Page 3 - Cooperative Banks

BJP MLA Ramesh Jarkiholi booked for cheating Karnataka Cooperative bank

A case has been registered against BJP MLA and former minister Ramesh Jarkiholi and two others for violating the condition of the loan taken from the Karnataka Cooperative Apex Bank and its other banks of its group. According to the FIR, the general manager of the bank has charged that Soubhagya Laxmi Sugars Ltd Chairman and Managing Director Ramesh Jarkiholi and its two directors Vasant V Patil and Shankar A Pawade had borrowed a loan of Rs 232.88 crore loan from July 12, 2013 to March 31, 2017 from the Karnataka Cooperative Apex Bank and other banks of its group for the establishment and expansion of the firm. The accused had a balance of Rs 439.07 crore as on August 31, 2023, the complainant said. He added that there was a condition that till the loan was repaid, the firm was not supposed to change the managing director and its directors. Despite this condition, the accused appointed unknown persons in his place without informing the bank and "with an intention to cheat," the ..

India will be self-sufficient in pulses by December 2027, says Amit Shah

Cooperation Minister launched a tur dal procurement portal for farmers to sell their produce better

Cooperative sector sees opening of new avenues for expansion in 2023

The year 2023 saw a newly set up cooperation ministry coming out with several initiatives including model bye-laws for making PACS multipurpose and a national cooperative body to promote exports in a bid to give further boost to the cooperative movement and open new avenues for the cooperative societies for expansion. Set up in July 2021, the new ministry under the leadership of Amit Shah took historical steps for strengthening the cooperative sector in a short span of time, an official statement said. "To strengthen the cooperative movement, the Ministry of Cooperation has taken 54 major initiatives, through which all cooperative societies are getting new possibilities for their economic development and expansion," it said. Among the key initiatives taken this year, the ministry said it came out with a draft Model Bye-Laws for Primary Agricultural Credit Societies (PACS) on January 5, 2023, in order to increase their source of income and create new employment opportunities in more

RBI flags contagion risks on SFBs for high reliance on co-op banks deposits

"Lack of asset diversification coupled with geographical concentration"

RBI imposed monetary penalties worth Rs 40 crore on 211 entities in 2022-23

Out of 211, 176 penalties worth Rs 14.04 crore were alone imposed on cooperative banks, Bhagwat Karad told Lok Sabha on Monday

1,000 acres of defunct textile mills in UP to give way for new firms

These defunct units collectively owe liabilities of almost Rs 3,000 crore to different agencies, including financial institutions, and have little chances of revival

New national co-op policy calls for body to address financing needs

It has also called for rationalizing the process of winding up and liquidation of a cooperative where revival is not possible within a reasonable timeframe

Connected lending: Influence of business houses likely to be curbed

According to industry experts, the term 'Regulated Entities' includes not only banks but is also expected to include other lending agencies like NBFCs and Co-operative banks

CBI to probe multi-crore scam by three cooperative banks in Karnataka: CM

The Central Bureau of Investigation will probe into the financial irregularities that took place in three cooperative banks in Karnataka, the state government said on Saturday. In a post on 'X', Chief Minister Siddaramaiah said: "It has been approved to hand over the scams of Guru Raghavendra Cooperative Bank, Vasishtha Bank and Guru Sovereign Bank to the CBI." Thousands of depositors had invested their lifetime savings in the bank, keeping their dreams like marriage of children, buying their own house as a basis for their retirement life. All of them are clueless about their future life due to bankers' fraud, the chief minister said. "Even when I was the Leader of the Opposition earlier, I was vocal inside and outside the House and participated in protests to get justice for the defrauded depositors. Even then, it was our insistence that this case should be investigated by CBI," he stated. "I have seen the frustration and suffering from those who have lost their deposit money. For

Excess SLR holdings reason for RBI's comfort on Abhyudaya Co-operative Bank

The gross NPA ratio of the bank is around 12 per cent, and the regulator aims to bring it down to 8 per cent through sustained recovery efforts

Business as usual for Abhyudaya Cooperative Bank on Tuesday: Official

On Sunday, 21 branches of the bank were opened which did not see any unusual rush

Deposits safe, RBI confident of fixing Abhyudaya Co-op Bank's governance

The multi-state cooperative lender, which was established in 1965, was under the regulatory watch for about two years, sources said

