English हिन्दी
Connect with us

India News

Now, curbs on Karnataka co-operative bank. Another PMC-like crisis unfolding?

The Karnataka bank situation reminds of the Punjab and Maharashtra Co-operative (PMC) bank crisis of 2019, when it was revealed that the PMC bank defaulted on loans to the tune of Rs. 6,500 crore.

Published

on

Karnataka Co-operative bank

The Reserve Bank of India (RBI) has imposed curbs on a co-operative bank in Karnataka, restricting the withdrawal limit to Rs 35,000. The central bank also restrained Sri Gururaghavendra Sahakara Bank Niyamitha (SGRSBN) bank in Bengaluru from granting or renewing loans, accepting deposits or making investments for a period of six months.

The notification came on January 10.

However, the bank’s license is not cancelled and it will continue to do business with restrictions.

Worried depositors rushed to the bank to hold talks with the management. A meeting is scheduled for January 19, in view of the issue.

The situation was unexpected, considering the fact that SGRSBN bank received the best NPA management award in 2018 from the National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB).

The bank’s chairman K Ramakrishna has assured that the depositors’ money is “cent percent safe” with the bank. He blamed the 62 loans that locked up Rs 300 crore of deposit for the present situation.

BJP’s south Bengaluru MP Tejasvi Surya said that the customers need not panic, and that the finance minister has been informed about the matter.

Surya in his statement said that FM Nirmala Sitharaman has assured him that “the government will do everything in its capacity to protect the interests of the depositors and the long term interests of the bank. The statement added that Surya spoke to Sitharaman three times on January 13 and got reassurance from the minister that the interests of investors will be safeguarded.

The scenario reminds of the Punjab and Maharashtra Co-operative (PMC) bank crisis of 2019, when it was revealed that the PMC bank defaulted on loans to the tune of Rs. 6,500 crore.

On September 24, 2019, the RBI restrained the bank from doing any business for six months, while also capping the withdrawal limit to Rs 1,000, and later to 25,000.

It has to be noted that in 2013, an International Labour Orgranisation (ILO) report said that co-operative banks performed better than its competitors during the 2007-08 financial crisis.

Issue of dual regulation

Some experts attribute the current problems with the co-operative banks to dual regulation. These banks are regulated under both banking and co-operative legislation, by the RBI and the Registrar of Co-operative Societies (RCS) respectively.

The RCS takes care of administrative issues and controls the management elections.

Therefore, although the said banks came under the regulation of the RBI partially, when it came to bank management, the respective state governments had higher control.

Bringing co-operative banks under one regulatory mechanism might be a solution to the crisis, some believe.

2024 Lok Sabha Elections

Lok Sabha Elections 2024:  Nearly 40% voter turnout till 1pm

Chennai recorded an average voter turnout of 34% as of 1 pm on Friday. According data released by the Election Commission of India, Chennai (North) recorded 35%, Chennai (Central) recorded 32.3% and Chennai (South) recorded 34%.

Published

on

The first phase of voting for the 18th Lok Sabha elections started taking place in 21 states and Union territories on Friday. Nearly 40% voter turnout was recorded till 1pm across the states. Seats in Assam, Arunachal Pradesh, Chhattisgarh, Bihar, Maharashtra, Madhya Pradesh, Manipur, Mizoram, Meghalaya, Rajasthan, Nagaland, Tamil Nadu, Sikkim, Uttar Pradesh, Tripura, West Bengal, Uttarakhand, Jammu and Kashmir, Andaman and Nicobar Islands, Lakshadweep and Puducherry go to elections on Friday.

There has been a substantial increase in the voter turnout charts across the Northeast states, with Tripura leading at 53.04% until 1 pm, as per the data released by the Election Commission of India. Other Northeast states like Manipur (46.92%) and Meghalaya (48.91%) are also witnessing high voter turnout. After Tripura, West Bengal is experiencing a high voter turnout of 50.96%.

Chennai recorded an average voter turnout of 34% as of 1 pm on Friday. According data released by the Election Commission of India, Chennai (North) recorded 35%, Chennai (Central) recorded 32.3% and Chennai (South) recorded 34%.

Over 33% voter turnout was recorded in the first 6 hours of voting on Friday in 12 parliamentary constituencies of Rajasthan. According to the Election Commission, voting started at 7 am amid tight security arrangements and 33.73 % voting took place till 1 pm. The highest voter turnout of 40.72 % was recorded in the Ganganagar Lok Sabha seat while Karauli-Dholpur saw the lowest turnout of 28.32 %. Jaipur recorded a poll percentage of 39.35 %.

