A 25-year-old woman who works for a bank was left injured after two motorcycle-borne youngsters pulled her down while snatching her gold chain as she was riding a two-wheeler on the Lahuji Vastad bridge near Patil Estate slums in Shivajinagar, police said.The victim, a resident of Yerwada, lodged the first information report (FIR) in the case at the Khadki police station on Monday.Police said the complainant is a bank staffer who is also pursuing higher studies. She was going to the Navi Peth area via Lahuji Vastad bridge to withdraw some cash on Sunday night when around 10.15 pm, two persons on a motorcycle started following her and pulled her down in a bid to snatch a gold chain from her neck, police said. She fell on the road and received injuries. Meanwhile, the robbers escaped from the spot with the gold chain worth Rs 50,000.Sub inspector Mohan Salvi is investigating the case in which police have booked the two unidentified robbers under sections 394 and 34, which pertain to robbery and common intention, of the Indian Penal Code (IPC).
AT THE start of the 2021-22 sugarcane crushing season, Jarandeshwar Sugar Mills Limited, had faced action from the Enforcement Directorate (ED) which had provincially attached its property. The action by the central agency was allegedly due to financial irregularities in the manner the erstwhile cooperative mill was sold to a private party by the Maharashtra State Cooperative Bank. But at the end of the season, this mill, located in the Karad taluka of Satara district, clocked the second highest cane crushing with 19.98 lakh tonnes of cane crushed.Back in July last year, the central agency had taken action against the mill implicating the family of deputy chief minister Ajit Pawar for his alleged role in the undervalued sale of the mill. Pawar had denied the allegations and pointed out how all rules were followed during the auction of the mill. Founded in 2003 by former minister Shalini Patil, the cooperative mill had come into trouble soon afterwards as bank and farmer dues started rising. The mill was put up for auction by the Maharashtra State Cooperative Bank and was subsequently purchased by a private party.Following the action by ED, the Income Tax department had also began an inquiry. Such action by the central agencies had seen farmers being worried about the fate of their cane. Also, given the fact that three cooperative mills had failed to raise enough capital to start their season.As the season progressed, sugar commissioner’s office had issued crushing license to Jarandeshwar mill after it had fulfilled all the conditions laid by it. During the season of 2020-21, Jarandeshwar had reported crushing of 14.38 lakh tonnes of cane and paid farmers Rs 420.67 crores as the Fair and Remunerative Price (FRP) to its growers. At the end of 2021-22 cane crushing season, Jarandeshwar has reported crushing of 19.98 lakh tonnes of cane. This was the second highest cane crushed by a single mill this season coming only after the 24.78 lakh tonnes of cane crushed by the Vitthalrao Shinde Cooperative Sugar Mill in taluka Madha of Solapur. In terms of sugar produced, Jarandeshwar had produced 2.25 lakh tonnes of the sweetener which was the third highest in the state. The mill till date has paid Rs 531.79 crore to its growers as against the Rs 525.05 crore it had to pay.For growers of Satara, especially those in the talukas of Wai, Khandala, Satara, and Karad, Jarandeshwar had come to the rescue as three cooperative mills which normally procure cane in these areas had remained shut.
A sugar mill in Maharashtra’s Satara district, which is facing action from the Enforcement Directorate (ED) for alleged financial irregularities, has clocked the season’s second-highest sugarcane crushing.At the start of the 2021-22 sugarcane crushing season, Jarandeshwar Sugar Mills Limited had faced action from the ED which had provincially attached its property. The action by the central agency was allegedly due to financial irregularities in the manner the erstwhile cooperative mill was sold to a private party by the Maharashtra State Cooperative Bank.In July last year, the central agency had taken action against the mill implicating the family of Maharashtra Deputy Chief Minister Ajit Pawar for his alleged role in the undervalued sale of the mill. Ajit Pawar had denied the allegations and pointed out how all rules were followed during the auction of the mill.Founded in 2003 by former state minister Shalini Patil, the cooperative mill had come into trouble soon afterwards as bank and farmer dues started rising. The mill was put up for auction by the Maharashtra State Cooperative Bank and was subsequently purchased by a private party.Following the action by the ED, the Income Tax department had also taken action. The steps taken by the central agencies had seen farmers getting worried about the fate of their cane. Three cooperative mills had also failed to raise enough capital to start their season.As the season progressed, the sugar commissioner’s office had issued a crushing license to Jarandeshwar Mill after it had fulfilled all the conditions laid by it. During the 2020-21 season, Jarandeshwar had reported crushing 14.38 lakh tonnes of cane and paid farmers Rs 420.67 crore as the Fair and Remunerative Price (FRP) to its growers.At the end of the 2021-22 cane crushing season, Jarandeshwar has reported crushing 19.98 lakh tonne of cane. This was the second-highest cane crushed by a single mill this season after the 24.78 lakh tonne by the Vitthalrao Shinde Cooperative Sugar Mill in the Madha taluka of Solapur. In terms of sugar produced, Jarandeshwar had produced 2.25 lakh tonne of the sweetener—the third highest in the state. The mill to date has paid Rs 531.79 crore to its growers as against the Rs 525.05 crore it had to pay.For the growers in Satara, especially those in the Wai, Khandala, Satara, and Karad talukas, Jarandeshwar had come to the rescue as three cooperative mills which normally procure cane in these areas had remained shut. As the season progressed and the problem of standing cane became serious, sugar commissioner Shekhar Gaikwad had managed the distribution of cane to mills to ensure farmers are not faced with non-harvested cane.
Important topics and their relevance in UPSC CSE exam for June 27, 2022. If you missed the June 24, 2022 UPSC key from the Indian Express, read it hereFRONT PAGESena rebels challenge Dy Speaker’s decisions in SC, to be heard todaySyllabus:Preliminary Examination: Indian Polity and Governance-Constitution, Political System, Panchayati Raj, Public Policy, Rights Issues, etc.Mains Examination: General Studies II: Parliament and State legislatures—structure, functioning, conduct of business, powers & privileges and issues arising out of these.Key Points to Ponder:• What is going in Maharashtra Politics?• How many parties are there in Maha Vikas Aghadi now?• How the numbers add up in the Maharashtra Assembly?• The recent the decision by Deputy Speaker Narhari Zirwal to recognise Ajay Choudhary as leader of the Shiv Sena Legislature Party (SSLP) in place of Eknath Shinde, and the disqualification notices served on Shinde and the 15 MLAs-Rationality behind this decision?• Deputy Speaker in legislative assembly-know the role• The Deputy Speaker is elected by the assembly itself from amongst its members-True or False?• What is Article 178 of the Indian Constitution?• The Deputy Speaker is independent of the Speaker, not subordinate to him-True or False?• Current development in Maharashtra is Horse trading or Defection?• What constitutes ‘horse-trading’ or ‘defection’?• What Supreme Court said in the SR Bommai case (1994) with respect to Horse trading and Defection?• What is the anti-defection law, and what is its purpose?• The 52nd Amendment Act of 1985 and the 10th Schedule of the Constitution are related to what?• What constitutes defection? Who is the deciding authority?• What Supreme Court of India said in Kihoto Hollohan case (1993)?• Has the anti-defection law ensured the stability of governments?• Have any suggestions been made to improve the law?• The 91st Amendment Act of 2003 made one change in the provisions of the Tenth Schedule. What was that?• The disqualification of member on the ground of defection does not apply in the two exceptional cases. What is that ‘exception’?Other Important Articles Covering the same topic:📍Explained: How are a Speaker and Deputy Speaker elected📍Explained: The anti-defection law, and why Eknath Shinde could be poised to dodge it in Maharashtra📍Karnataka crisis: What was SC’s Kihoto Hollohan order of 1992, what is the role of Speaker?MP toasts its first Ranji title: ‘Moment of a lifetime’Syllabus:Preliminary Examination: Current events of national and international importance.Mains Examination: General Studies I: Modern Indian history from about the middle of the eighteenth century until the present significant events, personalities, issues.Key Points to Ponder:• Ranji Trophy for Madhya Pradesh-Why significant?• How did the Ranji Trophy started?• Who was Bhupinder Singh, the Maharaja of Patiala?• Bhupinder Singh and Ranji Trophy-Connect the dot• Know the format of Ranji Trophy• Which Team has won maximum no of Ranji Trophy?Other Important Articles Covering the same topic:📍How did the Ranji Trophy start and get its name?GOVT & POLITICSEmergency a black spot-on vibrant history of India’s democracy: PMSyllabus:Preliminary Examination: Indian Polity and Governance-Constitution, Political System, Panchayati Raj, Public Policy, Rights Issues, etc.Mains Examination: General Studies II: Indian Constitution—historical underpinnings, evolution, features, amendments, significant provisions and basic structure.Key Points to Ponder:• Emergency rule in 1975 -Know the background• The proclamation of emergency in 1975 was made on the what grounds?• Do you Know-The Emergency provisions are contained in Part XVIII of the Constitution, from Articles 352 to 360.• What was the rationality behind the incorporation of emergency provisions in the Constitution?• The Constitution of India stipulates three types of emergencies-Know them in detail• Know in detail about Article 352, Article 356 and Article 360.• Under Article 352, the President of India can declare a national emergency on what grounds?• External Emergency and Internal Emergency-Compare and Contrast• What was the 44th Amendment Act of 1978?• When the President of India can proclaim a national emergency?• The declaration of a National Emergency is immune from the judicial review-True or False?• What was the Supreme Court’s verdict in the Minerva Mills case (1980) with respect to emergency?• How proclamation of Emergency effects Centre–state relations, life and tenure of the Lok Sabha and State assembly, and on the Fundamental Rights?Other Important Articles Covering the same topic:📍40 years on, those 21 months of Emergency THE EDITORIAL PAGEBacksliding in AmericaSyllabus:Preliminary Examination: Current events of national and international importance.Mains Examination: • General Studies II: Issues relating to development and management of Social Sector/Services relating to Health.• General Studies II: Effect of policies and politics of developed and developing countries on India’s interests, Indian diaspora.Key Points to Ponder:• What is Roe v Wade?• What is the Mississippi law?• Why is the decision of the Supreme Court important?• Why is the decision of the Supreme Court criticised?• What has the Supreme Court said on Roe v Wade?• What will happen in the US now?