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Unending Drama: Mehta in; Abhyanakar out

In a major setback to the Cosmos Bank Group Chairman Mr Mukund Abhyankar the Central Registrar Mr Ashish Bhutani on Thursday disapproved act of “forceful assumption” of office by him and asked him to vacate the office sooner than later. Acting on behalf of the Central Registrar P. Sampath, Director (Cooperation) issued an order under […]

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RBI should not be discriminating: Chairman Raj Bank

Chairman of Rajkot based “Raj Bank” Kamal Dhami has demanded an end to discrimination between banks and insisted RBI should be just in the conduct of affairs between co-op banks and commercial banks. RBI must have a uniform approach while dealing with banks including co-operative banks. Cooperative banks are the backbone of our national development […]

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High Court dismisses Nafcub-Mehta petition

Delhi High Court dismissed the petitions of Nafcub and its incumbent President Jyotindra Mehta, in which they had challenged the award of the Arbitrator G C Saxena on Tuesday. “The copy of the judgment would be made available only on Thursday, though the hearing was completed on Tuesday”, Mukund Abhyankar informed Indian Cooperative on phone […]

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UCBs should have alternate delivery channels: Shetty

Government and RBI should give cooperative bank freedom to provide alternate delivery channels such as UPI, POS, Credit cards etc. The current RBI restriction in terms of net worth for co-operative banks should be immediately removed. Every Urban Co-operative Bank should be able to become direct members of NPCI, demanded Karnataka based UCB Manavi Pattana […]

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NAFCUB: Mehta challenges order in HC; hearing today

The hearing in the matter of Arbitrator’s award reinstating Mukund Abhyankar as the president of apex national body of urban cooperative banks NAFCUB would take place in the Delhi High Court on Thursday. Nafcub and its President Jyotindra Mehta are challenging the judgment of Arbitrator Mr G G Saxena on the grounds that the Board […]

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Co-op Banks: ED intensifies probe across India

Reports of ED officials raiding co-operative banks from various parts of the country came huge and thick throughout Wednesday. More than 300 co-op banks are under ED lens for laundering black money from November 8 to 15. Enforcement Directorate and CBI officials raided offices of select cooperative banks in different parts of Kerala on Wednesday. […]

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Co-op Bank: SC for five judge Constitution bench

While rejecting the central govt’s argument that its note ban decision is beyond judicial scrutiny, the Supreme Court decided to set up a five-judge Constitution bench to examine the validity of the government’s November 8 decision to scrap high currency notes. A bench of Chief Justice T S Thakur and Justices A M Khanwilkar and […]

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SC: Co-op banks get partial relief

Co-op banks got a partial relief on Thursday as the govt committed in the apex court that it would allow these banks to collect demonetized currency and deposit it in Reserve Bank of India. But the Court declined to make co-op banks a co-player in the “remonetization exercise” saying it may affect the govt move. […]

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Nabard begins scrutiny of DCCB accounts

National Bank for Agriculture and Rural Development (Nabard) has embarked on a massive campaign to unearth the black money deposited in co-op banks across India in the wake of demonetization. Co-op banks were allowed to participate in the exchange process for the first three days in which, agencies fear, crores of black money was laundered. […]

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Nabard bid to make rural India cashless

In an ambitious move the National Bank for Agriculture and Rural Development (Nabard) aims to make rural India do cashless transactions by providing what is known as Point-of-Sale devices in all villages having a population of more than 10 thousand. This will cover one lakh villages of Tier 5 and 6 areas having a population […]

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