MAHARASHTRA PROTECTION OF INTEREST OF DEPOSITORS
What happens when your bank isn't really a bank and your money disappears?
The long-standing promise of bank insurance faces a crisis as online-only lenders with millions in deposits face turmoil, freezing customer accounts and leaving many in the dark about their money's fate. The complex web of blame, bankruptcy, and missing funds has left depositors struggling to recoup their life savings.
Uddhav Thackeray slams Shinde govt, says schemes targeting women voters will wind up in 2-3 months
hiv Sena (UBT) chief Uddhav Thackeray criticised the Eknath Shinde government for offering short-term schemes like Mukhyamantri Majhi Ladki Bahin Yojana to woo women voters before Maharashtra assembly polls. Thackeray demanded farm loan waivers and called out the BJP for caste division. He accused the ruling alliance of using schemes as temporary election tactics, questioning their implementation.
Congress, Sena (UBT) and NCP (SP) to jointly contest Maharashtra polls: Sharad Pawar
The NCP (SP), Congress and the Shiv Sena (UBT) are constituents of the opposition Maha Vikas Aghadi (MVA), which was in power in the state from November 2019 till June 2022 before the collapse of the Thackeray-led government.
ED raids Kerala-based ponzi company that duped depositors of Rs 1,500 crore
The Enforcement Directorate Friday said it raided multiple locations in various states as part of a money laundering investigation against a Kerala-based company that allegedly duped depositors to the tune of Rs 1,500 crore through a ponzi scheme. The searches were launched on June 11 on the premises of the promoters of HighRich Online Group in Kerala, Maharashtra and Chhattisgarh.
Facing parking space manipulation by the builder? MahaRERA empowers home buyers against the defaulting promoters
MahaRERA: Now flat buyers don't have to worry about parking space inside the flat, as MahaRERA has passed a order mandating parking space to be accurately communicated in both allotment letter and sale agreement. Read here to know more about the parking order by MahaRERA and how it will help you.
Will this bank continue to offer 9.2% interest on fixed deposit post-merger? Know what changes for FD investors
Interest rates on small finance bank FDs had gone up and small finance banks (SFBs) were offering 9% to 9.5%. Earlier, Fincare Small Finance Bank used to offer 9.21% to senior citizens on FDs maturing in 750 days. Now Fincare SFB merged with AU Small Finance Bank, effective from April 1. Now, customers should be aware of what will happen to the FDs they had opened in Fincare SFB before the merger? Will they be eligible for the deposit insurance protection of up to Rs 5 lakh, including principal and interest? Will the IFSC codes change after the merger?
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Election Commission nod taken before lifting ban on onion exports: Govt sources
The government on Saturday lifted the ban on onion exports, a decision that can help boost income of a large section of farmers and comes ahead of the Lok Sabha polls in key producing regions including Maharashtra. The government has imposed a minimum export price (MEP) of USD 550 per tonne (around Rs 46 per kg) as well as 40 per cent export duty. Taking duty into account, the shipments will not be allowed below USD 770 per tonne (around Rs 64 per kg).
With export of oranges squeezed, Nagpur region farmers pin their hope on pulp
Trade tensions near Nagpur impact onion and cotton, affecting orange growers and cotton farmers in Vidarbha. Export policies and market fluctuations pose challenges, prompting farmers to seek alternative solutions like pulp factories amid the crisis.
Earn up to 9.50% interest rate: Senior Citizen Saving Scheme (SCSS) vs FD; interest rates, tax benefits, deposit limit compared
SCSS vs. FD: Here, we have compared the interest rates offered by the Senior Citizens Savings Scheme (SCSS) and bank fixed deposit rates with 5-year tenure for senior citizens and other important features.
PSU lenders do not have the power to issue Look Out Circulars: Bombay HC
The Bombay High Court declared public sector lenders ineligible to issue Look Out Circulars (LOCs) under Central government office memoranda. While deeming this practice as 'arbitrary', the court upheld the constitutionality of the Central government's office memoranda. The ruling nullified all LOCs issued by public sector banks.
FD interest rate up to 9.5%: Banks offering highest FD interest rates for senior citizen investors
Best senior citizen FDs: Seniors can increase the growth of their savings at a higher rate with senior citizen FD rates without having to take on more risks. Here are banks offering best rate for senior citizens fixed deposit interest rates.
Another bank in crisis: RBI stops customers from withdrawing money; what are your rights as depositors if your bank fails?
What happens to your money if a bank fails in India? The Reserve Bank of India (RBI) has imposed restrictions on Shirpur Merchants' Co-operative Bank amid its worsening financial health. The most significant restriction? A freeze on customer withdrawals. The RBI has previously imposed similar curbs on troubled lenders like PMC Bank. But what recourse do depositors have when their bank hits a rough patch? And what should customers of Shirpur Merchants' Co-operative Bank do now? ET Wealth Online answers these critical questions.
Up to 9% interest rate: Corporate FDs vs bank fixed deposits; Which offers higher interest rate?
What is a corporate FD: Similar to bank fixed deposits, corporate FDs provide interest earnings and offer flexibility in choosing the investment amount and duration. Fixed Deposits serve as a popular choice for long-term investments, particularly for older investors aiming for a secure retirement. The tenure period plays a crucial role in determining when investors will receive returns before maturity. In corporate fixed deposits, the tenure typically ranges from six months to 5 years, offering a shorter duration compared to bank fixed deposits.