Over 37 % voter turnout was recorded till 1 pm in the Lok Sabha election being held for five parliamentary constituencies in Uttarakhand on Friday. Elections began at 7 am and the five constituencies recorded an overall poll percentage of 37.33 % up to 1 pm. The Nainital-Udham Singh Nagar seat recorded the highest turnout of 40.46 %, followed by Haridwar with 39.41%, Pauri Garhwal with 36.60 %, Tehri Garhwal with 35.29 % and Almora with 32.29 %.

Continue Reading

2024 Lok Sabha Elections

Lok Sabha elections 2024: Amit Shah files nomination from Gandhinagar

The Union Home Minister Amit Shah was accompanied by Gujarat CM Bhupendra Patel.

Published

on

Ahead of the upcoming general elections, the Union Home Minister Amit Shah submitted his nomination today from Gandhinagar Lok Sabha constituency. During his nomination, Gujarat Chief Minister Bhuperndra Patel accompained him.

Former deputy prime minister and BJP chief LK Advani, who earlier served as a representative of this seat during Shah’s successful run for re-election.

Soon after filing nomination, Shah said, today he has submitted his nomination from the Gandhinagar seat. He said it is a matter of pride for him that this seat was represented by the former Prime Minister  Atal Bihari Vajpayee, LK Advani and the seat where Narendra Modi himself is a voter. He also said he has been an MLA and MP from this seat for 30 years. The people of this region have given him immense love, Shah said.

With an astounding vote share of 69.67 percent in the 2019 Lok Sabha elections, Shah maintained the BJP’s stronghold in Gandhinagar with a resounding victory. Election turnout has been consistently high in the city.

In 1984–85, Amit Shah joined the BJP. His political skills and organizational prowess were recognized, and he soon became the national treasurer of the Bhartiya Janata Yuva Morcha.

Amit Shah’s political career took a significant turn in 1991.

Shah became the national president of the BJP in 2014, and he was promoted to the position of Home Minister five years later.

In the context of Indian politics, Gandhinagar is a historical landmark. The former prime minister Atal Bihari Vajpayee, won seats from Gandhinagar and Lucknow in the 1996 Lok Sabha elections. However, he decided to stay to his Lucknow seat, opening the door for other leaders to set their mark in Gandhinagar.

Meanwhile, Congress has fielded its party secretary Sonal Patel from Gandhinagar.

Gujarat is scheduled to go for a single phase of elections on May 7. The results of the election will be announced on June 4.

Continue Reading

2024 Lok Sabha Elections

Tamil Nadu BJP chief K Annamalai says party will sweep Karnataka and emerge victorious in Telangana, accuses DMK, AIADMK of influencing voters in Coimbatore

Annamalai expressed his confidence of a historic result for the NDA on June 4, the IPS officer-turned-politician said the BJP will see a rise in its vote share in Tamil Nadu

Published

on

Tamil Nadu BJP chief and party candidate from Coimbatore seat K Annamalai said the time of Dravidian politics is over and also accused the ruling DMK and AIADMK of spending Rs 1,000 crore in Coimbatore to influence voters. Annamalai made the statement after casting his vote at Uthupatti polling booth in Karur village on Friday.

He expressed his confidence of a historic result for the NDA on June 4, the IPS officer-turned-politician said the BJP will see a rise in its vote share in Tamil Nadu. Annamalai further added people of Tamil Nadu are with Prime Minister Narendra Modi.  

He said in the state of Karnataka the party is expecting a clean sweep this time. The State BJP chief said the BJP will be the number 1 party in Telangana. He said he was confident that Tamil Nadu will deliver a very big resounding result this time. He said there will be a rise in BJP’s vote share in the state and time of Dravidian politics is over.

In Coimbatore, K Annamalai is contesting the election from Coimbatore and is facing DMK’s Ganapathy P Rajkumar and AIADMK’s Singai Ramachandran. All 39 seats in Tamil Nadu will go for voting in the first phase. K Annamalai spoke to the media after casting his vote and accused the ruling DMK and AIADMK of spending more than Rs 1,000 crore in Coimbatore to influence the voters.

He said if the ruling DMK and AIADMK can bring 1 voter in front of the media to say that BJP is trying to influence them, then he will leave politics the same day because he is running in this election as a matter of principle. The elections to the state of Tamil Nadu will be closely monitored as the state has been at the centre of the BJP’s southern push in order to realise Prime Minister Narendra Modi’s 400 paar goal.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com