RBI supersedes Abhyudaya Co-operative bank board, appoints administrator

No business restrictions, to carry out normal banking activities

ED arrests Ex-KPCC general secy in cooperative bank fraud case in Kerala

Kerala Pradesh Congress Committee (KPCC) former general secretary, K K Abraham, has been arrested by the Enforcement Directorate (ED) in connection with an alleged loan scam that occurred during his tenure as president of a service cooperative bank in Wayanad district. Abraham was taken into custody on Tuesday night in connection with the Pulpally Service Cooperative bank scam, according to official sources. He was subsequently presented before a court on Wednesday, they said without elaborating. ED initiated a probe after receiving multiple allegations of financial irregularities within the bank during Abraham's time as president of the institution's governing body. The victims had approached the ED seeking probe into the scam. One of the victims of the scam had died by suicide a few months ago. Prior to the ED action, Abraham had been arrested by the Vigilance wing of the Kerala police following a cheating complaint filed by an elderly couple.

WCopEF formed to give voice to over 3 mn cooperatives across globe

Leading cooperative sector experts have come together to form the World Cooperative Economic Forum (WCopEF) to give voice to over three million cooperatives spread across the globe, employing 10 per cent of the total workforce worldwide. The WCopEF will endeavour to promote cooperative thinking and cooperative movement, in addition to raising issues and concerns of the sector with the governments and other stakeholders around the globe. "WCopEF journey is starting at the juncture of ideation of an equitable economy, tempered by pragmatism. We are transitioning to a new engagement with the international cooperative economic order," Dileep Bhai Shanghai, one of the founder members of the Forum, said in a statement. Shanghai, Chairman of the fertilizer major IFFCO and President of National Cooperative Union of India (NCUI), had also earlier served as a member of parliament and a Minister in the Government of Gujarat. The other founder members of the WCEF are Binod Anand, member MSP ..

Cooperative bank scam: Congress accuses Left govt of deceiving investors

Attacking the Left government over the syphoning of funds from Karuvannur Cooperative Bank, the Opposition Congress on Wednesday accused Chief Minister Pinarayi Vijayan of not finding a solution to the problems of people who have invested their life's savings in the scam-hit financial institution. The party alleged that the Left government was protecting the looters and those who shared the plundered money from Karuvannur bank. The assurance given by the government that no investor in the scam-hit cooperative bank would lose their money was yet another bid to deceive them, Leader of Opposition in the State Assembly V D Satheesan said in a statement here. A day after Cooperation Minister V N Vasavan said in Kochi that the depositors of Karuvannur bank would get their money back at the earliest, Satheesan pointed out that the government had assured those who had invested up to one lakh rupees that it would return their deposits, but was silent about those people who had invested lakh

Cosmos Coop Bank merges Sahebrao Deshmukh Co-op Bank with itself

Cosmos would have 170 branches in seven states across India

RBI cautions UCB directors against camouflage of financial position

The RBI today held a Conference of Directors on the Boards of Tier 3 and 4 Urban Cooperative Banks (UCBs) in Mumbai Zone

RBI Guv asks urban co-op banks for rigorous follow-up to recover bad loans

Reserve Bank Governor Shaktikanta Das on Wednesday asked urban cooperative banks to go for rigorous follow-up of large NPA borrowers for effective recovery, and not to camouflage their actual financial position by innovative accounting practices. In a statement, the RBI said the Governor held a conference of directors on the boards of select large urban cooperative banks (UCBs) in Mumbai Zone. The Reserve Bank has started engaging with the directors of its regulated entities functioning in different segments of the financial system. Two separate conferences were held with directors on boards of public sector banks and private sector banks in May 2023. The governor reinforced the need for board's involvement in upholding rigorous credit risk management including robust underwriting standards, effective post sanction monitoring, timely recognition and mitigation of incipient stress, rigorous follow-up of large NPA borrowers for effective recovery, and maintaining adequate ...

ED raid at my house pre-planned: Kerala's Moideen on bank fraud case

: Senior CPI (M) leader A C Moideen MLA on Wednesday termed the raid carried out by the Enforcement Directorate (ED) at his residence here as "pre-planned," and said he would co-operate with any investigation. The central agency conducted a 22-hour-long search at his house in connection with the money laundering probe linked to an alleged Rs 100 crore fraud in the party-controlled Karuvannur cooperative bank here. The search began on Tuesday morning, and continued till early today. The ED sleuths left at 5.15 am. Addressing the media, the former minister of Cooperation and Industries said the investigators verified his bank account details and that of his family members besides checking other property documents kept at the residence. "The ED officials searched the entire premises. My bank account details, as well as those of my wife and daughter, were examined. The property documents kept at the house were also examined," he said. He said he was told by the investigators that one