• India’s Medical Termination of Pregnancy Act, 1971 and an Amendment in 2021-Key points• Abortion Laws in India vs Abortion Laws in other Countries Like USA, UK, Europe and Australia-Compare and ContrastOther Important Articles Covering the same topic:📍UPSC ethics simplified: abortion rights vs ethics📍Explained: What is Roe v. Wade which the US Supreme Court overturned, and why is it significant?Balancing on BRICSSyllabus:Preliminary Examination: Current events of national and international importanceMains Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.Key Points to Ponder:• Evolution of BRICS-Know in Detail• Evolution of BRICS from Russia-China (RC) to Russia-India-China (RIC) to Brazil- Russia-India-China (BRIC) to Brazil-Russia-India-China-South Africa (BRICS)• BRICS Development Bank-Key Features• Brazil, Russia, India, China and South Africa (BRICS) Economy-Key Features• RIC (Russia-India-China) out of BRICS-Significance and Stature in World Politics?• Why BRICS Matters?• The 14th BRICS Summit-Who Chaired the Summit?• 14th BRICS Summit Theme-“Foster High quality BRICS Partnership, Usher in a New Era for Global Development”• Do you Know-The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries, representing 41 per cent of the global population, 24 per cent of global GDP and 16 per cent of global trade.• What is BRICS Sherpa?• What is New Development Bank (NDB)?• Why was the new development bank formed?• How many countries are in the New Development Bank?• Asian Development Bank (ADB)and New Development Bank (NDB)-Compare and Contrast• What are the issues and challenges Associated to BRICS in present scenario?• Know the key proposal for an alternative reserve currency in detail• India-China Border Dispute-Background• China, India and Pangong Tso-Connect the dot• What is Line of Actual Control?• China’s aggressive attitude towards Indo-China Border and What impact can it have on India-China relations?• India-China and Relations after Galwan Clash-Connect the dotOther Important Articles Covering the same topic:📍Brazil, Russia, India, China and South Africa (BRICS)📍Why BRICS Still Matters📍BRICS and the creation of a multipolar worldEXPLAINEDWho Are The G7, Whose Summit In Germany India Has Been Invited To?Syllabus:Preliminary Examination: Current events of national and international importance.Mains Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s Interests.Key Points to Ponder:• What is G7?• Know the name of G7 countries• Map Work-G7 Countries• The G7 countries Global GDP• How did G7 become G8 and again G7-Reasons• Map Work-G7 Countries• G7 and India-Know in Brief• Know the difference between G7 and G20Other Important Articles Covering the same topic:📍Explained: The G-7 agenda this year, and what is in it for India📍Explained: What is the G7?Why sanctions are flaggingSyllabus:Preliminary Examination: Current events of national and international importance.Main Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s InterestKey Points to Ponder:• What sanctions have been placed on Russia, and their effectiveness?• Sanctions and Sovereign debt and its impact- US, the EU and Japan have taken steps to restrict Russia’s capacity to borrow on international markets.• USA’s sanctions on Russia-What are they?• European Union’s Council had adopted six rounds of sanctions-What were they?• Why do the sanctions appear not to have had the desired effect?• Have China and India had a role to play in this situation?• Sanctions targeting Russia have ended up hurting the West. How far you agree with this statement?• What other sanctions are to be expected?• How Economic Sanctions Work?• What do you understand by Sanctions and embargoes?• Economic sanctions on Russia-Impact and its effect on global scaleOther Important Articles Covering the same topic:📍Can sanctions work?ECONOMY‘Loose wheels’ behind EV recall: What next in Toyota’s journeySyllabus:Preliminary Examination: Economic and Social DevelopmentMains Examination: General Studies III: Infrastructure: Energy, Ports, Roads, Airports, Railways etc.Key Points to Ponder:• Why in News-Toyota Motor intends to recall 2,700 of its first mass-produced electric vehicles for the global market because of a risk the wheels could come loose.• How will it affect Toyota?• Hybrid Technology-What do you understand by this term in the context of Electric Vehicles?• Know these terms-Battery Electric Vehicle, Hybrid Vehicle, Plug-In Hybrid Vehicle and Fuel Cell Vehicle• Electric Vehicles Scope in India-Know in detail• Electric Vehicles in daily use-will be successful in Long run?• What do you understand by ‘Electric Vehicle’? How it is different?• Why Government of India is Pushing for adaptation of Electric Vehicles?• Electric Vehicles-What are the issues and Challenges especially in India’s Scenario?• India’s Commitment to reduce Carbon Emission like recent advocacy of five elements for climate change- “Panchamrit” at the COP26 in Glasgow• Transition to electric mobility- pros and cons• Various Government measures such as remodelled Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme for the consumer side to production-linked incentive (PLI) scheme for Advanced Chemistry Cell (ACC)Other Important Articles Covering the same topic:📍India’s electric vehicle push will lead to brighter, greener future Get an e-paper subscription via our special offer – click hereFor any queries and feedback, contact email@example.comThe UPSC KEY Indian Express is now on Telegram. Click here to join our channel and stay updated with the latest Updates.
The Reserve Bank of India (RBI) raised the repo rate in May and June by 90 basis points as inflation escalated. Two consecutive rate hikes by the RBI indicate that inflationary pressures are here to stay. Further rate hikes are expected and required to tame inflation. Following the changes in the repo, lenders have passed on the rate hikes to home loan borrowers. This has led to longer loan tenors or higher EMIs for borrowers with floating rate home loans. Only two months ago, home loan rates were trending at a decade low.The 40 bps hike in May resulted in the lowest home loan interest rates rising from 6.8% to 7.2%. With the latest rise of 50 bps, the lowest rates will now be in the 7.3 to 7.7% range. Considering further hikes of 50-75 basis points this fiscal year, the lowest rates may rise to around 8.5%. This will impact households. With this rapid rate increase, anyone who had financed at a rock-bottom rate in the last two years may soon be staring at a hundred or more additional EMIs.For example, for a loan of Rs 50 lakh at 7% for 20 years (240 months) has an EMI of around Rs 38,765. Assuming the same EMI with a 7.5% rate, the loan tenor will increase by nearly 23 months. At 8.5% with the same EMI, the tenor will increase by around 10 years.Amid the current interest rate scenario, many borrowers are contemplating if they should shift to a fixed-rate loan to protect themselves against interest spikes. To help you decide, we discuss here a few crucial pointers for both fixed and floating rate home loans.The interest rate is important in determining your equated monthly installments (EMIs). Therefore, you must understand both fixed and floating rate home loans. As the name suggests, a fixed interest rate home loan comes with a fixed interest rate for the entire tenor of the home loan. It doesn’t fluctuate as per the market trends, so it provides a sense of stability to the borrower. It helps you plan your monthly expense as the repayment amount remains unchanged.On the other hand, the interest rate in floating rate home loans fluctuates as per the prevailing market situation. The interest rate is linked to a base rate and a floating rate. So when the base rate changes, your floating rate also revises.Now, what is the difference between them? A fixed interest rate home loan is usually much higher than the floating rate. For example, one private bank advertises a lowest floating rate of 7.60% and a fixed rate of 12%. This means you will have to shell out a higher EMI than a floating rate home loan. Also, when the rate decreases, a fixed-rate home loan borrower cannot benefit from lower rates. The table below will give you a fair idea about the difference.10 Lowest Floating Home Loans RatesBANKS (Fixed rates)Note: Fixed interest rates may be subject to a revision after a specified tenure. Rates may apply only for a definite period and change to floating after that. Data taken from the respective bank’s website as of June 17, 2022. Contributed by BankBazaar.comWith inflation numbers increasing, the cost of living is also going up. In this scenario, it makes sense to always stick to avenues that help you have more money. A fixed-rate home loan may theoretically protect you against rate volatility. However, if it is already priced well above floating rates, it won’t really help. It helps in a scenario where floating rates have risen exponentially due to inflation, rising above fixed rates. This is an improbable scenario. If you had taken a fixed-rate loan in the last 2-3 years, you would have paid a substantial premium over floating rates which fell to as low as 6.40. And in a scenario where your fixed-rate becomes lower than floating rates, your gains may still be limited since you’ve been paying a substantial premium before that point. Secondly, the floating rate may still fall after an inflation spike, but your fixed rate will remain high.Prepayment costs refer to the amount you will incur if you want to pay off your debt faster. Depending on the lender and terms and conditions, there will be prepayment penalties on a fixed-rate home loan. Many banks charge repayment charges up to 3% of the outstanding amount. On the other hand, in floating rate, there are no such charges of prepayment or pre-closing the loan before the tenure. There will be a small simple interest payment. It is less than fixed-rate penalties.Home loan refinancing helps you pay off your existing home loan by availing of a new home loan that offers a lower interest rate and better terms and conditions. Refinancing helps borrowers by shifting them from a higher interest rate to a lower rate of interest along with flexible repayment terms. This contributes to their long-term savings. You can shift from floating to fixed interest rate and vice-versa. However, this conversion comes with a cost of up to 2 per cent of the total loan amount. This means that on a loan of Rs 30 lakh, you may pay as high as Rs 60,000 as conversion fees. Therefore, before availing of the refinancing facility, it makes sense to do your maths to understand how much you will have to shell out as the conversion charges and the amount of interest you will save.Home loans are typically repaid over a long period. In that period, interest rates may see several cycles. With a floating rate loan, you will get the benefit of falling rates as well as being able to pre-pay the loan without penalties. On the other hand, in an extreme inflation scenario where rates go from all-time lows to double digits, there may be short-term protection with a fixed-rate loan. Car and personal loans are examples of fixed-rate loans. They are short-term loans. Fixed or floating, there’s not going to be much difference in interest. So it doesn’t hurt to lock into a fixed rate and protect yourself against rate volatility in the short term. In some rare scenario, this may be true for home loans as well. There may be a small possibility that fixed-rate loans work for some borrowers in the short term where inflation spirals out of control and floating rates rise exponentially. But borrowers must do the math and verify this assumption. For most borrowers, it will probably not be true. In most cases, a floating rate loan with the option to pre-pay and pre-close is better.The author is the CEO at BankBazaar.com. The views expressed are that of the author.
