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Finance Minister Nirmala Sitharaman moves Banking Laws Amendment Bill, says will strengthen governance

The proposed amendments seek to increase the tenure of directors other than the chairperson and full-time directors in cooperative banks from eight years to ten years.

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Finance Minister Nirmala Sitharaman moves Banking Laws Amendment Bill, says will strengthen governance

Union Finance Minister Nirmala Sitharaman today said that the Banking Laws (Amendment) Bill will strengthen governance in the Indian banking sector besides enhancing consumer’s and customer’s convenience with respect to nominations and protection of investors.

The Finance Minister moved the Banking Laws (Amendment) Bill, 2024, for consideration and passing in Lok Sabha. The aforesaid bill seeks to improve governance standards and provide consistency in reporting by banks to the Reserve Bank of India. Furthermore, the amendments will also ensure better protection for depositors and investors and will also improve the quality of services in the public sector banks.

After the bill is passed, the Banking Regulation Act will allow up to four nominees for depositors. This will include provisions for simultaneous and successive nominations, offering greater flexibility and convenience for depositors and their legal heirs, especially concerning deposits, articles, safe custody and safety lockers.

Reports stated that the proposed amendments seek to increase the tenure of directors other than the chairperson and full-time directors in cooperative banks from eight years to ten years. Altogether 19 amendments are proposed in the Banking Laws Amendment Bill 2024. In order to ensure consistency in reporting by banks, the bill provides for reporting to RBI on the last day of every fortnight instead of Fridays.

Under the aegis RBI Act, scheduled banks must maintain a certain level of average daily balance with the RBI as cash reserves. This average daily balance is based on the average of the balances held by banks at the closing of business of each day of a fortnight.

Notably, a fortnight is defined as the period from Saturday to the second following Friday (including both days). The said Bill changes the definition of a fortnight to the period from the first day to the fifteenth day of each month or the sixteenth day to the last day of each month. Additionally, the bill also changes this definition under the Banking Regulation Act where non-scheduled banks are required to maintain cash reserves.

The bill further redefines substantial interest in a company, currently it refers to holding shares of over Rs 5 lakh rupees or 10 per cent of the paid up capital whichever is less, this has been proposed to be hiked to Rs 2 crore. The Centre is also empowered to alter the amount through a notification.

The proposed bill also allows a director of a central cooperative bank to serve on the board of a state cooperative bank. At present, directors can hold positions in only one institution and not more.

The structure of the cooperative bank necessitates this as unless a person is elected to one layer of the cooperative, they can’t get into the next layer and as a result, they will necessarily have to hold a position at more than one place.

The said bill also provides that any person whose shares or unclaimed/unpaid money is transferred to the Investor Education and Protection Fund (IEPF), he can claim the transfer or refund. At present, if money in any account remains unpaid or unclaimed for seven years, it is transferred to the IEPF.

India News

Is CSK’s style of play outdated? Fleming fires back at reporters, Ruturaj says just 50 runs

CSK’s Stephen Fleming snaps at a journalist calling their game outdated, while Ruturaj Gaikwad’s “just 50 runs” remark leaves fans confused.

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Stephen Fleming, Ruturaj Gaikwad, CSK’s outdated style, CSK Chepauk loss,

By Mohammad Javed Rasheedi

It was anything but a calm post-match press conference after Chennai Super Kings’ (CSK) 50-run defeat to Royal Challengers Bengaluru (RCB) at Chepauk on Friday. When a journalist raised a pointed question about CSK’s approach being outdated,” the CSK head coach Stephen Fleming didn’t hold back.

In a post match conference, the journalist cited CSK’s slow chase of 156 in the first game and a score of 146 against RCB, asking Fleming if the team’s conservative batting approach was losing relevance in modern T20 cricket. Fleming, visibly annoyed, shot back:

The question that sparked it all?

“In the first game, you chased 156 in almost 20 overs. Today, you scored 146. I know this is your way of playing cricket, but do you think it’s kind of getting outdated?”

That didn’t go well with Fleming. His response? Sharp and direct: “What do you mean by my way of playing? We’ve got firepower all the way through. Just because we don’t swing from ball one… just wait till the end, see who wins. It is a positive brand of cricket. Don’t discount us.”

And when the journalist tried to clarify, Fleming shut it down: “You sort of are. Silly question.”

Chepauk advantage?

Interestingly, the loss was CSK’s first of the IPL 2025 season, and RCB’s first win at Chepauk since 2008. But Fleming says there’s no such thing as home advantage anymore. “We’ve told you for years — we can’t read these wickets. It’s not the Chepauk of old. We’re trying to figure it out every single game,” the CSK head coach admitted.

Ruturaj Gaikwad’s surprising take on loss

The CSK skipper believed 170 was a par score and blamed fielding errors for the defeat. “We dropped catches, gave away boundaries. The wicket wasn’t easy to bat on. But it wasn’t a huge loss… just 50 runs,” Gaikwad said.

Wait, just 50 runs?

That comment raised a few eyebrows, especially in the context of T20, where a 50-run margin is quite significant. Fans online were quick to call out the casual tone.

So, is CSK really outdated? Or just warming up the vintage engine?

One loss doesn’t define CSK — but the questions around their approach and consistency may linger. Are they ready to bounce back? Only time (and the next match) will tell. But if you’re planning to question Stephen Fleming again — maybe bring a helmet.

What’s next for CSK?

As they prepare to travel to Guwahati for their next match, Gaikwad said the focus is clear: “We need major improvement in fielding. It’s about turning up mentally strong and fixing the areas we’re lacking in.”

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Prashant Koratkar’s police remand extended March 30 over remarks on Shivaji, Sambhaji Maharaj

Prashant Koratkar’s police remand has been extended till March 30 following his arrest over controversial remarks on Chhatrapati Shivaji Maharaj and Sambhaji Maharaj.

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The Kolhapur court on Friday extended the police custody of former journalist Prashant Koratkar till March 30, in connection with his controversial remarks against Chhatrapati Shivaji Maharaj and his son Sambhaji Maharaj.

Koratkar was arrested earlier this week by Maharashtra police from Telangana after a phone conversation surfaced online in which he allegedly made derogatory comments and issued threats.

The case stems from a telephonic exchange between Koratkar and Kolhapur-based historian Indrajeet Sawant. The conversation, which Sawant later shared on social media, sparked widespread public outrage. Koratkar has been booked under provisions of the Bharatiya Nyaya Sanhita for promoting enmity between groups.

During his appearance in Kolhapur court on Friday, tensions flared as a lawyer verbally abused him while he was being escorted out of the court complex. However, police confirmed that no physical altercation took place.

Koratkar had earlier been granted interim protection from arrest until March 1 by Additional Sessions Judge D.V. Kashyap. However, following the interim relief, Kolhapur police moved the Bombay High Court seeking cancellation of the order. The Bombay HC directed the local sessions court to examine the matter.

Subsequently, on March 18, Judge D.V. Kashyap rejected Koratkar’s anticipatory bail plea, leading to his arrest.

The defence argued in court that Koratkar is the sole earning member of his family, and prolonged detention would cause undue hardship. However, the court upheld the prosecution’s request for extended remand to continue investigations.

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From Pushpa reels to a Tollywood deal, David Warner bags crores for 3 minutes role in Robinhood

David Warner just made the most expensive cameo in Telugu cinema—Rs 2.5 crore for less than 3 minutes in Robinhood. That’s not a role, that’s a retirement plan.

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The Australian cricketer David Warner, known for his explosive batting and dancing moves on Pusha song, has officially stepped into the acting world with a cameo in the Telugu film Robinhood. However, the cricketer’s acting dubute is not a big news at all but his paycheck is making bigger headlines than the film itself.

In the Telugu action film Robinhood, starring Nithiin and Sreeleela, Warner made a guest appearance for which the cricketer charged a staggering Rs 2.5 crore for a 2-minute-50-second cameo. That’s right—less than three minutes of screen time, and he’s laughing all the way to the bank.

That’s around Rs 14 lakh per second, or what most of us make in, well… a decade.

Warner shot his scene over just 2 days, at a reported Rs 1.25 crore per day. It’s unclear if he had any lines or just gave his trademark grin and left, but clearly, he bowled Tollywood over without even lifting a bat.

The film, directed by Venky Kudumula, released on March 28 and has been getting solid reviews. But let’s be honest—Warner’s cameo is grabbing more headlines than the villain’s plot.

Also featuring Vennela Kishore, Rajendra Prasad, and others, Robinhood tells the story of an orphaned Robin Hood-type hero… and somewhere in there, Warner pops in, waves hello (we assume), and probably left for biryani before the credits rolled.

Fans are loving it. Accountants are weeping. And Warner? He’s now officially Tollywood’s highest-paid cameo artist.

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