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RBI takes over Abhyudaya Co-op Bank, assures depositors

The Reserve Bank of India has superseded the board of the Mumbai-based Abhyudaya Cooperative Bank due to concerns over poor governance. However, the central bank has assured depositors that there will be no restrictions or moratorium on deposit withdrawals....

Govt To Launch Sahara Refund Portal For Claim Submission By Depositors

Cooperation Minister Amit Shah on Tuesday will launch 'CRCS-Sahara Refund Portal' for submission of legitimate claims by genuine depositors of four cooperative societies of Sahara Group, according to a PTI report. On March 29, the government said that money will be ...

Credit Suisse: Net Asset Outflows Topped $68 Bn In Q1

Ailing Swiss bank Credit Suisse on Monday reported over 61 billion Swiss francs (over USD 68 billion) in net asset outflows in the first quarter, when Switzerland's government arranged for its takeover by rival UBS, and said investors are continuing to ...

Indian Overseas Bank To Revise 'Interest Rates' From April 10

Public sector lender Indian Overseas Bank would revise the interest rates on term deposits by upto 40 basis points from April 10, the bank said on Sunday. Depositors would receive interest rates upto 8 per cent by opening term ...

'Silicon Valley Bank' Depositors Will Have Access To Their Money Starting Monday: Treasury Secretary

In a step aimed at protecting the US economy by strengthening public confidence in the country's banking system, the Biden administration announced that depositors of the Silicon Valley Bank will have access to their money from Monday. After receiving recommendations from ...

'Silicon Valley Bank' Seized As Depositors Pull Cash

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of Silicon Valley Bank and immediately ...

'Silicon Valley Bank' Seized By FDIC As Depositors Pull Cash

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The bank failed after depositors - mostly technology workers and venture ...

DICGC To Make Payments, To Depositors Of 17 Co-Op Banks In October

The Deposit Insurance and Credit Guarantee Corporation (DICGC) will be making payments to the eligible depositors of 17 cooperative banks, including eight from Maharashtra, in October. The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors ...

Cabinet Passes Bill To Protect Depositors' Interest

The Union Cabinet today (July 28) has passed the Deposit Insurance and Credit Guarantee Corporation Bill, Finance Minister Nirmala Sitharaman said. After the cabinet meet, Finance Minister in an address to the media said that the bill thus augments the insurance ...

RBI Cancels Licence Of Shivam Sahakari Bank

On Friday, the RBI said the licence of Maharashtra's Shivam Sahakari Bank has been revoked as the bank does not have earning prospects besides adequate capital. "Consequently, the bank ceases to carry on banking business, with effect from the close of ...

RBI blames inflation for high interest rates

Kolkata: The RBI on Friday attributed high interest regime to inflation and said banks in such a scenario would not be able to pass on lower rates even if the policy rate is brought down. "Even if we reduce the ...

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