The Reserve Bank of India on Wednesday imposed a total penalty of Rs 8 lakh on three Maharashtra-based co-operative banks for deficiencies in regulatory compliance.
Investigation has also proved, says the ED, that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.
A police team of Shahdara district has recovered a amount of ?54,97,930 burgled from Union Bank of India at Vishwas Nagar branch in Shahdara.
"ED not only attached/ seized assets worth of Rs 18,170.02 crore (80.45 percent of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs 9,371.17 Crore to the PSBs and Central Government," the ED said in a tweet.
According to reports, the government has picked CBI and IOB for divestment. The government is likely to amend the Banking Regulations Act and other related laws to facilitate the planned divestment.
Bank officials informed the police after they came to work on Monday morning. A case has been registered at Farsh Bazar police station, the police said.
The RBI said the penalties have been imposed due to deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
On June 18, Securities and Exchange Board of India (Sebi) had written a letter to the company asking it to ensure compliance before going ahead with the proposal.
It, however said that Swiss Authorities have been requested to provide the relevant facts along with their view on possible reasons for increase or decrease in deposits so that facts could be presented in correct perspective.
In its statement, the ministry said the figures "do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities."
The RBI on Friday gave an in-principle approval to Centrum Financial Services Ltd (Centrum), the established NBFC arm of the Centrum Group, to establish a SFB. Resilient Innovations Private Ltd (BharatPe), a fintech major, will be an equal partner, said a joint statement by both the companies.
HDFC Bank on Friday said its board has declared a dividend of Rs 6.50 per share for the year ended March 2021.
HDFC Bank has announced a refund of the controversial 'GPS device commission' charged to auto loan borrowers for six years.
Funds held by Indians in Swiss banks rose to Rs 20,700 crore in 2020, data released by Switzerland's central bank has revealed.
The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years.
The purpose of this card is to expand the gift card market with an intent to promote cashless ways of gifting and present a wide range of end-use choices and in future foray into the market of e-gift cards, LIC CSL said in a statement.
SBI Kavach Loan: State Bank of India is offering collateral-free Kavach Personal Loan that will cover the expenses of Covid-19 treatment.
The RBI said the penalties have been imposed based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the two lenders with their customers.
Market bulls remained firmly in control on June 15, lifting up equity benchmark indices amid buying across various sectors in a range-bound trading session.
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process.
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