I-T searches reveal large-scale fund routing in Karnataka’s cooperative banks
Ministry of Finance said many incriminating pieces of evidence -- hard copy documents and soft copy data -- had been found and were seized during the search exercise.
Ministry of Finance said many incriminating pieces of evidence -- hard copy documents and soft copy data -- had been found and were seized during the search exercise.
Addressing a national conference, Shah said, "If we look back and look at the trend of the last 90 years of long-term financing through cooperatives and how it has percolated down, it is visible that it has not grown."
For the past few weeks, the Cooperative banking sector in Kerala has been having a bumpy ride with few banks coming under a cloud with anxious depositors waiting in front of them to pull out their money after alleged scams surfaced.
The RBI has also decided to formulate guidelines on dividend distribution by NBFCs keeping in view the increasing significance of NBFCs in the financial system and their interlinkages with different segments.
The CM wrote that such amendments were against the basic principles of the very idea of cooperatives.
"Cooperative banks that are not included as a member lending institutions under the Emergency Credit Line Guarantee Scheme (ECLGS) will be included as lenders for MSMEs, under a scheme being discussed in consultation with the RBI," a FICCI statement quoted Gadkari as saying.
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