RBI cancels licence of Solapur-based Laxmi Co-operative Bank

The Indian Express | 2 weeks ago | 22-09-2022 | 07:45 pm

RBI cancels licence of Solapur-based Laxmi Co-operative Bank

The Reserve Bank of India (RBI) Thursday cancelled the licence of Solapur-based Laxmi Co-operative Bank Limited.According to the RBI’s order, the bank would cease to carry on its banking businesses from September 22 and the central bank has also asked the commissioner for cooperation and registrar of cooperative societies, Maharashtra, to issue an order for winding up the bank and appoint a liquidator for it.Listing the reasons for cancelling the bank’s licence, the RBI stated: “The bank does not have adequate capital and earning prospects and as such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) of the Banking Regulation Act, 1949. The continuance of the bank is also prejudicial to the interests of its depositors. The bank with its present financial position would be unable to pay its present depositors in full and public interest would be adversely affected if the bank is allowed to carry on its banking business any further.”The RBI’s order added, “On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5,00,000 from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961.”

Google Follow Image


Similar News

Your Daily Wrap: Ex-cop kills 38 at Thailand day-care centre; World Bank downgrades India’s growth forecast to 6.5%; and more
The Indian Express | 16 hours ago | 06-10-2022 | 10:45 pm
The Indian Express
16 hours ago | 06-10-2022 | 10:45 pm

The World Bank today downgraded India’s growth forecast to 6.5 per cent for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment. In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world.A day after the World Health Organization warned that four fever, cold and cough syrups made by an Indian company may be linked to the deaths of 66 children in The Gambia, the Haryana government today sent samples of the syrups to the Central Drugs Laboratory in Kolkata for examination. “The samples have been collected by a team of the Drugs Controller General of India (DCGA) and Haryana’s Food and Drugs Administration Department and sent to the CDL, Kolkata for examination,” state Health Minister Anil Vij said. Meanwhile, Gambia has launched an urgent door-to-door campaign to remove the syrups.At least 38 people, including 22 children, were killed in a mass shooting at a day-care centre in a northeastern province of Thailand. The gunman was a former police officer and he took his own life following the shooting. The age range of children at the daycare centre was from two to five years, Reuters reported. They identified the attacker as a former member of the force who was dismissed from his post last year over drug allegations and he was facing trial on a drugs charge.French author Annie Ernaux was awarded this year’s Nobel Prize in literature for “the courage and clinical acuity with which she uncovers the roots, estrangements and collective restraints of personal memory,” the Swedish Academy said.Political PulseAmong the few Congress veterans to throw their weight behind Shashi Tharoor in the contest for party president, former J&K PCC chief Saifuddin Soz says he thinks Shashi Tharoor will do “better” in the post. While stressing that he has respect for Tharoor’s rival Mallikarjun Kharge, who is seen to have the Gandhi family’s blessing, Soz said: “He (Tharoor) is very well-read. He is energetic and dynamic and he has a wider world view and wider appeal as well.” Bashaarat Masood reports.Express ExplainedAccording to a new World Bank report, titled Poverty and Shared Prosperity 2022: Correcting Course, the Covid pandemic has been the biggest setback to global poverty alleviation in decades. What has the report found? What does it say about India’s poverty levels? What are the suggested solutions? We explain.In Express Opinion todayThe question at Vijayadashami rallies in Maharashtra: Who moved my Hindutva?In Tamil Nadu education model, children are placed centrestageElection Commission’s proposal on freebies and election promises raises questions of institutional overreach

Your Daily Wrap: Ex-cop kills 38 at Thailand day-care centre; World Bank downgrades India’s growth forecast to 6.5%; and more
Man Robs 12 Crores From Bank, Gets New Look, Caught In Pune Months Later
Ndtv | 1 day ago | 05-10-2022 | 07:27 pm
Ndtv
1 day ago | 05-10-2022 | 07:27 pm

The man was arrestedin a joint operation by Thane and Navi Mumbai police. (Representational)Mumbai: Police have arrested the main accused involved in the Rs 12 crore cash theft from ICICI Bank in Thane's Manpada area from Pune after more than two-and-a-half months, an official said on Wednesday.The police have also recovered around Rs 9 crore from the prime accused, identified as Altaf Shaikh, 43, he said.With Shaikh's arrest on Monday, the police have so far arrested five accused in the case, including his sister Neelofer. The theft had taken place on July 12."Shaikh, a resident of Mumbra, had been working with ICICI Bank as a custodian. As the custodian, he was the caretaker of the bank's locker keys. He spent a year planning the heist, studying the loopholes in the system, and gathering tools to pull it off," the official of Manpada police station said.During the probe, police found that Shaikh planned the entire heist by enlarging the AC duct to pass the cash to the garbage chute and tampering with the CCTV footage, he added."After deactivating the alarm system and sabotaging the CCTV, Shaikh had opened the bank vault and transferred the cash to the duct and below to the chute. The incident came to light after the bank realised that the security money was missing, as were the DVR of CCTVs, which prompted its personnel to call the inspection team," the official said.After the incident, Shaikh fled. He would change his looks and use burqa to hide his identity. Shaikh's sister Neelofer, who was aware of his movement, hid some cash in her home. She has been booked as co-accused in the case and arrested, police said.Shaikh was finally arrested from Pune on Monday. The police managed to recover around Rs nine crore, out of Rs 12.20 crore stolen from the bank, and the remaining amount would be recovered soon, he said.Shaikh was arrested in a joint operation by Thane and Navi Mumbai police. Earlier, the police had arrested Neelofer and three others - Abrar Qureshi (33), Ahmed Khan (33) and Anuj Giri (30).PromotedListen to the latest songs, only on JioSaavn.comMore persons are likely to be arrested in the case and further investigation is underway, the official said.(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Man Robs 12 Crores From Bank, Gets New Look, Caught In Pune Months Later
Mumbai: FIR registered on court order against cop, lawyer and bank official for cheating
The Indian Express | 3 days ago | 04-10-2022 | 11:45 am
The Indian Express
3 days ago | 04-10-2022 | 11:45 am

