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The Reserve Bank has cancelled the licence of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank due to its worsening financial position. The Registrar of Co-operative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator, the Reserve Bank of India (RBI) said in a statement on Thursday. On liquidation, about 97.9 per cent of depositors would receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). Giving reasons for cancellation of the licence, the RBI said the lender does not have adequate capital and earning prospects and does not comply with certain provisions of the Banking Regulation Act, 1949. "The bank with its present financial position would be unable to pay its present depositors in full," it said, and added continuation of the bank will be prejudicial to the interests of its depositors. Consequent to the cancellation of its licence, Shree Mahalaxmi Urban .
Karnataka Chief Minister D K Shivakumar on Sunday categorically denied discontinuing Gruha Lakshmi and Gruha Jyoti guarantee schemes of the Congress government and appealed to the public not to pay heed to rumours being spread by the opposition. In a statement, he said, "Gruha Lakshmi and Gruha Jyoti are the pride of the Congress government. They will not be stopped under any circumstances. The public should not listen to the false news being spread by Opposition parties in this regard." Shivakumar clarified that some people have been creating fake records in the names of deceased persons and are availing the benefits of the schemes. Therefore, beneficiaries have been asked to reapply only so that their name, address, and account number can be verified and authenticated for the guarantee schemes. "All guarantee schemes will continue one hundred percent and that no one need to be anxious," the CM said. Gruha Lakshmi offers Rs 2,000 to women head of the families living below the pove
Karnataka Chief Minister D K Shivakumar on Saturday ruled out accepting the resignation of senior Cabinet colleague Ramalinga Reddy, asserting that the issue would be resolved internally through discussions. Shivakumar's remarks came amid efforts by the Congress leadership to defuse the crisis triggered by Reddy's resignation announcement. "Under no circumstances will we accept his resignation," Shivakumar told reporters, signalling the government's determination to retain the senior leader in the Cabinet. The Chief Minister said he had received Reddy's resignation communication but indicated that discussions would continue before any decision was taken. "Ramalinga Reddy may have sent his resignation to me on WhatsApp. I was occupied throughout the night. Under no circumstances will we accept his resignation. I will speak to him. I will speak to everyone," he said. Shivakumar stressed that the matter would be addressed within the party and government rather than being allowed to .
Karnataka Chief Minister D K Shivakumar early on Saturday said that the crisis triggered by Minister Ramalinga Reddy's resignation over portfolio allocation has been resolved after marathon discussions with the senior Congress leader. Shivakumar met Reddy for nearly two-and-a-half hours at a private hotel in Jayanagar late on Friday night amid efforts by the Congress leadership to persuade the veteran leader to withdraw his resignation. The meeting went on till the wee hours of Saturday. Senior Congress leaders and some of Reddy's close associates were also involved in the discussions. "This is a family matter. We will all sit together and talk. Everything has been resolved," Shivakumar told reporters after emerging from the meeting around 1.30 am. "He has expressed his grievance; it was a case of miscommunication. Something has happened, and we will sort it out. Don't worry, we will run everything first-class. We have given opportunities to all senior leaders, and we will set ...
Congress leader Ramalinga Reddy on Friday announced that he will tender his resignation from the post of minister, expressing displeasure over allocation of portfolio. The minister said he wanted the Bengaluru Development portfolio but was made minister for Major and Medium Irrigation projects. The resignation comes after Chief Minister D K Shivakumar allotted the portfolios on Thursday night. "I am resigning from my post because I cannot work against conscience," Reddy said at a press conference here. He said, "How long can I tolerate this humiliation and what else were options before me?" This was a major setback for the Shivakumar government, which came to power on Wednesday. The Congress leadership made a last ditch attempt in the middle of the press conference to persuade the disgruntled minister, but he remained firm in his decision. He told the leaders who approached him with the party leadership's message that the time is now lapsed to pay heed to any suggestions.
State Congress President D K Shivakumar took oath as the Chief Minister of Karnataka on Wednesday. He was administered the oath of office and secrecy by Governor Thaawarchand Gehlot at Lok Bhavan here. Shivakumar took the oath in the name of revered seer "Gangadhar Ajja", while holding a copy of the Constitution. Thirteen ministers, including a Deputy CM will take the oath along with Shivakumar. Shivakumar, a 64-year-old Vokkaliga strongman, was elected leader of the Congress Legislature Party in Karnataka on May 30, following Siddaramaiah's resignation as CM on May 28. Shivakumar had served as Deputy Chief Minister under Siddaramaiah. Leader of Opposition in the Lok Sabha Rahul Gandhi, AICC President Mallikarjun Kharge, outgoing CM Siddaramaiah, AICC General Secretaries K C Venugopal and Randeep Singh Surjewala, CMs of Congress ruled states, several top Congress leaders, dignitaries, and invitees were present at the swearing-in. Religious leaders from all major communities, incl
Karnataka state Congress President D K Shivakumar was elected leader of the legislature party on Saturday, paving the way for him to take over as the next chief minister of the state, party sources said. Senior leader Siddaramaiah, the outgoing chief minister, proposed Shivakumar's name as the new leader of the legislature party at the meeting held at Vidhan Soudha. The meeting was overseen by AICC general secretaries K C Venugopal and Randeep Singh Surjewala. However, the CLP meeting to elect the new leader took a break, and top leaders including Siddaramaiah, Venugopal and Surjewala went into a huddle in a separate room, according to sources. Shivakumar's swearing-in as the new CM will take place on June 3 at the Glass House of Lok Bhavan here. Shivakumar served as the Deputy Chief Minister in the Siddaramaiah government. Siddaramaiah resigned as Chief Minister on Thursday and Governor Thaawarchand Gehlot, accepted his resignation the next day and dissolved the Council of Minist
The Congress Legislature Party is scheduled to meet on Saturday evening here to elect its new leader, who will succeed Siddaramaiah as the next Chief Minister of Karnataka. D K Shivakumar, who served as Deputy CM under Siddaramaiah, is widely expected to be elected as the new leader of the CLP. Siddaramaiah's resignation as Chief Minister was accepted and the Council of Ministers was dissolved by Governor Thaawarchand Gehlot on Friday. All lawmakers have been asked to attend the CLP meeting at 4 pm in Vidhana Soudha's conference hall, which will be overseen by AICC General Secretaries K C Venugopal and Randeep Singh Surjewala. According to sources, Siddaramaiah himself will propose Shivakumar as the new CLP leader, or a one-line resolution may be passed authorising the Congress high command to choose the next leader. The swearing-in of the new Chief Minister is likely on Sunday or Monday, and it may be held on the iconic grand steps of Vidhana Soudha, official sources said. There