Employees’ union voice concerns against privatising BoM
February 16, 2021
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Bank of Maharashtra’s (BoM) employees’ union wants the government to maintain the public sector character of the bank in the backdrop of the problems that two private sector banks – YES Bank and Lakshmi Vilas Bank – and a host of urban co-operative banks (UCBs) faced in the recent past.
“Customers are scared of private sector banks, more particularly after the YES Bank episode. In Maharashtra, Punjab and Maharashtra Co-operative Bank customers have suffered a lot.
“The Reserve Bank of India (RBI) has cancelled the licence of Subhadra Local Area Bank (Kolhapur) from private sector and Shivam Sahakari Bank (Ichalkaranji, Kolhapur) and The Karad Janata Sahakari Bank (Karad) from UCB sector,” said Devidas Tuljapurkar, General Secretary, All India Bank of Maharashtra Employees Federation (AIBoMEF), in a statement.
RBI framework for risk-based internal audit of NBFCs, UCBs
The new framework will be applicable to all deposit taking NBFCs, all non-deposit taking NBFCs with asset size of Rs 5,000 crore and above, and all UCBs with asset size of Rs 500 crore and above.
BusinessToday.In | February 5, 2021 | Updated 15:27 IST
The adoption of RBIA framework will help in enhancing the quality and effectiveness of internal audit system of the entities, the Reserve Bank of India said.
The Reserve Bank on Wednesday released the guidelines for risk-based internal audit (RBIA) for NBFCs and urban co-operative banks.
The RBIA guidelines aim to align the requirements of internal audit of Non-Banking Finance Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs) with those for Scheduled Commercial Banks (SCBs), and its adoption will help in enhancing the quality and effectiveness of internal audit system of these entities, the Reserve Bank of India (RBI) said.
Updated Feb 01, 2021 | 21:26 IST
The central bank also said that as per the data submitted by the bank, more than 99 per cent of the depositors are fully insured by DICGC. Govt to amend law to ensure depositors of troubled banks can withdraw up to Rs 5 lakh
New Delhi: The government on Monday proposed changes in the DICGC Act to ensure depositors of troubled banks can withdraw their funds of up to Rs 5 lakh. In the light of lenders like Punjab and Maharashtra Co-operative (PMC) Bank, Yes Bank and Lakshmi Vilas Bank running into trouble in recent times, the government had amended the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, raising the insurance cover on deposit five-fold to Rs 5 lakh.
Reserve Bank of India has cancelled the licence of Shivam Sahakari Bank Ltd, Ichalkaranji, Kolhapur, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from t
RBI cancels licence of Kolhapur-based Shivam Sahakari Bank
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Last Updated: Jan 29, 2021, 09:22 PM IST
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Synopsis
With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Shivam Sahakari Bank as per the DICGC Act, 1961 will be set in motion.
Agencies
MUMBAI: The RBI on Friday said the licence of Maharashtra-based Shivam Sahakari Bank has been cancelled as it does not have adequate capital and earning prospects. Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 29, 2021, the central bank said in a statement.
As per the data submitted by the Kolhapur-based bank, more than 99 per cent of the depositors are fully insured by Deposit Insurance and Credit Guarantee Corporation (DICGC).