The Charkop police on an order from a magistrate court in Maharashtra’s Mumbai city Saturday registered an FIR against a woman for allegedly misappropriating cash, costly materials and property related documents of her brother, who died due to Covid-19 last year.A bank official and a lawyer have also been booked in connection with the case, which is registered on a complaint by the deceased man’s wife, said a police officer.Jonofark Anthony, the complainant, had last month approached the magistrate court number 24 in Borivali against four people, including her sister-in-law alleging she with the help of a lawyer, a sub-inspector from the Charkop Police Station and a bank official usurped her husband’s money kept in the bank and other materials like his iPhone, Rado watch, gold ornaments, property and bank related documents.49-year-old Anthony told the police that she works as a teacher in a Middle East country. Her husband Ambrose too worked in a private company in the same country.In April 2021, her husband tested positive for Covid-19 and passed away at a hospital in Mumbai. The complainant after her husband’s death found out that her sister-in-law used his bank details and misappropriated Rs 34 lakh from his bank account.Anthony said that she approached the Charkop police through her lawyer and her complaint was being investigated by a sub-inspector. However, her lawyer betrayed her trust and connived with her sister-in-law and helped her to usurp the property.Anthony’s lawyer later allegedly connived with the sub-inspector to get the case closed without her knowledge. She said the sub-inspector did not even inform her that her complaint has been closed. She also alleged the bank official from a private bank helped her sister-in-law to siphon off the money after her husband’s death.The FIR has been registered under Sections 166 A B, 378, 404, 415, 416, 424 and 425 of the Indian Penal Code (IPC) and Sections 66C and 66D of the Information Technology (IT) Act.“We are investigating the case. No action has been taken so far,” said Manohar Shinde, Senior Inspector, Charkop Police Station.

Mumbai: FIR registered on court order against cop, lawyer and bank official for cheating
How a team of 10 cops running a cyber crime helpline have recovered over Rs 32 lakh in 4 months
The Indian Express | 4 days ago | 03-10-2022 | 12:45 am
The Indian Express
4 days ago | 03-10-2022 | 12:45 am

A team of 10 persons at the Mumbai police control room, located on the fifth floor of the Mumbai Police headquarters, has recovered more than Rs 32 lakh lost by victims of cyber crimes in the past four months.The 1930 helpline that was launched across the country became activated in the city from May 17 this year. Since then, victims of various cyber frauds call the number and officials feed the data on the cybercrime.gov portal, which helps freeze the bank accounts into which money from fraudulent transactions is transferred. The 1930 helpline, which is functional from 9 am to 6 pm, receives as many as 20 to 30 operational calls daily from the Mumbai Metropolitan Region.Police Sub-inspector Rupali Kulthe, who is one of the two officers part of the team handling the helpline, told The Indian Express, “It is an emergency helpline so usually we give priority to people who have lost money in the past 24 hours as there is a high probability that their money can be saved.”Usually most of these calls last 10-15 minutes as the police officer on duty has to take down all the details, including the transaction ID of the fraudulenttransaction, from the caller. These details are then fed into the cybercrime.gov.in portal that is linked to the 1930 number. Complainants can directly log on to this portal and submit details about the fraud as well instead of calling on the helpline, an official added.“The portal then tracks the money and within two-three hours gives us the entire money flow. So, if the cyber fraudster has moved the money across multiple bank accounts and wallets, we get the entire list including where the money is now so that it can be blocked. Then the procedure to return it to the victim has to begin,” Kulthe said.She said that in the three-month period from May 17 – when the helpline was launched in the city with a push from DCP (cyber) Hemkant Rajput – the team has managed to save over Rs 32 lakh and taken nearly 9,000 calls.“Hoardings advertising the 1930 helpline are placed at the station house of the police stations so that victims can call us. Several callers dial us from the police stations. If the person calls us within hours of losing money, there is a high chance we can save their money,” the official said.The 1930 helpline was launched by the Union government but not all states have set it up as yet. An official said a few states like Maharashtra, Gujarat andTelangana have the set up to operationalise the line.But there are several issues in the functioning of the helpline in Maharashtra, said officials. One is the limited time period when the helpline is operational – 9 am to 6 pm. But an officer said they hoping to turn it soon into a 24-hour helpline. Another issue is the lack of clarity on documents required by banks to return the money that has been blocked to the victims.Some banks ask for a letter from the police while others insist that the victim get an FIR registered. We want to standardise the entire issue and we are negotiating with bank officials so that the saved money can be transferred to the victim on verification at the earliest,” an official added.

How a team of 10 cops running a cyber crime helpline have recovered over Rs 32 lakh in 4 months