Page 6 - Cooperative Banks
Depositors of 21 stressed cooperative banks to get Rs 5 lakh by November
The DICGC in a statement said only those depositors who have submitted their willingness to the insured banks would get money
 "Depositors of 21 stressed cooperative banks to get Rs 5 lakh by November")
DICGC asks 21 stressed cooperative banks to prepare list of account holders
DICGC has also asked the banks to circulate consent form to account holders for accessing funds up to Rs 5 lakh as per the amended law within 90 days.
 "DICGC asks 21 stressed cooperative banks to prepare list of account holders")
DICGC to pay upto Rs 5 lakh to depositors of 21 insured co-op banks
The banks include include Punjab & Maharashtra Co-Op Bank (PBC Bank) and City Co-operative Bank
 "DICGC to pay upto Rs 5 lakh to depositors of 21 insured co-op banks")
Nabard chief stresses on strengthening IT infra of cooperative banks
Strengthening of IT infra of cooperative banks, enhancement of agriculture term loans and diversification of credit portfolio are important factors to make them sustainable on a long term basis
 "Nabard chief stresses on strengthening IT infra of cooperative banks")
RBI penalises 2 co-op banks for deficiencies in regulatory compliance
The Reserve Bank of India (RBI) on Wednesday said it has imposed penalties on two cooperative banks for deficiencies in certain regulatory compliance.
 "RBI penalises 2 co-op banks for deficiencies in regulatory compliance")
Co-operative body 'unhappy' over SC verdict upholding supremacy of states
Wants National Policy on Cooperatives, which will ensure uniformity in acts across states
 "Co-operative body 'unhappy' over SC verdict upholding supremacy of states")
PMC Bank gets some cooperative support, but revival to take time
The takeover of this bankrupt urban cooperative bank by the Centrum-BharatPe combine marks the first instance of NBFCs, high-net worth individuals and fintechs being allowed entry in this space
 "PMC Bank gets some cooperative support, but revival to take time")
RBI unveils risk-based audit guidelines for select NBFCs, urban co-op banks
Currently, all the entities supervised by the RBI have their own approaches on internal audit, resulting in certain inconsistencies, risks and gaps in the system
 "RBI unveils risk-based audit guidelines for select NBFCs, urban co-op banks")
RBI curbs withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months
The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020
 "RBI curbs withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months")
PMC Bank trying to use the escape hatch used by tiny cooperative banks
But with a deposit base of more than Rs 11,600 crore, PMC is not a small cooperative bank and has therefore attracted public attention
 "PMC Bank trying to use the escape hatch used by tiny cooperative banks")
RBI appoints new administrator of PMC Bank; no revival plan for bank as yet
The present administrator, JB Bhoria, stepped down from his role as the administrator of the bank due to health reasons
24 directors of Ghaziabad bank booked for embezzling around Rs 100 crore
Twenty-four directors of Ghaziabad's now defunct Mahamedha Cooperative Bank have been booked for allegedly misappropriating around Rs 100 crore, according to an FIR lodged here.
LS passes legislation to bring cooperative banks under RBI's supervision
In a bid to protect the interest of depositors, the Lok Sabha on Wednesday passed an amendment to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI
 "LS passes legislation to bring cooperative banks under RBI's supervision")
RBI slaps Rs 10 lakh fine on 4 cooperative banks for violating norms
The RBI on Thursday said it has imposed a total penalty of Rs 10 lakh on four cooperative banks for deficiencies in regulatory compliance.
 "RBI slaps Rs 10 lakh fine on 4 cooperative banks for violating norms")
Centre may allow cooperative banks to lend under Emergency Credit Line
Gadkari also said that the government aims to increase MSMEs' contribution to the GDP to 50 per cent and in share of exports to 60 per cent
President promulgates ordinance to bring co-operative banks under RBI
The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-operative laws
 "President promulgates ordinance to bring co-operative banks under RBI")
Govt okays Ordinance to give more teeth to RBI over co-operative banks
The RBI will get more auditory and managerial powers over 1,482 urban co-operative banks and 58 multi-state co-operative banks after the Ordinance is approved by the President
 "Govt okays Ordinance to give more teeth to RBI over co-operative banks")
Top headlines: Co-op banks to be supervised by RBI, Covid-19 medicine, more
Business Standard brings to you a snapshot of events which made it to the headlines today
 "Top headlines: Co-op banks to be supervised by RBI, Covid-19 medicine, more")
Cooperative banks to be supervised by RBI; govt to bring an ordinance
All govt banks, including urban and multi-state cooperative banks will be brought under the supervisory powers of the RBI
 "Cooperative banks to be supervised by RBI; govt to bring an ordinance")
RBI bars People's Co-operative Bank from granting loans, accepting deposits
The central bank has also barred the co-operative bank from selling, transferring or disposing any of its properties or assets for next 6 months
 "RBI bars People's Co-operative Bank from granting loans, accepting deposits")