthen provisions of the said Act as applicable to cooperative banks," said the Statement of Objects and Reasons of the Bill.In her Budget speech, Sitharaman had said that to strengthen cooperative banks, amendments would be brought in the Banking Regulation Act for increasing professionalism, enabling access to capital and improving governance and oversight for sound banking through the RBI.The decision assumes significance in the wake of a scam in the Punjab and Maharashtra Cooperative (PMC) Bank affecting lakhs of customers who have been facing difficulty in withdrawing their money due to restrictions imposed by the RBI.The PMC Bank was found to have given over Rs 6,700 crore loan to a single realty company HDIL through alleged fraudulent means and also hid the stress from the RBI by creating separate books of accounts.There are 1,540 cooperative banks with depositor base of 8.60 crore having total savings of about Rs 5 lakh crore. JD CSBAL

Bill to give more powers to RBI to regulate cooperative banks introduced in LS

Mumbai, Apr 17 () The Reserve Bank on Friday debarred all commercial and cooperative banks from paying dividends to shareholders and promoter groups as the regulator fears the Covid-driven economic shocks would continue longer and may put the health of the financial system at risk. The decision will hit the already scuppered finances of the Centre, given the massive shocks to the economy from the coronavirus-driven lockdown and the already falling growth rates which has brought down demand for loans and thus the profitability of banks which were anyways grappling with high bad loans. "It is imperative that banks conserve capital to retain their capacity to support the economy and absorb losses in an environment of heightened uncertainty. "In this regard in view of the Covid-19-related economic shocks, commercial banks and cooperative banks shall not make any further dividend payouts from the profit pertaining to FY20 until further instructions," RBI Governor Shaktikanta Das said while announcing a slew of liquidity enhancing measures to prop up the economy. "This restriction shall be reviewed on the basis of the financial position of banks as of the September 2020 quarter," he added. Avnish Jain of Canara Robeco AMC said "stopping dividend payments from banks would be impact government's non-tax revenue, further worsening the already stressed fiscal situation." While most private sector banks pay only very low dividends, state-run banks have to make hefty payouts to the government annually. In fact, since 2018 the government has made it mandatory for all its profit making companies to pay at least 20 percent of their net income as dividend. Budget 2020 has shifted the dividend distribution tax from the hands of the company to the shareholder/investor, thus appeasing the promoters. The Covid-19 pandemic has wreaked havoc on economies across the world and has taken the lives of over 1.45 lakh globally, including around 440 in India. The virus that began in mid-November 2019 in China has infected over 2.1 million globally including around 13,387 in the country. BEN ABMABM

RBI bans banks, cooperatives from paying dividends

Kolkata, Jun 30 () West Bengal Chief Minister Mamata Banerjee on Tuesday expressed dissatisfaction over the Centre's move to transfer the supervisory role of state cooperative banks to the Reserve Bank of India, contending that it was against the spirit of cooperative federalism. The RBI was thus far overseeing the banks' capital adequacy, risk control and lending norms, while management responsibilities were entrusted to the Registrar of Cooperative Societies of the state government. In a letter written to Prime Minister Narendra Modi on Monday, Banerjee said the supervisory role and management responsibilities that have been transferred to the central bank should be restored with the Registrar of Cooperative Societies of West Bengal. The chief minister said the Centre, through an ordinance on June 26, 2020, transferred the powers of supervision of urban and multi-state cooperative banks to the RBI in a "unilateral" manner. She said that cooperative societies is a state subject and such a move will infringe upon the powers of the government concerned. DC RBT RBT

Mamata urges PM Modi to withdraw RBI's supervisory role of West Bengal cooperative banks

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

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

ACB issues lookout notice for ex-chairman J&K Cooperative Bank wanted in Rs 233-cr land scam

Bhubaneswar, Dec 13 () The RBI Central Board on Friday reviewed functioning of the urban cooperative banks and enforcement framework in the backdrop of scam in the Punjab and Maharashtra Cooperative (PMC) Bank affecting lakhs of depositors.
 The Central Board headed by RBI Governor Shaktikanta Das also discussed the current economic situation, as well as the domestic and global challenges facing the country, the central bank said in a release.
 "The Board's discussions focussed on issues related to urban cooperative banks, extension of enforcement policy and framework to cooperative banks and NBFCs (non-banking financial companies)," it said.
 Following exposure of scam in the PMC Bank, which had over 9.15 lakh depositors, the RBI had imposed restrictions on withdrawals.
 Statutory inspection of PMC by the RBI had revealed large group exposure toward Housing Development and Infrastructure Ltd (HDIL) Group companies to the tune of about Rs 6,226.01 crore (inclusive of interest accrued in the related accounts).
 Out of the total exposure of Rs 6,226.01 crore at the end of March 2019 to the HDIL group, only Rs 439.58 crore was disclosed to the RBI and remaining Rs 5,786.43 crore remained undisclosed.
 The RBI release further said the report on trend and progress of banking in India for the year 2018-19 and other policy and operational issues.
 RBI Deputy Governors N S Vishwanathan, B P Kanungo and Mahesh Kumar Jain and other directors of the Central Board -- N Chandrasekaran, Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Ashok Gulati, Prasanna Kumar Mohanty, Satish Marathe, Swaminathan Gurumurthy and Revathy Iyer, attended the meeting.
 Union Finance Secretary Rajiv Kumar also attended the meeting. NKD CS HRS

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