Ports-to-energy conglomerate Adani Group has forayed into copper manufacturing with tying up of finances from public sector lenders for a 1 million tonnes a year unit at Mundra in Gujarat.“Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for production of refined copper with 1 million tonnes per annum in two phases,” the company said in a statement.For the phase-1 capacity of 0.5 million tonnes, KCL has achieved financial closure through a syndicated club loan for the greenfield copper refinery project at Mundra, Gujarat.It has executed “financing documents with the consortium of banks led by State Bank of India (SBI). The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra,” the statement said.The consortium of banks has sanctioned and signed an agreement for the entire debt requirement of Rs 6,071 crore for the Phase-1 of the KCL Project.Vinay Prakash, Director, Adani Enterprises Ltd, said the project has requisite technology tied up and the construction works at the site are progressing well and is scheduled to commence production during the first half of CY 2024.“It will be one of the largest copper refinery complexes in the world, with benchmark ESG performance standards, leveraging state-of-the-art technology and digitilization. This financial closure enables us to accelerate the project and signifies the commitment of the Adani Group to mobilise the required resources and complete the project within the set timelines,” he said.KCL will be part of the materials, metals and mining vertical of the Adani group.SBI Capital Markets Ltd acted as the financial advisor and Desai & Diwanji Advocates acted as the lenders’ legal counsel. Saraf and Partners Law Offices acted as the legal advisor to KCL.KCL was incorporated on March 24, 2021, with the objective to undertake copper business – related activities such as the manufacture of copper cathodes and copper rods and associated products.Adani Enterprises Limited (AEL) is the incubation arm of Adani group. Adani Ports & SEZ Limited, Adani Transmission Limited, Adani Power Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited have been incubated in AEL.
NASHIK: The cybercrime police have received eight complaints of online fraud through fake messages in the name of Maharashtra State Electricity Distribution Company Limited (MSEDCL) over the past two months. The police registered a cheating case of Rs 5.7 lakh on Friday. They had also helped a complainant get back Rs 3.9 lakh last month. The cybercrime police said over the past two months, they have received eight such complaints. However, the cases involving an amount less than Rs 2 lakh were registered with the local police stations. Meanwhile, the city police have also issued a release to alert the citizens about not falling in the trap of conmen who send messages on cellphones in the name of MSEDCL and ask the people contacting them to download a screen-sharing app, using which, they manage to dupe the victims. The release by the Nashik city police states that a large number of people from across the state are getting text messages on their cellphones and their WhatsApp numbers which say, “Dear consumer, your electricity power will be disconnected tonight at 9.30 pm from the electricity office because your previous month bill was not updated. Please immediately contact our electricity officer on a certain given number”. People who call the number mentioned are asked to download a screen-sharing mobile application, through which the fraudsters withdraw money from people’s bank accounts. In one such complaint, the Nashik police were successful in returning Rs 3.9 lakh to a victim as the latter had immediately contacted the cybercrime police station after learning that he was tricked by the online fraudsters. The police said if the victims do not contact them in time, it becomes challenging to get the money back. A senior official from the cybercrime police station said the fraudsters use fake SIM cards to call and send messages to the targeted victims. During the investigation, it is revealed that such SIM cards are taken in the name of poor people who are not even aware that someone is using a SIM card in their name. The police have appealed to the people to not fall prey to such messages and never fill out information one may be asked for opening any link sent from an unidentified phone number. At the same time, do not share an OTP with any person through a call or text, and if at all the bank information is shared, one should immediately block the debit or credit card and transfer the money to another secured bank account.
Kalaburagi: Various pro-Kannada associations have called Bidar bandh on July 11, urging the governement to take back Class 9 textbooks, which they said has twisted facts regarding 12th-centaury social reformer Basavanna. Basavanna’s followers from every village of Bidar district will participate in the agitation planned on the same day. The agitators will demand that the government take it back the syllabus. “Basavanna is an asset to the entire humanity. So wrong message should not be passed to future generations,” they said. Basavakalyan Anubhava Mantapa president Basavaling Pattadevaru said he had spoken to chief minister Basavaraj Bommai, who he said, has promised a revision. “But till now, it has not been done,” he alleged. A delegation of seers from this region will petition the chief minister, he added.Mahadayi activists to meet CM todayHubballi: As the state government has failed to submit required documents to Central Water Commission, implementation of Mahadayi river project is deferred, said Veeresh Sobaradamath, state president of Raita Sena (Karnataka). Sobaradamath told reporters here on Saturday that though CM Basavaraj Bommai was identified with Mahadayi agitation, the project is still in cold storage. Alleging multi-crore corruption in irrigation department, Sobaradamath said officials have misused funds of Benne Halla lift irrigation project and substandard works are seen at Malaprabha catchment and canal areas. Demanding the managing director’s office of Karnataka Neeravari Nigama Ltd in Hubballi, he said shifting the office to Davanagere is unscientific. They will petition Basavaraj Bommai listing their concerns in Hubballi on Sunday.GP blames BJP for Maha crisisKalaburagi: BJP in Maharashtra is planning to bring donw the coalition government by provoking some Shiva Sena MLAs, but the attempt will not succeed, said Congress leader G Parameshwara. Speaking to reporters here on Saturday, he said there is a need to amend election-related acts to check such attempts. “What BJP had done in Karnataka is being tried in other states, including Maharashtra now. This development is dangerous to democracy. When no one single party gets a simple majority to form the government, then it’s necessary that some parties join hands to form the government. But now, BJP is involved in bringing down the government. It has planned to stop other parties from coming together,” he said.Learning materials distributedDavanagere: Parents of specially disabled children can register their children’s details at composite regional centre (CRC) in Davanagere so the central government can distribute teaching/ learning materials and wheelchairs to them, said Dr K K Prakash, district disabled and senior citizens’ department officer. He insisted that parents make use of the materials effectively as they help develop children’s mental health. As many as 30 kits of teaching/ learning materials and four wheelerchairs were distributed to beneficiaries under ADIP Scheme. CRC director Dr Mohanty, Dr Jnanavel, specialists of CRC and parents of disabled children were present. Human milk bank to open on June 29Dharwad: The first-of-its kind human milk bank, jointly set up by Karnataka Vikas Grameena Bank (KVGB) and Rotary Club of Seven Hills and SDM Medical College at SDM Hospital at Sattur near here, will be inaugurated on June 29. Dharmasthala Dharmadhikari D Veerendra Heggade will inaugurate the milk bank. KVG Bank chairman P Gopi Krishna said such banks are currently operating in Bengaluru and Belagavi. Human milk is necessary for the survival of infants and milk banks play an important role in providing human milk to infants born prematurely to those who have lost their biological mothers or have mothers who are unable to breastfeed them.
MUMBAI: The Enforcement Directorate (ED) attached assets worth Rs 78.4 crore, including an over-200-acre land parcel of the sugar mill Jalna Sahakari Sakhar Karkhana Ltd controlled by former Shiv Sena minister Arjun Khotkar in Jalna district, in the Maharashtra State Cooperative Bank (MSCB) money laundering case. The sugar mill had defaulted on payment of loan taken from the MSCB, after which it was sold at half the price to relatives and associates of a former office-bearer of the mill without following due process under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. The MSCB scam pertains to loans that many cooperative sugar mills took from the bank and subsequently defaulted on. The MSCB auctioned such mills to recover its dues. The ED alleged that the auction process was not transparent and these mills were sold to relatives, close associates of the bank and the office-bearers of the mills. Many state ministers and politicians who were holding positions in the mills or on the board of the bank are under the ED scanner in the case. The ED said that the Jalna sugar mill along with 235 acres of land located in Jalna was sold to Arjun Sugar Industries Pvt Ltd, a company incorporated by Khotkar and others only to purchase the mill in 2012. The mill was established in 1984 on around 235 acres of land, including 100 acres of land received without any monetary consideration from the state government. It is alleged that the mill failed to repay the loan overdue of Rs 33.5 crore to the MSCB.
The Enforcement Directorate (ED) on Friday attached assets worth Rs 78.38 crore of Jalna Sahakari Sakhar Karkhana (SSK) Limited, linked former Shiv Sena MLA Arjun Khotkar, under Prevention of Money Laundering Act (PMLA), in a matter related to the illegal sale of the cooperative sugar mill in the Maharashtra State Co-operative Bank (MSCB) case.The ED said the Jalna SSK is currently held in the name of Arjun Sugar Industries Private Limited, which was incorporated by Khotkar and his associates to purchase the SSK.According to sources, the central agency initiated investigation under PMLA based upon an FIR registered by the Economic Offence Wing of the Mumbai Police on August 26, 2019.The FIR stated that Jalna SSK was fraudulently sold by then officials and directors of MSCB at throw away prices to their relatives or private persons without following due procedure under the SARFAESI Act.The probe revealed that Jalna SSK was established in 1984-85 on around 235 acre, including 100 acre received from the Maharashtra government without any monetary consideration. The SSK failed to repay a loan availed from MSCB and was declared as a non-performing asset on March 31, 2002.A press note issued by the ED said Jalna SSK had to pay an outstanding loan of Rs 33.49 crore to the MSCB as on August 30, 2008. To recover its dues, the MSCB took possession of the SSK on February 16, 2009 under SARFAESI Act, it added.The ED said that MSCB conducted an auction of Jalna SSK on February 27, 2012 with a reserve price of Rs 42.18 crore. Only two companies from Aurangabad – Tapadia Constructions Private Limited and Ajeet Seeds Private Limited – participated. Tapadia Constructions was the highest bidder at Rs 42.31 crore.The ED probe later revealed that both companies were linked to each other. “Tapadia Constructions and Ajeet Seeds are operating from the same building in Jalna. After receipt of final installment of sale amount by MSCB, sale certificate was issued to Tapadia Construction on the same day – December 3, 2012. Tapadia Constructions did not operate the SSK and after 15 months, the SSK, along with the 235 acre, was said to be sold to Arjun Sugar Industries Private Limited,” read the statement.The ED further said that Arjun Sugar was incorporated by Khotkar and others on May 8, 2012, only to purchase the Jalna SSK. It added that while Khotkar was on the board of directors of MSCB during 1998-2004, he was the director of Jalna SSK from 1997 to 2003.During investigation, the ED came to know that around Rs 10.56 crore paid by Tapadia Constructions to MSCB as initial deposit in lieu of Jalna SSK was an adjustment entity introduced by conversion of cash through shell companies. Further, Rs 31.73 crore was sourced from Arjun Sugar on December 3, 2012.Thus, the ED said that Tapadia Constructions was only a proxy entity that purchased Jalna SSK from MSCB.According to the ED, the probe revealed that while Jalna SSK was sold for Rs 42.31 crore, its valuation done by the agency showed that it was worth around Rs 78 crore. It added that the government-approved valuer, in its report dated January 20, 2022, had evaluated the SSK’s immovable assets at Rs 48.38 crore and movable assets at Rs 30 crore in 2012.
