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PMC scam fallout: Bank deposit insurance cover to be hiked, says FM
Nirmala Sitharaman. PTI file photo

PMC scam fallout: Bank deposit insurance cover to be hiked, says FM

Co-operative banks to be regulated; laws to be introduced in Winter Session15 Nov 2019 | 9:53 PM

NEW DELHI: Finance Minister Nirmala Sitharman on Friday said the central government will bring laws on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks.

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New Delhi, November 15
 
Finance Minister Nirmala Sitharaman on Friday said the central government would bring laws on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks amidst a crisis at the Punjab and Maharashtra Cooperative Bank affecting lakhs of depositors.
 
These laws will be brought during the Winter Session of Parliament starting Monday, the minister told reporters here.
 
“Work is on and we shall go to the Cabinet for approval to introduce a legislation in winter session. The legislation will amend the necessary Acts and the laws to make sure that banking functions undertaken by cooperatives sector will be brought under the Banking Regulation Act for complying with prudential norms,” she said.
 
Unless the prudential norms are applied, many of the things that are emerging in the light of the Punjab and
Maharashtra Cooperative (PMC) Bank crisis will never be addressed and this legislation will ensure that no PMC like case happens in the future, she added.
 
With regard to deposit guarantee insurance limit hike, Sitharaman said it may not be part of cooperative bank legislation but part of some other laws.
 
“We might want to increase the minimum amount of Rs 1 lakh (deposit cover). The government plans to bring this (legislation) during the winter session,” she said.
 
These legislations assume significance in the wake of scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their entire money due to restrictions imposed by the Reserve Bank of India.
 
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
 
Deposit insurance is static at Rs 1 lakh since 1993. As much as 90 per cent of the accounts had that much or less amount when this limit was raised to Rs 1 lakh. 
 
The Raghuram Rajan Committee on Financial Sector Reforms 2009 had recommended strengthening the capacity of the Deposit Insurance and Credit Guarantee Corporation, a more explicit system of prompt, corrective action, and making deposit insurance premia more risk-based.
 
With regard to GST revenue, the finance minister said that the collection in November will improve and will definitely be good. 
 
She expressed hope that the country will achieve USD 5 trillion economy goal by 2024-25 and the government is taking steps to achieve that target.
 
On disinvestment, the finance minister said the process is moving very well.
 
“Strategic divestment, residual divestment is moving forward comfortably and I am very confident that at least some of them will be done during the year,” she said.
 
“Things are also moving on Air India and road shows are happening at various places,” she added.
 
Sitharaman said the revised estimate meetings have started and a clear picture on government finances would be known in the next few weeks.
 
Amidst pressure on the revenue collection, she said the government has no plans to cut spending on welfare
schemes.
 
The government is encouraging all the departments of the Union government to spend entire funds provided in the Budget, she added. PTI
 
CBI books Amnesty India for FCRA violations; rights watchdog says harassment

CBI books Amnesty India for FCRA violations; rights watchdog says harassment

15 Nov 2019 | 9:31 PM

NEW DELHI: The CBI booked Amnesty International India for violation of the Foreign Contribution Regulation Act after it conducted raids at the organisation's Bengaluru and Delhi offices on Friday, officials said—a development that the rights watchdog has condemned as "harassment".

Air pollution: SC summons chief secretaries of Punjab, Haryana again

Air pollution: SC summons chief secretaries of Punjab, Haryana again

15 Nov 2019 | 8:23 PM

NEW DELHI: The Supreme Court on Friday directed Chief Secretaries of Punjab, Haryana, Uttar Pradesh and Delhi to personally appear before it on November 25 as it was not satisfy by the steps taken to check deteriorating pollution level in NCR.

Centre says not releasing consumer expenditure survey, cites 'data quality issues'

Centre says not releasing consumer expenditure survey, cites 'data quality issues'

15 Nov 2019 | 10:14 PM

NEW DELHI: The Statistics and Programme Implementation Ministry (MOSPI) said on Friday that it had decided not to release the Consumer Expenditure Survey results of 2017-18 due to data quality issues.

Maharashtra CM will be from Shiv Sena as NCP, Congress agree to deputy CM berths

Maharashtra CM will be from Shiv Sena as NCP, Congress agree to deputy CM berths

15 Nov 2019 | 8:32 PM

MUMBAI: After hectic negotiations, the Congress, NCP and the Shiv Sena have agreed that the chief minister of Maharashtra would be from the Shiv Sena, according to sources.

SC holds Ranbaxy ex-promoters Singh brothers guilty of contempt of court

SC holds Ranbaxy ex-promoters Singh brothers guilty of contempt of court

15 Nov 2019 | 3:16 PM

NEW DELHI: The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt for violating its order that had asked them not to divest their shares in Fortis Healthcare Limited.

Not how you treat citizens, SC tells ED; dismisses appeal against bail to DK Shivakumar

Not how you treat citizens, SC tells ED; dismisses appeal against bail to DK Shivakumar

15 Nov 2019 | 8:47 PM

NEW DELHI: The Supreme Court dismissed the ED’s petition challenging a Delhi High Court order granting bail to Karnataka Congress leader DK Shivakumar in a money laundering case.

Mahatma Gandhi's death was an 'accident', says government booklet in Odisha, probe ordered

Mahatma Gandhi's death was an 'accident', says government booklet in Odisha, probe ordered

15 Nov 2019 | 6:46 PM

BHUBANESWAR: A government booklet describing Mahatma Gandhi's death as an "accident" has triggered a row in Odisha, with political leaders and activists demanding an apology from the CM.

