Police has intensified the investigation in the case of fraud worth crores of rupees in South Indian Bank located in Sector 22 of Police Station Sector-24 area. Besides, transactions from 90 bank accounts have been banned. Inspector Vivek Srivastava, in-charge of Noida police station Sector 24, said that Indian Bank’s Deputy General Manager (regional) Ranjit R Nayak had lodged a report in the police station.

In which he had alleged that he had received complaints of irregularities from the branch located in Sector-22 for the last few days. Srivastava said that after investigating the complaint, it was found that the Assistant Bank Manager had transferred Rs 28.07 crore from the account of a company named ‘Associate Electronics Research Foundation’ located in Sector-48 to the accounts of his wife and mother and others and had not settled with the company and the bank.

Alleged fraud. He told that in this matter the officials of ‘Associate Electronics Research Foundation’ had lodged a complaint through email on December 3, 4 and 6. Allegations were made of transferring money from the company’s account without permission and knowledge.

Search for the accused continues

Deputy Commissioner of Police Harish Chander said that transactions from 90 bank accounts have been banned in this case. He said that police teams are conducting raids at possible places to arrest the accused.

The post Bank Account Holder! Ban on transactions in 90 bank accounts simultaneously, Know the reason first appeared on Rightsofemployees.com.

After imposing penalty on HDFC and HSBC Bank in the past, RBI has now canceled the licenses of two cooperative banks operating in Maharashtra and Karnataka. Also, both the banks have been asked not to do any kind of banking business after the cancellation of the license on July 5, 2023.

Will not be able to accept any type of deposit

It was informed by the RBI that the banking licenses of Buldhana-based Malkapur Urban Co-operative Bank Ltd. and Bengaluru-based Sushruti Souharda Sahakar Bank Regular (Shushruti Souharda Sahakara Bank Niyamita) have been cancelled. According to the statement, after the closure of the business, both the banks will not be able to accept any kind of deposits nor will they be able to give deposits to the customers.

What will happen to those who deposit money?

This step has been taken by the central bank in view of the lack of adequate capital and earning potential of both the cooperative banks. The Reserve Bank has asked the Cooperative Commissioner and Registrar of Cooperative Societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank said that every depositor will be entitled to receive the deposit insurance claim amount of his deposit up to a limit of five lakh rupees from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

According to the data presented by the bank, 97.60% of the depositors are entitled to receive the full amount of their deposits from DICGC. RBI said that if Malkapur Urban Cooperative Bank is allowed to carry on banking business, it will affect public interest. In the coming times, the bank will be unable to make full payments to its depositors with the current financial condition.

The post Bank License Cancelled: RBI canceled the license of 2 banks, Ban on transactions from this day first appeared on Rightsofemployees.com.

After imposing penalty on HDFC and HSBC Bank in the past, RBI has now canceled the licenses of two cooperative banks operating in Maharashtra and Karnataka. Also, both the banks have been asked not to do any kind of banking business after the cancellation of the license on July 5, 2023.

Will not be able to accept any type of deposit

It was informed by the RBI that the banking licenses of Buldhana-based Malkapur Urban Co-operative Bank Ltd. and Bengaluru-based Sushruti Souharda Sahakar Bank Regular (Shushruti Souharda Sahakara Bank Niyamita) have been cancelled. According to the statement, after the closure of the business, both the banks will not be able to accept any kind of deposits nor will they be able to give deposits to the customers.

What will happen to those who deposit money?

This step has been taken by the central bank in view of the lack of adequate capital and earning potential of both the cooperative banks. The Reserve Bank has asked the Cooperative Commissioner and Registrar of Cooperative Societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank said that every depositor will be entitled to receive the deposit insurance claim amount of his deposit up to a limit of five lakh rupees from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

According to the data presented by the bank, 97.60% of the depositors are entitled to receive the full amount of their deposits from DICGC. RBI said that if Malkapur Urban Cooperative Bank is allowed to carry on banking business, it will affect public interest. In the coming times, the bank will be unable to make full payments to its depositors with the current financial condition.

The post Bank License Cancelled: RBI canceled the license of 2 banks, Ban on transactions from today first appeared on Rightsofemployees.com.