Important topics and their relevance in UPSC CSE exam for June 22, 2022. If you missed the June 21, 2022 UPSC key from the Indian Express, read it hereFRONT PAGEDroupadi Murmu set to be elected first tribal woman President of IndiaSyllabus:Preliminary Examination: Indian Polity and GovernanceMains Examination: General Studies II: Parliament and State legislatures—structure, functioning, conduct of business, powers & privileges and issues arising out of theseKey Points to Ponder:• Who is Droupadi Murmu?• Who elects the President of India?• The President is elected by members of the electoral college rather than by the general public. What does the electoral college entail?• What is the term of the office of the President?• When is the election of the Office of President of India held?• Who conducts the election to the Office of President of India?• The President of India is integral part of the Union Executive-True or False• Know in detail about Article 54 to Article 58 of the Indian Constitution• What electoral system/process is followed for the election to the office of the President?• President must be subscribed by at least how many electors as proposers and seconders?• What is System of proportional representation by means of single transferable vote?• Why System of proportional representation by means of single transferable vote is used for President’s Election in India?• The voting at the President’s election shall be by secret ballot-True or False?• How Constitution of India provides uniformity in the scale of representation of different states as well as parity between the states as a whole and the Union at the election of the President?• What are the Qualifications required by a candidate to contest the election to the Office of the President of India?• Who is appointed the Returning Officer/Assistant Returning Officer for the election to the Office of President of India? Who makes such appointment?• Can the result of the election to the Office of President be challenged? If so, what is the proper procedure for doing so?• Are the provisions of the Anti-Defection Law applicable in Presidential elections?• The oath of office to the President is administered by Whom?• The President can be removed from office by a process of impeachment for ‘violation of the Constitution’-True or False?• The Constitution of India defines the meaning of the phrase ‘violation of the Constitution’-True or False?• What are the powers enjoyed and the functions performed by the President of India?• Can the President be Impeached?Other Important Articles Covering the same topic:📍Yashwant Sinha is Opp’s President candidate📍Droupadi Murmu: 10 things to know about NDA’s presidential nomineeMinister leads Shiv Sena revolt, ruling MVA fights for survival in MaharashtraSyllabus:Preliminary Examination: Indian Polity and Governance-Constitution, Political System, Panchayati Raj, Public Policy, Rights Issues, etc.Mains Examination: General Studies II: Parliament and State legislatures—structure, functioning, conduct of business, powers & privileges and issues arising out of these.Key Points to Ponder:• What is going in Maharashtra Politics?• How many parties are there in Maha Vikas Aghadi?• How the numbers add up in the Maharashtra Assembly?• What is Horse-Trading?• Current development in Maharashtra is Horse trading or Defection?• What constitutes ‘horse-trading’ or defection?• What Supreme Court said in the SR Bommai case (1994) with respect to Horse trading and Defection?• What is the anti-defection law, and what is its purpose?• The 52nd Amendment Act of 1985 and the 10th Schedule of the Constitution are related to what?• What constitutes defection? Who is the deciding authority?• What Supreme Court of India said in Kihoto Hollohan case (1993)?• Has the anti-defection law ensured the stability of governments?• Have any suggestions been made to improve the law?• The 91st Amendment Act of 2003 made one change in the provisions of the Tenth Schedule. What was that?• The disqualification of member on the ground of defection does not apply in the two exceptional cases. What is that ‘exception’?Other Important Articles Covering the same topic:📍Out of touch with MLAs, lacklustre in admin, how Uddhav lost the plot📍Explained: The anti-defection law, and why Eknath Shinde could be poised to dodge it in MaharashtraEXPRESS NETWORKPM to attend BRICS virtual summit in China on June 23, 24Syllabus:Preliminary Examination: Current events of national and international importance.Mains Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s InterestKey Points to Ponder:• Evolution of BRICS from Russia-China (RC) to Russia-India-China (RIC) to Brazil- Russia-India-China (BRIC) to Brazil-Russia-India-China-South Africa (BRICS)• What is Brazil, Russia, India, China and South Africa (BRICS)?• BRICS Development Bank-Key Features• Brazil, Russia, India, China and South Africa (BRICS) Economy-Key Features• RIC (Russia-India-China) out of BRICS-Significance and Stature in World Politics?• Why BRICS Matters?• What are the issues and challenges Associated to BRICS in present scenario?Other Important Articles Covering the same topic:📍Brazil, Russia, India, China and South Africa (BRICS)📍Why BRICS Still Matters📍BRICS and the creation of a multipolar worldTHE EDITORIAL PAGEWhat MPC says, what RBI doesSyllabus:Preliminary Examination: Economic and Social DevelopmentMains Examination: General Studies III: Indian Economy and issues relating to planning, mobilisation, of resources, growth, development and employment.Key Points to Ponder:• What is the Monetary Policy Committee?• The Monetary Policy Committee (MPC) is a Statutory Body-True or False?• What is the Primary Objective of monetary policy in India?• Members/Composition of Monetary Policy Committee (MPC)-Know in detail• What is Inflation targeting (IT) regime resolution adopted by the Monetary Policy Committee (MPC)?• According to Author, the first few years of IT regime from 2016 to 2018 worked quite well but from 2019 onwards, things began to change-What change she (Author) is talking about? (Hint: Given in the Article)• Do You Know-The inflation target of the Reserve Bank of India is 4 per cent, with a band of 2 per cent on either side.• There are several direct and indirect instruments that are used for implementing monetary policy-What are they?• How Fast tightening of loose monetary policy, prudent fiscal policy and rational trade policy can control inflation?• The word ‘Inflation’ is now days very often in News. What do you understand by this term?• Why Inflation holds so much importance for an Economy?• The term ‘Price’ is almost familiar to all of us. What do you understand by the term ‘price’ and ‘Price Level’?• How price level is Measured?• What is Price Index? Which are the two most important Price indices?• What do you understand by Wholesale Price Index (WPI) and Consumer Price Index? WPI and CPI is published by whom?• What is CPI-based Inflation or Retail Inflation? Both are same?• The base year of Wholesale Price Index (WPI)?• Base Year for Consumer Price Index (CPI)?• Know the Types of Inflation like Moderate Inflation, Galloping Inflation, Hyper-Inflation, Stagflation, Deflation, Core Inflation etc.• Know the Causes of Inflation like Demand-Pull or Demand-Side inflation and Cost-Push or Supply-Side Inflation.• There are two economic groups in every society including India i.e. the fixed income group and the variable income group. How Inflation effects these economic group?• What is the Long term, Medium Term and Short-term impact of Inflation?• How Inflation is Measured in India?• Steps or Measures Taken by GOI to Control Inflation• National Statistical Office (NSO)-About, Vision, Mandate and RoleOther Important Articles Covering the same topic:📍The point of interest rate hikeTHE IDEAS PAGEOur entwined values & interestsSyllabus:Preliminary Examination: Current events of national and international importance.Mains Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.Key Points to Ponder:• India-Australia Bilateral Relations-Background• India & Australia-Areas of Cooperation• India & Australia-Bilateral Trade• India-Australia Economic Cooperation and Trade Agreement (INDAUS ECTA)-Key Proposals• How has the Quad impacted trade relations between India and Australia?• India-Australia and the new cyber framework between the two Nations-Key Highlights• INDAUS ECTA (India-Australia Economic Cooperation and Trade Agreement)-Key Proposals• Early harvest trade agreement between India and Australia-Key highlights• How has the Quad impacted trade relations between India and Australia?• What other Free Trade Agreements is India currently negotiating with Australia?• Map Work-Australia, Important Cities, PhysiographyOther Important Articles Covering the same topic:📍India and Australia are finally acting like the natural partners they areEXPLAINEDIndia’s emerging twin deficit concernsSyllabus:Preliminary Examination: Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.Key Points to Ponder:• What do you understand by the term ‘Twin Deficits’?• What is Fiscal deficit?• What is Current account deficit (CAD)?• How Current Account Deficit and Fiscal Deficit reinforces each other?• What is Stagflation?• Why Stagflation is dangerous for the economy?• What has caused the most recent stagflation worries in India?Other Important Articles Covering the same topic:📍What is Current Account Deficit?Summer SolsticeSyllabus:Preliminary Examination: Indian and World Geography-Physical, Social, Economic Geography of India and the World.Mains Examination: General Studies I: Important Geophysical phenomenaKey Points to Ponder:• What are solstices?• What is Summer Solstice?• What happens on summer solstice day?• Is June 21 always the summer solstice?• What is the purpose of summer solstice?• Have you heard of Winter Solstice?• Summer Solstice and Winter Solstice-Compare and Contrast• Misconceptions about the solstices-Know in briefOther Important Articles Covering the same topic:📍What are solstices?Why Israel is headed to its 5th election in 3 years, and what nowSyllabus:Preliminary Examination: Current events of national and international importance.Main Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s InterestsKey Points to Ponder:• Electoral process is Israel and in India-Know the difference• What is ‘Knesset’?• What is happening in Israel now?• Why frequent elections is taking place in Israel?• Change in Government in Israel and its impact on India-Know in Detail• India and Israel marked 30 years of full diplomatic relations this year-Know its Significance• India and Israel Bilateral Relations-Historical Background• Pegasus and India-Israel Relations• India & the Palestinian cause and Israel-Know India’s Stand in this entire conflict• India and Israel Relations-Shift in policyOther Important Articles Covering the same topic:📍Explained: The India-Israel relationshipECONOMYRBI puts a stop to credit lines on prepaid instrumentsSyllabus:Preliminary Examination: Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.Mains Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.Key Points to Ponder:• The Reserve Bank of India (RBI) has issued a notification recently disallowing non-bank prepaid wallets and prepaid cards from loading credit lines-why?• What else has RBI said in its notification?• What are prepaid payment instruments (PPIs)?• What are prepaid payment instruments examples?• What is a credit line?• Why has the RBI issued this notification?• Which are the fintechs offering credit products in India?Other Important Articles Covering the same topic:📍Prepaid payment instruments: First step towards better wallet safetyGet an e-paper subscription via our special offer – click hereFor any queries and feedback, contact firstname.lastname@example.orgThe UPSC KEY Indian Express is now on Telegram. 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MUMBAI: A manager with the Saki Naka branch of a private bank is the latest to fall prey to cyber fraudsters who in the garb of pending power bill duped him of nearly Rs 1.6 lakh. Saki Naka police, who registered the case on Monday, said the 47-year-old bank manager, who resides in Kalyan, first clicked on the genuine link and paid Rs 1,860 for the current month and then clicked on the fraudulent link to update the payment and got duped by cyber fraudsters. Police said the fraudster managed to convince the bank manager that the system did not get an update regarding the payment done and made him click on the link to update the payment. In his complaint, the complainant said on June 18, his wife received a text message on her phone that his electricity connection would be disconnected as his previous month’s bill was not updated and she informed him. The bank manager said, “I made the online payment from my credit card issued by my bank. After making the payment for Rs 1,860, I called on the number received in the message. The caller informed me that he is from Mahavitaran and my payment has not yet been received. He sent me a link and told me to click on it and update the payment. But as soon as I clicked on the link and entered the details, multiple transactions totalling Rs 1.55 lakh were carried out from my card.” An officer from Saki Naka police station said that the cyber team has sought details from the bank to know about the account where the money got credited. “The team is also tracking the call record to the number that the manager communicated after making online payment through the genuine website,” he added. In all, 33 such cases were registered at 25 of 94 police stations in Mumbai between June 7 to 19, and fraudsters conned people to the tune of Rs 47 lakh. The Maharashtra cyber cell has been sending text alerts to citizens warning about the electricity bill frauds and asking them not to click on any links without verification.
