PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the RBI.
The fraudulent transactions were carried out on 11 August and 13 August through 25 ATMs located in Canada, Hong Kong and a few in India.
Shivalik Mercantile has 25 branches in Uttar Pradesh and in several states across the country. The RBI has certified Shivalik as a multi-state cooperative bank.
Maharashtra govt's 'favouritism' towards RSS and BJP-linked cooperative banks could harm Devendra Fadnavis' image
In just a three-week span in February, the Bombay High Court has nullified two government resolutions of Devendra Fadnavis administration attempting to favour specific cooperative banks in Maharashtra
There may be an even bigger scam that went unnoticed when the black money was dumped into cooperative banks by corrupt politicians and others with ill-gotten wealth. These institutions are loosely regulated and hence more prone to foul plays.