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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.

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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.

India News

Madhya Pradesh school principal claims BR Ambedkar didn’t write Constitution | Watch

Although it is true that the constitution was, in the literal sense, written by the famous Indian calligrapher Prem Behari Narai Raizada, however, the conceptualisation and brain behind the origin of the constitution were Dr. Ambedkar led drafting committee.

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A video from Madhya Pradesh’s Raisen has come to the fore where a school principal of Navodaya Vidyalaya can be heard claiming that BR Ambedkar didn’t write the constitution while addressing the assembly of students of his school. The principal has been identified as Jitendra Mishra of Navodaya Vidyalaya.

In the video, the Principal can be seen addressing the student reportedly on Constitution day and imparting his knowledge about the origin story of the constitution. Later in the video, the principal can be heard asking his students about who wrote the constitution after which the student can be heard replying with Dr. B.R. Ambedkar’s name.

Read Also: Man says he will vote for BJP over Article 370 in MCD election

Watch video here:

The principal then went on to say that the saying that Dr. Ambedkar wrote the constitution is wrong and also added that Dr. Ambedkar didn’t even write one line in the constitution. The man then replaces the name of Ambedkar as the father of the constitution and said that the constitution was written by Prem Behari Narain Raizada.

Although it is true that the constitution was, in the literal sense, written by the famous Indian calligrapher Prem Behari Narai Raizada, however, the conceptualisation and brain behind the origin of the constitution were Dr. Ambedkar led drafting committee.

Twitter reaction

After the video went viral, many users came forward to remark on the incident as one user came forward and wrote that now history can neither be suppressed nor changed despite how hard these people try, implying that there is an attempt and rewriting history and discrediting certain people.

Another user added to the conversation and trenchantly targeted the principal by stating that his thinking reeks of Manusmriti, a book that talks about practicing casteism and more. The user also urged that the authorities should be penalised for his remark.

Customer fight restaurant staff in Mumbai over fee, video viral

Gujarat’s Aam Aadmi Party workers gets in a scuffle with Modi supporters, video viral | Watch

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Man says he will vote for BJP over Article 370 in MCD election

One such video is doing rounds on Twitter, where a man is saying that he will vote for the BJP because the party has scrapped Article 370 and is creating Ram Mandir.

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Man says he will vote for BJP over Article 370 in MCD election

The elections for the Municipal Corporations of India are approaching but there are a majority of people who aren’t aware of what these elections are basically for and WhatsApp has played a major role in this. People make opinions by seeing stuff on social media without even verifying it.

Whatsapp has turned out to be the most favoured platform for political propaganda. There are a huge number of groups that target millions of WhatsApp users with political messaging. People are bringing national issues to vote for a party in MCD elections.

One such video is doing rounds on Twitter, where a man is saying that he will vote for the BJP because the party has scrapped Article 370 and is creating Ram Mandir. The irony is that the man doesn’t even know what Article 370 is. When the reporter informs him that the aim of the MCD elections is to raise people’s issues such as the working of street lights or cleanliness in the area. He replied he will still vote for BJP even after street lights haven’t been fixed and trash is spread on the road.

Read Also: Customer fight restaurant staff in Mumbai over fee, video viral

The video is spreading like wildfire on social media. They feel such a social platform hacks people’s minds. People do not know what is good for them. One of the users said getting information from social media is okay, but after the person gets the information, they should verify it and think about it.

Another user commented that others are suffering because of such people. Yet another wrote everyone is stung by the nationalism bug.

Meanwhile, the voting for the MCD elections will be held on December 4, and the counting of votes will be done on December 7.

Saba Karim blames NCA for frequent injuries of Indian fast bowlers

Customer fight restaurant staff in Mumbai over fee, video viral

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Customer fight restaurant staff in Mumbai over fee, video viral

The video also shows the agitated man assaulting the man who was trying to stop the transgression. The other customers can also be seen turning to hooliganism by vandalizing the establishment.

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An incident has come to the light from Mumbai’s Navi where the restaurant customers, agitated with the fee structure of the establishment turned to violence against the restaurant staff to resolve the issue. The video also shows the restaurant staff can also be seen retaliating.

In the CCTV footage of the restaurant, the customers can be seen peacefully consuming and eating their food after which one guy from one side of the restaurant can be seen getting up and unleashing an assault on one of the staff. Another customer, who was in the middle of his meal, can be seen getting up and trying to stop the man.

Watch video here:

The video also shows the agitated man assaulting the man who was trying to stop the transgression. The other customers can also be seen turning to hooliganism by vandalizing the establishment.

Twitter Reaction

After the video went viral, one user came forward to remark on the incident and wrote that people in cities are frustrated all the time and blamed it being the cause of the incident. Another user added that this looks pre-planned and suggested that the whole incident looks to be bigger than what the video shows.

Another user broke out his internal comic and highlighted the one man saving the bottle of water from falling amidst all of this and called him to be the unsung hero of Navi Mumbai.

Another incident

Another incident of a similar nature came to light from Noida recently where the a man brutally beat up the restaurant staff over delayed biryani order. The incident took place at Ansal Mall’s Zauk restaurant. According to reports, the men were arrested subsequently after.

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