LS polls: NCP (SP) files complaint with ECI against Shiv Sena and BJP over star campaigners list
The Sharad Pawar camp in MVA filed a complaint against BJP and Shiv Sena for naming individuals from other parties as star campaigners, violating the Representation of the People Act. The NCP (SP) claimed Shiv Sena, led by Chief Minister Eknath Shinde, has published the names of various people holding high public office such as the prime minister, Union ministers, chief minister and deputy CM.
Mumbai 1992 riots and 1993 blasts: Maharashtra initiates steps to trace kin of victims for compensation
Thirty years following the communal riots of 1992 and the serial bomb blasts of 1993 in Mumbai, the Maharashtra government has taken steps to compensate the legal heirs of individuals who lost their lives or disappeared during these tragic events.
Earn up to 7.6% on SBI Amrit Kalash special FD; check last date to invest, who is eligible
SBI Amrit Kalash special FD: State Bank of India (SBI) has extended the last date to invest in its Amrit Kalash special fixed deposit scheme many times. This scheme offers investors higher interest rate compared to regular SBI FDs.
State employees to get 50% of last salary and DA as pension
The revised scheme would enable employees to get 50% of their last drawn salary as pension, apart from dearness allowance, and 60% of the amount as family pension, plus DA, chief minister Eknath Shinde announced in both Houses of the Maharashtra assembly on Friday.
Why only Paytm? If SBI refuses to listen to RBI, they will take action against it also: Rajnish Kumar, BharatPe
Rajnish Kumar of BharatPe says "UNO, owned by a bank with good governance, follows design principles for security and compliance. Fintechs, without a banking license, need self-regulation. Responsible behavior is crucial in the payment ecosystem to mitigate risks of fraud, cybercrime, and data breaches. Today, if you are seeing that India's banking system is much stronger, it is because the RBI has played a very critical role in providing that necessary supervision, guidance and regulations."
MahaRERA takes suo moto action against developers selling plots sans registration
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers selling non-agricultural plots without registering with the authority. Show cause notices have been issued to 41 developers in Maharashtra. Registration with MahaRERA is mandatory for selling plots, flats, or buildings. Majority of the violating projects are from Pune, followed by Konkan and Nagpur regions.
Data centres to see investments of $10 bn over the next 3 years, says CII-Colliers report
India's data centre industry is expected to double in size to 23 million sq ft and attract $10 billion in investment within the next three years, according to a report by CII-Colliers. Factors driving this growth include increased data consumption, a favorable regulatory framework, and significant investments in the sector.
Further rise in deposit rates unlikely as banks look to protect margin
Banks in India are unlikely to engage in a deposit war despite an anticipated increase in credit demand during the festive season. Most lenders are hesitant to raise deposit rates in order to protect their margins. Instead, they plan to use the excess liquidity buffer maintained through the statutory liquidity ratio (SLR) to address any short-term funding mismatches.
Affidavit filed before Bombay High Court contesting trial court decision in NSEL scam case
The EOW has contended that in the last ten years they have filed 11 chargesheets in the case against 220 accused who are companies, its concerned directors, employees, individuals etc and those who have been left out were for the want of evidence. They further argued that merely being signatory or owning shares does not prove criminal charges, “ as there is no mens rea or common intention for conspiracy”.
Mumbai police may tap Sebi for details on FMC Ex-chief Ramesh Abhishek's actions
The Mumbai Police may approach India's Securities and Exchange Board to enquire about the former Forward Markets Commission chairman Ramesh Abhishek's role in the 10-year-old ₹5600 crore National Spot Exchange payment crisis. The police are seeking to establish if the capital-markets regulator's investigation revealed any alleged act of deliberate omission, commission, or negligence on Abhishek's behalf.
Exporters with credit limit of up to Rs 50 crore to get 90% insurance cover: ECGC
The change comes into effect on July 1, 2023 and expected to benefit around 3,000 exporter-borrower accounts, commerce and industry minister Piyush Goyal said on Friday. “Last year ECGC Ltd extended cover under Export Credit Insurance for banks (ECIB) scheme for the accounts with export credit working capital limits up to Rs 20 crore sanctioned by the banks with enhanced cover of 90%,” Goyal said.
How much interest rate is applicable on unclaimed amounts in savings account, fixed deposits
The banks will transfer unclaimed funds to special account designated by the Reserve Bank of India dubbed as the Depositor Education and Awareness Fund.
Unclaimed bank deposits: RBI launches campaign to return amount in unclaimed deposits to their rightful claimants
Through its public awareness campaigns, the Reserve Bank encourages members of the public to locate and contact the relevant bank for claiming such deposits.
HDFC-HDFC Bank merger: Interest, depositors’ insurance, withdrawal rules; what changes for HDFC FD customers
HDFC is all set to merge with HDFC Bank by June 2023. The merged entity will be known as HDFC Bank. Customers of HDFC, whether borrowers or depositors, will witness certain changes after the merger. From the interest rate of fixed deposits to premature withdrawal rules, here's a list of things that will change for HDFC customers post-merger.
SVB meltdown: US regulators to protect all depositors, EV makers questioned about mispricing products
Indian startups have been adversely affected by these developments, with a particular impact on those in the software-as-a-service (SaaS) industry.
SVB collapse: US regulators to protect all depositors
Banking regulators said on Sunday evening that depositors at Silicon Valley Bank (SVB), which was shuttered Friday, would have access to their funds on Monday, putting to rest fears that startups would struggle to pay their employees this week.
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