Cooperative banks News

The attack, which targeted technology service provider C-Edge Technologies, has disrupted online transactions, including cash withdrawals at ATMs and UPI payments.

The penalty on Rajkot Nagarik Sahakari Bank was imposed for granting loans to companies in which the bank's directors held interests.

The central bank said a penalty of Rs 2 lakh has been imposed on Kokan Mercantile Co-operative Bank Ltd., Mumbai for similar non-compliance. RBI has also imposed a penalty of Rs 1 lakh on the Samata Cooperative Development Bank Limited. RBI said the penalities are based on deficiencies in regulatory compliance.

Advocate Rohini Khadse Khewalkar or ‘Rohini Tai has been a torchbearer of versatility and dynamism, having worked on rigorous initiatives in socio-economic and political regimes. Rohini Tai is not only adept at the legal framework, but has also had a successful run in politics.

The veteran politician said the "perspective" of the top bank towards cooperative banks is "not at all appropriate". NCP has been opposing the supervision of cooperative banks by the RBI since the changes were made to The Banking Regulation Act approved by Parliament in September 2020.

PMC Bank depositors will now get up to Rs 5 lakh back from Nov 30 The govt has notified the amendment to the DICGC Act

The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by the Registrar of Cooperatives It is aimed at bringing cooperative banks on par with developments in the banking sector through better management and proper regulation which protects the interest of depositors The bill assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who have been facing difficulty in withdrawing their money due to restrictions imposed by the RBI

Javdekar said the Cabinet meeting, chaired by Prime Minister Narendra Modi, approved a scheme for interest subvention of 2% to SHISHU loan category borrowers under Pradhan Mantri Mudra Yojana (PMMY). 

Income tax is a tax on profits and there is no rationale for exempting profit-making cooperative banks from payment of income tax, government said.

The Income Tax department on Friday said banks, mutual funds and financial institutions should obtain an identification number and file the statement of financial transaction (SFT) by May 31.

Coming down hard on cooperative banks, RBI Deputy Governor R Gandhi on Friday said their share is below 5 percent despite large number, as they have not kept pace with technological advances and lack professionalism.

The Reserve Bank on Thursday doubled to Rs 2 lakh the amount of loan furnished by cooperative banks under the Gold Loan - Bullet Repayment scheme.

The government on Wednesday approved a move to revive 23 ailing cooperative banks in four states that would require a capital infusion of about Rs 2,375 crore.