MUMBAI: Public sector banks (PSBs) will be assessed for customer service, which will be measured on the basis of customer service ratings. They will also focus on the younger generation's banking needs and draw up plans for meeting all-round customer requirements. Senior officials of the finance ministry, including the minister of state for finance Bhagwat Kishanrao Karad met with the CEOs of public sector banks on Monday for an annual performance review and to set the agenda for the next phase of reforms under EaseNext. Each public sector bank will sign a memorandum of understanding (MoU) with the finance ministry focusing on performance parameters which will now include their usage of data analytics, tech investment for end-to-end digital systems and strengthening of IT systems. Banks are also expected to collaborate with fintech players for digital transactions and co-lending. Public sector banks have consolidated the turnaround achieved in FY21 with a 109% increase in net profit. PSBs also reported a 9.8% increase in credit growth. Bank of Maharashtra has reported the highest increase in gross advances, with a credit growth of 25.6%. Its deposit growth at 16% was the highest among PSBs. Under other performance parameters for FY23, banks have been asked to improve their credit deposit ratio by growing their loan book. They have also been asked to increase their share of low-cost deposits by opening more current accounts.
New Delhi: The “rice-puller” scam being investigated as a possible reason behind the alleged suicide of nine members of a family in Sangli, Maharashtra, is rampant even in Delhi as dozens of cases have been reported in the last few years. People have lost a huge amount of money ranging from a few lakhs to several crores to gangs selling these imaginary instruments. Such is the web of deceit spun by these crooks that not only small-time traders or farmers, but even big businessmen have fallen prey to the scam. Last March, Economic Offences Wing of Delhi Police arrested a Maharashtra-based crook and his Ghaziabad-based aide for duping a businessman, Gautam Puri, of Rs 8.93 crore on the pretext of selling him a radioactive bar that could attract grains. The victim was told that the instrument would fetch Rs 11 crore per inch in the international market. However, the gang went underground after taking his money. In February 2021, a 53-year-old businessman was duped of Rs 11 lakh by crooks claiming to be in possession of a “rare metal worth thousands of crores”. In 2018, the Crime Branch arrested a father-son duo for duping several businessmen of crores. The suspects even wore anti-radiation suits while showing and testing the instrument before the victims. Investigators said businessmen and farmers were the preferred targets for such crooks. “The suspects claim to sell instruments with radioactive properties made of iridium, radium, etc and an initial investment, ranging from Rs 10 lakh to Rs 10 crore, is sought from the target,” said DCP (Crime) KPS Malhotra. The gang told the victims that the instrument would eventually be bought by US space agency NASA or other global space bodies for hundreds or thousands of crores. “To impress their targets, the crooks would claim to possess authorisation by global bodies to search and test the authenticity of such instruments. Forged documents and ID cards showing affiliation from various Indian and foreign scientific institutes were prepared to lure the victims,” said a senior police officer. In a majority of cases reported in Delhi, the accused claimed to have certificates from agencies like BARC, ISRO, DRDO, NASA and American Radium Society. Between 2011 and 2017, there was a substantial rise in such cheating incidents with cases being reported from across India. The accused belonged to Maharashtra, Andhra Pradesh, West Bengal, Faridabad and Delhi. In 2018, Reserve Bank of India (RBI) cautioned the public not to fall prey to people using it to market “rice-puller”, purportedly a device that was said to have magical properties. RBI said unscrupulous elements were marketing the device made of copper/iridium, which supposedly had the ability of attracting rice grains towards it. “The suspects reportedly misrepresented government securities auction circulars and notifications issued by RBI or the Centre as proof of sourcing funds for such activities on behalf of the sellers of these articles,” mentioned RBI’s statement titled “Cautionary advice on rice pulling scam”. The central bank had stated, “Such incidents should be reported to the investigating authorities. Associating with such unscrupulous persons can result in direct financial losses and people should refrain from responding to such offers.” Delhi Police has appealed to the public to immediately report any such offers made to them so that timely action could be taken against these crooks.
Nashik-based Arpan Blood Bank has been felicitated for highest collection of blood in North Maharashtra by the health department of Maharashtra. Public health minister of Maharashtra Rajesh Tope along with minister for food and drugs department Rajendra Shingne and other dignitaries felicitated the Blood Bank for its achievements. The Blood Bank has ensured discipline in providing blood for thalassemia patients during the past 12 years that further ensured they never pick up any disease including hepatitis for even HIV that is likely to spread through the transfusion of blood. The Arpan Blood Bank has provided 30410 NAT tested blood bags free of cost to all the thalassemia patients during the course of time. The Blood Bank has been instrumental in conducting more than 500 thalassemia awareness camps. The bank also conducted more than 54000 screening of people for thalassemia out of which 815 thalassemi minor patients detected and the awareness camps were carried out for them by thalessemic society. "We have been working on no profit no loss basis for the past 27 years, conducted more than 11000 blood donation camps, provided blood and blood components to more than 10 lakh people, conducted 111 therapic plasma exchanges, 39 stem cell collection procedures, and also have taken special efforts in arranging for people who would donate rare blood groups," said NK Tated of Nandkishor Education Society's Arpan Blood Bank.
PUNE: The Bharati Vidyapeeth police have initiated a probe against unidentified online fraudster/s for cheating a 32-year-old woman entrepreneur of Dhankawdi of Rs 11.76 lakh in December 2021. Inspector Sangeeta Yadav of the Bharati Vidyapeeth police said, “The woman had submitted a complaint application to police in March. After verifying her claims and going through her bank records, we registered the case on Friday.” According to the FIR, the woman and her husband were trying to secure a dealership of a prominent FMCG firm and conducted an online search. The husband stumbled upon a website claiming to be working for the company and providing dealership, as well as the products of the firm. The couple then filled up an online form available on the website. Police said, “Following this, a man called up the complainant and informed her that he was an officer of the firm. He claimed that he had the power to allot a dealership. He then asked for different charges to secure the dealership. The woman transferred the money for these purposes to a bank account provided by the fraudster/s. In all, the woman transferred Rs 11.76 lakh to the bank account using her e-banking facilities. The suspect stopped answering her calls and did not refund her the money either.”
Even though there is scepticism among political parties in Jammu and Kashmir about the resumption of the democratic process in the Union Territory — despite Defence Minister Rajnath Singh’s comment on Friday that there was a strong possibility of elections being held in J&K by the year-end — for the past few months, they have been focussing on grassroots campaigns in the Chenab Valley and Pir Panjal regions of Jammu.The battleground in the state is shifting to Chenab and Pir Panjal, which have a mixed population of Hindus and Muslims, with a growing sense among political parties that the outcome of any election in the Muslim-majority Kashmir Valley and Hindu-dominated Jammu is a forgone conclusion. The Union Territory has not had an elected government in four years.Both the National Conference (NC) and the Peoples Democratic Party (PDP) have shifted their focus away from the Kashmir Valley, where their traditional vote banks lie, to Jammu. While PDP president Mehbooba Mufti has toured the Pir Panjal twice in six months, the NC leadership has made several rounds of the region to pep up its cadre ahead in anticipation of an election. The BJP and the Altaf Bukhari-led Apni Party have also toured the region in a bid to garner support. Of the 43 seats in the Jammu division, 16 are in the Chenab and Pir Panjal regions. Before delimitation, the two regions had 13 Assembly seats.The political battle in the Chenab and Pir Panjal is also important as the Peoples Alliance for Gupkar Declaration (PAGD) — the NC and the PDP are its two main partners — has hinted at a joint front if and when the elections happen. While there has been no formal announcement about a poll alliance, party leaders suggest that there is a consensus on the issue.“It (PAGD jointly contesting the election) is more or less a done deal,” said a senior NC leader. “This election is not about development, it is not about bijli, sadak, and paani (bread-and-butter issues). It is to send a message that we are united. It is the fight for identity, a fight for existence. It will be an election fought on sentiments.”Sources said a joint front of the PAGD and the Congress was unlikely and any alliance with the grand old party would only be tactical. “To be honest, Congress is in a disarray not only nationally but also in Jammu and Kashmir,” said an NC leader. “We don’t even know whom to speak to in the Congress.”A senior PDP leader said the Congress would not be in favour of an alliance with the PAGD because both the BJP’s and its vote bank is in Jammu. “There is a realisation among the political parties that this election is not for power,” he added. “But as far as the Congress is concerned, any alliance with the PAGD will damage them in Jammu that is their traditional vote bank.Fundamentally, the Congress and BJP have the same constituency. In the DDC elections, there were some efforts to bring them on a single platform, but you see the Congress had to distance itself from PAGD then. Now, if there has to be an alliance with the Congress, it can only be tactical.”Though the PAGD’s objective of a joint front is to consolidate the Muslim vote bank in Chenab and Pir Panjal, it is likely to diminish the electoral prospects of smaller political parties in the Valley such as Sajad Lone’s Peoples Conference and the Apni Party.Congress stalwart Ghulam Nabi Azad can also play spoilsport for the alliance. While it is not yet clear if Azad will go with the Congress or float his own party comprising Congress dissidents, a new political party will erode the PAGD’s votes in Jammu. “Azad is right now in political wilderness. If he forms his own party, it will not have great prospects. It can at best work as a spoiler for PAGD as it will divide Muslim votes and help the BJP,” said a PDP leader.
AURANGABAD: Citing that farming had become unaffordable, a 22-year-old cultivator from Maharashtra's Hingoli has applied for a bank loan of over Rs 6 crore to purchase a helicopter and rent it out. Kailas Patange, a resident of Taktoda village in the district, approached a bank in Goregaon with his loan application on Thursday. Patange, who owns two acres of land, said irregular rainfall and drought-like conditions had made farming unaffordable over the years. "I cultivated soybean on my land over the last two years. But it didn't fetch me good returns due to unseasonal rains. Even the money from crop insurance wasn't enough," Patange said. Considering these factors, Patange chanced upon the idea of buying a helicopter and renting it out to make a good living. Talking to PTI, Patange said, "Who says only big people should have big dreams? Farmers should also dream big. I have applied for a loan of Rs 6.65 crore to purchase a helicopter. There is a lot of competition in other businesses, so I decided to go for this."
Nagpur: An ATM in Maharashtra’s Nagpur district was dispensing five times extra cash to customers. The matter came to light when a man was in for a pleasant surprise when he tried to withdraw Rs. 500 from an ATM, but got five currency notes of Rs. 500 denomination from the cash dispenser.Also Read - Out For A Walk With Sister, 5-Year-Old Boy Mauled To Death By Stray Dogs In MaharashtraHe repeated the process and again got Rs. 2,500 while trying to withdraw Rs. 500. The incident took place on Wednesday at the Automated Teller Machine (ATM) of a private bank in Khaparkheda town, located around 30 km from Nagpur city. Also Read - Mumbai Youth Beaten To Death By People On Suspicion Of Mobile Theft In Bhandup AreaThe news spread like wildfire and soon a huge crowd gathered outside the ATM to withdraw cash. Also Read - Maharashtra Brings Back COVID Restrictions Amid Rise In Cases, Makes Mask Compulsory In Public PlacesThis went on till one of the bank customers alerted the local police who rushed to the ATM and and shut it down. They then informed the bank, an official from Khaparkheda police station said. The ATM was dispensing extra cash due to a technical glitch, he said.The currency notes of Rs. 500 denomination were erroneously kept in the ATM tray meant to dispense notes of Rs. 100 denomination, the official said.No case has been registered so far in this connection, he added.
A man was in for a pleasant surprise when he tried to withdraw Rs 500 from an ATM, but got five currency notes of Rs 500 denomination from the cash dispenser in Maharashtra’s Nagpur district.He repeated the process and again got Rs 2,500 while trying to withdraw Rs 500. This happened on Wednesday at the Automated Teller Machine (ATM) of a private bank in Khaparkheda town, located around 30 km from Nagpur city.The news spread like wildfire and soon a huge crowd gathered outside the ATM centre to withdraw cash.Later, a bank customer alerted local police, who rushed to the spot and shut the ATM centre and informed the bank, an official from Khaparkheda police station said.The ATM was dispensing extra cash due to a technical glitch, he said.The currency notes of Rs 500 denomination were erroneously kept in the ATM tray meant to dispense notes of Rs 100 denomination, the official said.No case has been registered so far in this connection, he added.
People rushed to withdraw money from an ATM in Nagpur as it dispenses 5 times extra cashNagpur: A man was in for a pleasant surprise when he tried to withdraw Rs 500 from an ATM, but got five currency notes of Rs 500 denomination from the cash dispenser in Maharashtra's Nagpur district.He repeated the process and again got Rs 2,500 while trying to withdraw Rs 500. This happened on Wednesday at the Automated Teller Machine (ATM) of a private bank in Khaparkheda town, located around 30 km from Nagpur city.The news spread like wildfire and soon a huge crowd gathered outside the ATM to withdraw cash.This went on till one of the bank customers alerted the local police who rushed to the ATM and and shut it down. They then informed the bank, an official from Khaparkheda police station said.The ATM was dispensing extra cash due to a technical glitch, he said.The currency notes of Rs 500 denomination were erroneously kept in the ATM tray meant to dispense notes of Rs 100 denomination, the official said.PromotedListen to the latest songs, only on JioSaavn.comNo case has been registered so far in this connection, he added. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
India emerged as a multi-party democracy because the creators of our Constitution wanted to ensure that in a large and diverse country such as ours, every citizen gets an equal chance in governance. The basic tenet of our Constitution and democracy is to empower the poorest of the poor so that they can also reach the highest public office.However, from the very beginning, the foundations of our multi-party system were shaky. There are two main reasons for this aberration. One, the politicisation of the Indian National Congress, primarily formed to steer our freedom movement, led to the total control of one dynasty over the party. Second, the betrayal by the Congress governments of the people in states where it formed its government and its total apathy towards regional aspirations.The latter led to the growth of state-based political outfits, which were primarily offshoots of the Congress or were led by regional satraps. Unfortunately, all these parties were overtaken by political stalwarts who drew lines of succession from within their families. Internal democracy was completely stifled within these political outfits. A trend that the Congress started in Indian politics was ruthlessly adopted by these state-based dynasts.Prime Minister Narendra Modi has repeatedly warned the nation, which is so diverse socially and culturally, is being weakened due to dynasty politics. The time has come to fight this evil. We must push for more representation and participation of the people in democratic processes. The need of the hour is to bring more youngsters from diverse backgrounds into politics.In the past four-five decades, family-based parties have choked talent and created roadblocks to the development of states. Dynasty-based political parties have neither ideology nor vision. Their only goal has been to grab power and cling to it. This resulted in these parties playing the politics of vote-banks and appeasement. The Congress adopted the same strategy at the Centre. Today, the Congress is no longer a national party. It has been reduced to the party of a brother-sister duo.So engrossed were these parties in serving the interests of their kith and kin that they completely ignored “overall development” and “holistic growth”. They shunned all those sections of our society that needed their attention — villagers and farmers, Dalits and backward classes, women and youth. Under dynastic rule, the dangerous and negative politics of appeasement flourished which led to the poor getting poorer while the oppressed were reduced to second-class citizens.It is due to the political idiosyncrasies of family-based parties that India could not resolve perennial issues like the removal of Article 370 from Jammu and Kashmir, freedom of Muslim women from triple talaq, and the construction of a grand Ram temple in Ayodhya. The root cause of these nagging problems was the politics of appeasement and vote-banks furthered by dynasty-based parties.These parties opposed the bills to scrap Article 370 and triple talaq. They also played with India’s safety and security, first by weakening India’s response to terrorism when they were in power and later by questioning the valour of our armed forces post the cross-border surgical and air strikes.Dynasts are not concerned with the problems of the country and society. They care only about their vote banks and the “growth” of their “family”. It is for this reason that three-fourths of our population had no bank account even after 70 years of Independence, poor women had no access to LPG cylinders, the poor had no health insurance, farmers were fleeced by moneylenders, crores of households had no water and electricity and the poor had no homes.The common man had deep anger and mistrust over the politics of dynasty, vote-bank and appeasement. His anger started coming out in 2014 when he saw in Narendra Modi a hope for the nation and himself. He has seen the nation and its politics changing fast. He has seen banks going to the doorstep of the poor, the poor getting houses, free medical insurance and free rations during Covid, and farmers getting much-needed financial aid directly into their bank accounts.Post-2014, India has seen two leaders from very humble backgrounds becoming President and PM. This is the New India about which the world is talking today. India has reclaimed its position as a true global leader.There is a disturbing trend today as every decision of the government is being seen through the prisms of regionalism and communalism. People are also wary of the increasing number of family-based parties. The nation needs broad-based political reforms for our democracy to thrive.PM Modi has talked about overhauling our electoral system. We need to think seriously about it. A commission on political reforms suggested a reduction in the number of political parties and their reorganisation based on ideology. But though there has been no movement in this direction, it’s heartening that the electorate has rejected parties dominated by dynasts. The recent election results in five states is the latest indicator of this trend.A healthy and vibrant democracy can grow on the strength of nationalist parties. The BJP has been persistently fighting family-based political outfits. Under the dynamic leadership of PM Modi, we have been able to fight the politics of casteism, dynasty, nepotism and appeasement. The struggle to rid the nation of dynasty politics is long and hard. Its effect must be felt in all parts of the country — from Maharashtra to Telangana, from Bihar, Uttar Pradesh, Jharkhand to Jammu & Kashmir and Tamil Nadu.The writer is an MP and BJP’s National Media Head
SBI topped the list in terms of fraud occurrences between 2018-19 and 2020-21Banks and financial institutions always run the risk of being exposed to fraudulent activities and siphoning of funds through illegal means.While several measures have been drafted by the Central Government as well as the Reserve Bank of India (RBI) to insulate banks from such activities, still, as per official estimates, incidents of frauds occur across banks and states.In fact in some banks and states, such incidents have been reported in thousands.In terms of fraudulent activities, the country's largest lender – State Bank of India (SBI) – topped the list with 14,431 cases, followed by Central Bank of India with 2,299, Union Bank of India with 1,184 fraud cases and Punjab National Bank with 1,040 fraud cases on the basis of occurrence.These fraud cases were reported in these banks between 2018-19 and 2020-21, according to data compiled by the Finance Ministry.In addition to this, as far as states are concerned, Maharashtra reported the maximum number of fraud cases in banks during the same period.It reported a whopping 83,032 such cases, followed by Haryana (23,208 cases), Delhi (22,343), Tamil Nadu (20,328), Uttar Pradesh (14,841) and Karnataka with 11,878 cases.While cases of fraud are often reported across banks and states, almost on a regular basis, there are several measures which financial institutions take to deter fraudsters and defaulters.Let us have a look at some of these steps.An online searchable database of frauds reported by banks, in the form of Central Fraud Registry, has been set up to enable timely identification, control and mitigation of fraud risk. Also banks carry out due diligence during the credit sanction process.Government's framework for large value frauds in public sector banks mandates that an examination must be initiated for wilful default immediately upon reporting fraud to RBI. Also, a report on the borrower be sought from the Central Economic Intelligence Bureau in case an account turns into a non performing asset (NPA).The Fugitive Economic Offenders Act, 2018 has been enacted which enables attachment of property of a fugitive economic offender, confiscation of such offender's property and disentitlement of the offender from defending any civil claim.In addition to this, RBI has also issued a direction for classification and reporting of frauds by commercial banks and select financial institutions.PromotedListen to the latest songs, only on JioSaavn.comThis is meant to direct the focus of banks on the aspects relating to prevention, early detection, prompt reporting to RBI and the investigating agencies and timely initiation of the staff accountability proceedings.
