-PTI/ Financial Express As per the directions, the bank shall not, without the prior approval of the RBI, grant or renew any loans and advances, make any investment, incur any liability, and disburse or agree to disburse any payment. The Reserve Bank of India (RBI) on Friday imposed several restrictions on Laxmi Cooperative Bank Ltd, Solapur, including a Rs 1,000 cap on withdrawals for customers, due to deterioration in its financial position. The...
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Delhi HC slams Centre, RBI for inaction on usurious mobile vendors
-The Hindu RBI said it regulates banks and non-banking finance companies and it does not regulate online lending platform The Delhi High Court on Tuesday observed that online lending platforms, offering short-term personal loans through mobile apps, cannot be allowed to charge exorbitant interest and processing fees. “Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action,...
More »Amendments in Banking Act against cooperatives: Pawar tells Modi
-The Hindu Business Line Red flags about some inconsistencies and the resulting legal inefficacy of normative provisions of the Act Former Union Agriculture Minister and NCP supremo Sharad Pawar met Prime Minister Narendra Modi here on Saturday to raise his apprehensions about the formation of Cooperation Ministry and the amendments in Banking Regulation Act. Pawar urged Modi to ensure that the co-operative principles laid down in the Constitution should not be sacrificed at...
More »Migrant workers bore the brunt of 2020 lockdown due their poor access to social security schemes & legal rights, depicts latest NHRC report
The rise in COVID-19 daily new cases and daily new deaths compelled many state governments to impose local level lockdowns during April-May 2021. As of 20th April, 2021, partial lockdowns were noticed in 10 states across the country and complete lockdown was imposed in Delhi. As of 8th May, 2021, nearly the entire country was under complete lockdown as a result of either partial lockdowns and night curfews or complete...
More »Many schools in Bengaluru tie up with third party finance companies to collect fees -Soumya Chatterjee
-TheNewsMinute.com Parents say despite the Karnataka government putting a school fee cap of 70% of tuition fees, this has not been enforced due to ongoing litigation. A legal stalemate at the Karnataka High Court over the fee regulation of ICSE and CBSE schools in the state and especially Bengaluru has left many parents high and dry. Since the onset of the pandemic and the resultant economic slowdown, parents who suffered a loss...
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