Delhi smog: Drizzle delays recovery, relief by Sunday
Play

Delhi smog: Drizzle delays recovery, relief by Sunday

15 Nov 2019 | 6:40 PM

NEW DELHI: Delhi earned the dubious distinction of becoming the most polluted city in the world with an air quality index (AQI) of 527 on Friday, as per data by Air Visual on the World AQI rankings.

Delhi air pollution: Gambhir, Hema Malini among MPs who skip crucial meet

Delhi air pollution: Gambhir, Hema Malini among MPs who skip crucial meet

15 Nov 2019 | 9:22 PM

NEW DELHI: A meeting of a parliamentary standing committee to discuss the rising levels of air pollution in the national capital was postponed as most participants, including Member of Parliament from East Delhi, Gautam Gambhir, were absent

US Congressional Commission’s hearing on Kashmir nearly fizzles out

US Congressional Commission’s hearing on Kashmir nearly fizzles out

15 Nov 2019 | 4:58 PM

WASHINGTON: A US Congressional Commission’s hearing on human rights situation in Jammu and Kashmir nearly fizzled out as only four of the 84 members of the panel turned up for the hearing—the second such meeting by an American panel after India read down Article 370 to revoke special status of that state.


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Sena-NCP-Congress government will complete 5-year term: Pawar

Sena-NCP-Congress government will complete 5-year term: Pawar

15 Nov 2019 | 3:36 PM

NAGPUR: NCP chief Sharad Pawar on Friday said a Shiv Sena-NCP-Congress government will be formed and it will complete five-year term as he ruled out the possibility of mid-term polls in Maharashtra which is currently under Presidents rule.

CITY FOCUS

2-kanal plot in Sec 33 fetches over Rs 15 crore

2-kanal plot in Sec 33 fetches over Rs 15 crore

15 Nov 2019 | 7:19 AM

CHANDIGARH: The UT Administration received an overwhelming response to an e-auction of residential properties conducted by the Estate Office that concluded today, while it failed to attract bidders for commercial and industrial properties.

NoPhoto for representation only.

29,000 Punjab farmers who did not burn crop residue compensated

15 Nov 2019 | 10:14 PM

CHANDIGARH: The Punjab Government has disbursed Rs 19 crore among 29,343 non-basmati cultivating small and marginal farmers who did not burn paddy residue, a senior official said on Friday.

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Post pardon, farm activist Dhaner released

15 Nov 2019 | 7:02 AM

SANGRUR: The Punjab Government on Monday released farmer activist and murder convict Manjit Singh Dhaner, following an approval to his pardon plea by Governor VP Singh Badnore.

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Dalit thrashed, forced to ‘drink’ urine

15 Nov 2019 | 12:56 PM

SANGRUR:Three residents of Sangrur’s Changaliwala village have been booked by the Lehra police for forcing Jagmale Singh, a Dalit, to drink urine.

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Vij allocated Home, Gujjar Education

Vij allocated Home, Gujjar Education

15 Nov 2019 | 10:11 AM

CHANDIGARH: Within hours of Cabinet expansion, Chief Minister Manohar Lal Khattar on Thursday allocated portfolios to his Council of Ministers, giving the key department of Home to Anil Vij, six-time MLA from Ambala Cantonment.

Rs 350 cr approved for CUHP campus

Rs 350 cr approved for CUHP campus

15 Nov 2019 | 6:56 AM

DHARAMSALA: The Union Ministry of Human Resources Development has sanctioned Rs 350 crore for the campus of Central University Himachal Pradesh (CUHP).

Situation in J-K getting normal, detained leaders being released gradually: MHA to MPs

Situation in J-K getting normal, detained leaders being released gradually: MHA to MPs

15 Nov 2019 | 3:19 PM

NEW DELHI: Top Union Home Ministry officials told MPs of both the Houses of Parliament on Friday that the situation in the Union Territory of Jammu and Kashmir is getting normal and the detained political leaders are being released gradually.

SC paves way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore

SC paves way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore

15 Nov 2019 | 1:54 PM

NEW DELHI: The Supreme Court on Friday paved the way for ArcelorMittal takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors.

NoJoe Biden. AFP file

N Korea calls Joe Biden ‘rabid dog’ that should be ‘beaten to death’

15 Nov 2019 | 2:32 PM

PYONGYANG: North Korea lashed out at former US vice president Joe Biden for denouncing the communist regime, calling him a “rabid dog” that should be “beaten to death”.

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Pope compares politicians who rage against gays to Hitler

15 Nov 2019 | 9:44 PM

VATICAN CITY: Pope Francis said on Friday politicians who rage against homosexuals, gypsies and Jews remind him of Hitler.

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Trump says impeachment probe has been ‘very hard’ on family

15 Nov 2019 | 9:22 AM

BOSSIER CITY: President Donald Trump said on Thursday that the impeachment probe had been “very hard” on his family, even as he tried to flex his political muscle to flip the governor’s mansion in deep-red Louisiana.

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15 Nov 2019 | 5:28 PM

INDORE: Opener Mayank Agarwal grinded a below-par Bangladesh bowling unit with a career-best second double hundred as India buried the visitors under a deluge of runs on the second day of the opening Test here on Friday.

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INDORE:The slump in form that he endured early in his career has taught Mayank Agarwal to make hay while the sun shines and he did exactly that against Bangladesh, smashing a career-best 243 on the second day of the first Test here on Friday.

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Srikanth enters semi-finals of Hong Kong Open

15 Nov 2019 | 6:42 PM

HONG KONG: Indian ace Kidambi Srikanth progressed to the semi-finals of the USD 400,000 Hong Kong Open after Olympic champion Chen Long of China decided to quit the contest owing to an injury, here on Friday.

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