Bollywood actor Sushant Singh Rajput passed away at the age of 34 on June 14, 2020, in Mumbai. He was found dead in the bedroom of his Mumbai apartment by his friend and flatmate. Mumbai Police said Rajput died by suicide. The death of the celebrated actor sent shockwaves throughout the country and the case was deeply investigated, first by the Mumbai Police and later by the CBI. While the matter is still under investigation, here’s everything that has happened so far.June 2020Rajput passed away on June 14, 2020. Early investigations by the Mumbai Police concluded that he had died by suicide. A preliminary post-mortem at Cooper Hospital confirmed the cause of death as asphyxia due to hanging.In the initial round of investigation, many of Sushant Singh Rajput’s friends and colleagues were questioned by the police. These included Aditya Chopra, Mukesh Chhabra, Rhea Chakraborty, Sanjay Leela Bhansali, Rajeev Masand, Mahesh Bhatt among many others.The police recorded the statement of the actor’s father and two sisters before they flew to Delhi. Mumbai Police said, “The family informed us that they do not know why Sushant was depressed and also did not mention if they had any suspicion on anyone.”July 2020The actor’s father, KK Singh, had lodged a complaint with the Patna police on July 25, 2020, naming Rhea Chakraborty, her family members and domestic helps working at Rajput’s residence. In the FIR, he had also accused Rhea of siphoning off crores from the actor’s bank account. None of these charges have been proven yet.Besides Chakraborty, the others named in the FIR are three of her relatives — Indrajit Chakraborty, Sandhya Chakraborty and Shobhik Chakraborty, and two others – Samuel Miranda and Shruti Modi.The FIR was filed under IPC Sections 306 (abetment of suicide), 341 (wrongful restraint), 342 (wrongful confinement), 380 (theft in dwelling house), 406 (criminal breach of trust) and 420 (cheating).A day after the FIR was registered, a four-member team of Bihar Police left for Mumbai on July 29. The same day, Chakraborty moved the Supreme Court, seeking to transfer the Patna FIR to Mumbai, claiming Bihar did not have jurisdiction in the matter. Sushant’s family and the Maharashtra government filed caveats in the top court on Chakraborty’s petition.On July 31, the Enforcement Directorate (ED) registered an Enforcement Case Information Report (ECIR) based on the FIR lodged K K Singh in Patna, accusing Rhea and her family members of cheating and siphoning funds of about Rs 15 crore from Sushant’s bank accounts.August 2020On August 7, the ED questioned Rhea for about eight hours pertaining to the investment made by her and her family in the two companies floated by Rajput. The agency also quizzed her brother Showik.However, a week later, the ED contended that it had not found any “substantial direct transfers” from the late actor’s account to Chakraborty or her family members, sources familiar with the case told The Indian Express.The Supreme Court on August 19, 2020, directed the Central Bureau of Investigation (CBI) to investigate the Sushant Singh Rajput’s death case and asked Maharashtra to assist with the probe. The Mumbai Police then handed over all the evidence collected in the case to the investigating agency.CBI questioned Rhea and her family members for hours. The NCB was alerted after chats linking Rhea and her brother to a drug supplier were discovered. This also launched NCB’s investigation into Bollywood’s alleged ‘drug network’.The CBI also recorded the statements of doctors at the Cooper hospital who carried out the postmortem of actor Sushant Singh Rajput. The police sent the postmortem report of Cooper hospital to Delhi-based AIIMS for consultation. The CBI team looked into the time when the body was brought to the hospital for postmortem, among other things.The statements of the staff who catered to the actor will be recorded by the CBI.September 2020On September 4, Rhea’s brothers Showik and Samuel Miranda were arrested by the NCB for allegedly procuring non-commercial quantity of marijuana/ ganja from an alleged drug supplier at least 10-12 times. They were sent to judicial custody till September 9. Rajput’s former cook Dipesh Sawant was arrested by NCB in the case the very next day.The Narcotic Control Bureau (NCB) arrested actor Rhea Chakraborty on September 8 on charges of procuring drugs along with Sushant Singh Rajput and paying for the same. Based on statements by Chakraborty’s brother Showik, and Rajput’s cook and housekeeper, who were arrested earlier, the NCB said drugs were procured on the directions of both her and Rajput, and that both paid for them, thus establishing that “she (Chakraborty) was an active member of (a) drug syndicate connected with drug supplies”. No narcotics have been recovered from either Chakraborty or Showik.Later in the month, Chakraborty said in her bail plea filed in the Bombay High Court that she was innocent and NCB was “deliberately” trying to invoke stringent charges against her and her family. She also said that she had been subjected to a “witch-hunt”. In her bail application filed in the HC on Tuesday, Chakraborty said she was just 28 years of age, and besides the probe by the Narcotics Control Bureau (NCB), she had been subjected to three more investigations by police and central agencies, and a “simultaneous media trial”.The NCB summoned top actors Deepika Padukone, Sara Ali Khan, Shraddha Kapoor, and Rakul Preet Singh to record their statements in connection with the agency’s probe against the “drug syndicate” that supplied “narcotics to Bollywood” on September 23. While Padukone had been summoned on September 25, Shraddha Kapoor and Sara Ali Khan have been summoned on September 26 by NCB.October 2020On October 3, 2020, the AIIMS’ medical board ruled out murder in the death of actor Sushant Singh Rajput, terming it “a case of hanging and death by suicide”, the premier institute’s forensic chief Dr Sudhir Gupta had said. In its conclusive medico-legal opinion to the CBI, the six-member team of forensic doctors had dismissed the claims of “poisoning and strangling” that had been made in the case of Singh’s death. “It is a case of hanging and death by suicide. We have submitted our conclusive report to the Central Bureau of Investigation (CBI),” Dr Gupta had said.The same month, rejecting all arguments of the Narcotics Control Bureau (NCB) point by point, including the key allegations that she was part of a “drug syndicate” and was “harbouring” actor Sushant Singh Rajput, the Bombay High Court granted bail to actor Rhea Chakraborty “with stringent conditions” on October 7, nearly a month after she was arrested in a drugs case arising from Rajput’s suicide.Chakraborty’s brother was granted bail some time after her.December 2020In December, Maharashtra Home Minister Anil Deshmukh questioned the status of the case in a press conference and said, “It has been more than five months since the investigation began but the CBI has not revealed if Sushant Singh Rajput was murdered or died by suicide. I request CBI to reveal the findings of the investigation at the earliest.”January 2021In January 2021, the Bombay High Court stated that two TV channels, Republic and Times Now, “took upon themselves the role of the investigator, the prosecutor as well as the Judge and delivered the verdict as if, during the pandemic, except they, all organs of the State were in slumber”.May 2021Sushant’s roommate who also discovered his body, Siddharth Pithani was arrested in May by the NCB. The NCB had claimed that marijuana was procured for Rajput on his instructions by his two staffers as well as Pithani. The NCB had also submitted photographs from his laptop claiming that it was ‘incriminating evidence’.August 2021The Maharashtra Congress had questioned the Central Bureau of Investigation’s “silence” over the death of actor Sushant Singh Rajput, a year after it took over the probe into the case. The party had alleged that the national investigation agencies were being used by the Centre for its own “political agenda”.September 2021NCB had arrested one of the partners of a popular Bandra eatery, which is known to be frequented by Bollywood celebrities. The accused, Kunal Jani, was believed to be a friend of Rajput. The NCB had also arrested celebrity manager Karishma Prakash after it claimed that it had recovered 1.7 gm of charas and two bottles of CBD oil from her residence in Andheri.November 2021A special court in an order allowed Rhea Chakraborty’s application seeking de-freezing of her bank accounts frozen during the investigation of the drugs case filed against her by the NCB in 2020. The court also allowed a plea for the return of her laptop and phone seized during the probe in the case. The court said that with no strong opposition from the NCB on her plea seeking the de-freezing of her accounts and Fixed Deposits, it can be allowed subject to conditions including a written undertaking from her that she will make available the balance amount shown in the accounts as and when required during the trial. Her plea had said that she supported herself and her brother with the money from her accounts which were frozen last year.January 2022A special court ordered the de-freezing of accounts of two accused in the drugs case filed following the death of actor Sushant Singh Rajput, observing that they were seized illegally by the NCB. Two accused, Jai Madhok and Zaid Vilatra, filed separate applications before the special court stating that their bank accounts were seized by the NCB. Madhok’s plea said that he has accounts in two banks, which informed him in October last year that they were stopping transactions.June 2022A special court in Mumbai granted a plea filed by actor Rhea Chakraborty to travel abroad for the IIFA awards to be held in Abu Dhabi. Chakraborty had bail conditions including that she cannot travel abroad without the court’s permission.As of today: The case is yet to begin trial and is still under investigation.Siddharth Pithani hasn’t been granted bail yet. “We requested bail in January but the hearing has yet to take place in court,” his lawyer Taraq Sayyed had told ETimes last month. He was, however, granted permission to attend his wedding in 2021, and surrendered himself a fortnight later.
