RBI said investigation into Sarvodaya Co-operative Bank based on its financial position as on March 31, 2019, revealed that the bank had not put in place the system of periodic review of risk categorisation of accounts
1 min read7 Sep 2021Under this Act, a lender can take possession of the property or mortgaged assets after giving the borrower a 60-day notice.In the absence of Sarfaesi Act, lenders had to resort to filing a case in civil courts, which was a lengthy procedure.
2 min read25 May 2020These customers are those who have deposited more than ₹5 lakh in their accounts RBI cancelled the bank’s licence citing its highly adverse financial position
3 min read4 May 2020Of the bank’s ₹158-crore outstanding loan book as on 31 March, ₹153 crore or 97% were non performingIn May 2014, RBI had capped deposit withdrawals from the bank at ₹1,000
3 min read4 May 2020With the cancellation of licence and start of liquidation proceedings, the process of paying the depositors will be as per the DICGC Act, 1961The bank’s total deposits stood at ₹485.56 crore as on November 2019 and its loan book stood at ₹161.17 crore in the same period
2 min read2 May 2020The proposed legislation will help prevent a repeat of PMC-like crisisThere are 1,540 co-operative banks with a depositor base of 86 million having total savings of about ₹5 lakh crore
2 min read1 Mar 2020RBI on Monday proposed reduction in loan amount an urban co-operative bank can lend to a single entity and a group of borrowers to 10% and 25%, respectivelyIn a draft circular, the RBI said large exposure of banks to single borrowers/parties or groups of connected borrowers/parties leads to credit concentration risk
2 min read30 Dec 2019The RBI said the penalty is based on deficiencies in regulatory complianceThe RBI said the charges regarding non-compliance with RBI directions were established which warranted imposition of monetary penalty.
1 min read6 Nov 2019The churn in Maharashtra’s co-operative banks signifies a tectonic shift as new power equations are emergingThe co-operative sector has turned into a shadow boxing arena between the Congress-NCP and an ambitious BJP keen to deepen its footprint in rural Maharashtra
9 min read29 Sep 2019The RBI had issued a show cause notice to the bank, in response to which the lender submitted a written replyThe penalty has been imposed on the co operative bank for violation of RBI Instructions Guidelines for shifting of its branch without obtaining prior approval
1 min read16 Sep 2019The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared