According to ED, large-scale misappropriation of funds was orchestrated at the said branch, primarily by the branch manager, B Shobha, on the instructions of R M Manjunatha Gowda.
Ahmedabad-based Colour Merchants Cooperative Bank facing 7 FIRs for allegedly defrauding loan applicants, with charge sheets filed in 2. Police say they have received over 100 complaints.
Gujarat’s urban cooperative banks have been making headlines for the wrong reasons, and many have been slapped with RBI fines for lending to own directors or their relatives.
Urban cooperative banks account for bulk of fines by RBI. A significant share of these are for loans given to related parties — the overwhelming majority by institutions in Gujarat.
The new Ministry of Cooperation, the govt has said, will provide a separate administrative, legal and policy framework to strengthen the cooperative movement in the country.
Speaking in the Rajya Sabha, Nirmala Sitharaman said the amendment is to protect depositors' interest and is only for cooperative societies engaged in banking activities.
Finance Minister Nirmala Sitharaman said the Bill would protect depositors, but some opposition parties said the legislation would infringe on state powers.
NCP chief Pawar also sought to debunk the notion that cooperative banks are faring worse than other banks, and called them the backbone of India's rural economy.
Assam CM can’t celebrate that the Congress drew a blank in the Bodoland Territorial Council polls in 2010 as well as 2015, and bagged only one in 2020.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
In post on social media, Cooper narrated experience of MiG-21 researcher from Germany who wanted to attend aircraft’s farewell ceremony in India, and the roadblocks he faced.
What Munir has achieved with Trump is a return to normal, ironing out the post-Abbottabad crease. The White House picture gives us insight into how Pakistan survives, occasionally thrives and thinks.
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