Pune: Nearly 20,000 housing societies and apartments planning self-redevelopment in the state will benefit from the RBI’s decision to allow cooperative banks to grant finance for the commercial real estate-residential housing segment. The housing finance limit of 5% of the total asset is expected to boost self-development of societies in Pune, Mumbai, and Thane, Maharashtra Housing Federation vice-chairman Suhas Patwardhan said. “Real estate projects involving redevelopment are key areas in the property market, especially in growing cities.As per the RBI notification, all district cooperative banks and state cooperative bank will be able to grant loans to housing societies for self-redevelopment instead of them handing over the project to a developer for commercial real estate-residential housing according to the notice on June 8,” Patwardhan added.The decision is expected to open more liquidity and financing avenues for real estate development. Federation members said that it will help housing societies implement the 2019 GR to promote self-redevelopment. Bank manager Shrikant Karegaonkar said that the RBI monetary policy has doubled the limit of housing loan for cooperative banks. “It will help reduce the impact of inflation by pumping more funds into the housing sector and open opportunities to customers with the cooperative sector,” he said.Members of housing societies said that while 5% of the total assets looks small compared to the demand, the limit may be extended and it was a good beginning.
A BANK that had approached Mumbai police to file a ‘cheating’ complaint against BJP leader Mohit Kamboj, filed an intervention application before the sessions court on Monday, stating that it wants to withdraw the complaint.The Mumbai police reply filed through special public prosecutor Pradip Gharat opposed the bank’s intervention plea stating that it had no locus standi once an FIR is filed on its behalf. The police also opposed the anticipatory bail application of Kamboj, which the court is hearing.The police also submitted that a settlement can be reached by two parties in cases which are compoundable. But the offence of cheating filed against Kamboj is non-compoundable, the police said. The bank in its plea has said that it has no complaint of cheating as alleged earlier against Kamboj.The police claimed that it had gathered evidence, including an audit report claiming that the bank was duped of Rs 58 crore. The court had adjourned the hearing till June 27. Kamboj was given interim protection by the court, which will continue.
MUMBAI: The Reserve Bank on Friday issued fresh provisioning norms for urban cooperative banks' inter-bank exposure as well as valuation of their perpetual non-cumulative preference shares and equity warrants, directing them to continue making provisions to the tune of 20 per cent for such exposures. The banking regulator came up with these rules in the wake of the bankruptcy of the corruption-ridden Punjab & Maharashtra Cooperative Bank (PMC) in September 2019 and the subsequent merger of the cooperative bank with Unity Small Finance Bank, which came into effect from January 25, 2022. Earlier, similar directions were issued after the board of the largest cooperative bank was superseded by the RBI and the subsequent circulars on these matters issued on April 20, 2020 and on January 25, 2022. "UCBs shall continue to make provisions on inter-bank exposures arising from outstanding uninsured deposits, as under the April 20, 2020 circular until the actual allotment of PNCPS (Perpetual Non-Cumulative Preference Shares)/equity warrants," the RBI said on Friday. It also said the new norms are applicable for all Urban Cooperative Banks (UCBs) and are in force with immediate effect. The RBI said the new circular has been warranted by the fact that UCBs have met the conditions already laid out. The PMC Bank amalgamation scheme and the resultant caps on conversion of PNCPS and equity warrants and other inter-bank exposures had provided for conversion of outstanding uninsured deposits, including interest accrued till March 31, 2021 to the credit of the institutional depositors, into PNPCS and equity warrants of Unity Small Finance Bank as on appointed date. "However, it is observed that the actual receipt of PNCPS and equity warrants in the account of institutional depositors is yet to take place. Therefore, it is clarified that UCBs shall continue to make provisions on inter-bank exposures arising from outstanding uninsured deposits, as under the April 20, 2020 circular until the actual allotment of PNCPS/equity warrants," the central bank said. The regulator further said after the allotment of PNCPS/equity warrants, provisions made on exposures arising from deposits will be reversed only if such provisions are in excess of the loss, if any, due to treatment of PNCPS and equity warrants. Equity warrants shall be valued at a price of Re 1 per warrant, it said, adding, as and when they are converted into equity shares, the valuation will be based on market prices. Thus, at present, no provisions need to be made on investment in equity warrants. Earlier RBI had asked all UCBs to fully provide for their investments in PNCPS and also allowed them to spread their provisions for investments in PNCPS, net of extant provisions made on exposures arising from outstanding uninsured deposits, equally over two financial years such that the entire loss is fully provided for by March 31, 2024. Further, these PNCPS and equity warrants shall be classified as non-SLR investments and shall be exempt from any other limits as mentioned in the master circular on investments by UCBs which was issued on April 1, 2022, the regulator said. In the April 2020 direction, the RBI had capped the exposure at 20 per cent for the next five years for UCBs for deposits placed by them under an all-inclusive directions and their non-performing exposures arising from discounted bills drawn under letter of credit issued by a UCB. Further, if UCBs choose to convert such deposits into long-term perpetual debt instruments, which may be recognised as capital instrument under a scheme of restructuring/revival of a UCB, provision on the portion of deposits converted into such instruments shall not be required.
In the backdrop of a recent incident in Maharashtra’s Nagpur where four children suffering from thalassemia were infected with HIV, allegedly after blood transfusions, medical experts in Pune have said that there is a need to adopt better blood screening standards and reduce the burden of transfusion transmitted infections (TTIs).Citing a study they have been conducting from 2013, Jankalyan Chain of Blood Banks and Medical Services said on Friday that they were able to save 198 lives by using nucleic acid testing (NAT) technology to identify contaminated blood from 66 units.“We have been conducting this study since 2013 and around 1.6 lakh blood units at our bank have been tested. To safeguard against TTIs, we have adopted the NAT technology at our blood bank and we were able to detect the presence of Hepatitis B virus in 64 blood units and HIV in two units till date. These were immediately discarded,” Dr Atul Kulkarni, director of Jankalyan Chain of Blood Banks and Medical Services said.“In India, blood screening for HBV (Hepatitis B), HIV and HCV (Hepatitis C) by serological tests is mandatory. Sero-nonreactive blood donations are still at risk of transmitting TTIs and hence, there is a need for an additional layer of safety with a higher sensitivity. At blood banks where NAT has been implemented, it has been observed that there is a significant reduction in the residual risk of TTI,” Dr Kulkarni told the media.NAT-PCR or nucleic acid testing-polymerase chain reaction is considered the gold standard in blood safety screening and significantly reduces TTIs related to Hepatitis B and C and HIV. While the awareness around NAT PCR is increasing in India, only about 10-12% out of 12 million blood donations gets screened by NAT. Currently, NAT is not mandatory in the country for screening of TTIs, Dr Kulkarni added.The media conference was organised by Jankalyan and Roche Diagnostics ahead of World Blood Donor Day on June 14.Dr Kulkarni also addressed the importance of blood donation. “As per World Health Organization, the lowest requirement of blood donors as per population is about 1 per cent. This means, India with a population of 1.4 billion needs 14 million units of blood annually. But unfortunately, only 12 million units are collected, that too largely in tier-1 cities. The majority of voluntary blood donors in our country are one-time voluntary donors as there is hardly a concept of regular blood donation,” he said.Transplant recipients, accident victims, cancer patients and those undergoing major surgery all rely on safe and readily available supplies of blood and plasma. Safe blood transfusion is also a priority for thalassemia and other patients who depend on blood transfusions to avoid TTIs.Dr Sandeep Sewlikar, head of Medical and Scientific Affairs at Roche Diagnostics India, said, “We have been associated with the Jankalyan Chain of Blood Bank since 2013. Presently, four blood banks of Jankalyan Group of blood banks have adopted this advanced screening facility in the state of Maharashtra.”Ashok Thadani, founder member of the Thalassemia Society of Pune, was also present.
Cooperative banks have welcomed the Reserve Bank of India’s decision to double the limit on housing loans that they can extend. Cooperative housing societies have also welcomed this decision which, they say, would help them to raise funds at concessional rates.In a policy review, the apex bank on Wednesday raised the limit of housing loans for cooperative banks to Rs 140 lakh from Rs 70 lakh. Also rural cooperative banks and district central cooperative banks have now been allowed to lend to commercial and residential real estate within the aggregate housing finance limit of 5 per cent of their total asset. In another move, urban cooperative banks have been allowed to provide doorstep service to their customers on par with scheduled commercial banks.These moves have been welcomed by the banks which have been asking for these changes for long. Given their customer base, urban cooperative banks have pointed out that capping of housing loans had led to their consumers migrating to scheduled commercial banks when it came to home loans. Also, urban cooperative banks and rural cooperative banks are active in the peri-urban areas where they finance industries and commerce. Rural banks and district central cooperative banks have also asked for diversification of their portfolio to allow them to de-risk their lending. At present, these banks lend mainly to agriculture and agriculture-related businesses which have inherent risks associated with them.Sudhir Pandit, administrator of Rupee Co-operative Bank, said these changes will allow a level playing field. “In my opinion, enhancing the ceiling on housing loans is expected to boost the business potential for urban and rural cooperative banks. The RBI has taken a good step in the right direction to bring about a level playing field amongst all banks. However, the real challenge for cooperative banks is to keep interest rates competitive and offer housing loans on liberalised terms. Further, by allowing doorstep banking to cooperative banks, the RBI has really enunciated its commitment and support to the cooperative spirit of cooperative banks,” he said.Suhas Patwardhan, vice president of the Maharashtra Cooperative Housing Federation, said that allowing cooperative banks to enter the home loans sector would help the cooperative housings which are looking for redevelopment. Maharashtra, he said, has 1.30 lakh housing societies and 30,000 apartments. Around 30 per cent of them would have to go for redevelopment. “We have been asking the RBI to allow us to raise finances from the cooperative banks and the apex bank has allowed this. We welcome the decision,” he said.