‘Only up to Rs 1 lakh, not all money, insured in banks’

Agencies
December 3, 2019

New Delhi, Dec 3: Depositors in failed and liquidated banks will get only up to ₹1 lakh as insurance cover, regardless of the amount in their accounts, according to the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the Reserve Bank of India.

This covers savings, fixed, current and recurring accounts, the DICGC, which insures all bank deposits, said in response to a Right to Information (RTI) query filed by PTI.

"Under the provisions of Section 16 (1) of the DICGC Act, 1961, if a bank fails/gets liquidated, the DICGC is liable to pay to each depositor through the liquidator, the amount of his deposit up to Rs one lakh as insurance cover, for both principal and interest amount held by him in the same right and same capacity at all the branches of a bank taken together," it said.

Asked whether there is any proposal or move under consideration to raise the limit of ₹1 lakh insured in the bank in wake of the recent PMC Bank fraud, the DICGC said, "The corporation does not have the requisite information." The corporation covers all commercial banks, including branches of foreign banks functioning in India, local area banks and regional rural banks.

All eligible cooperative banks as defined in Section 2(gg) of the DICGC Act are also covered by the deposit insurance scheme.

"Each depositor in a bank is insured up to a maximum of Rs one lakh as on the date of liquidation/cancellation of bank's license or the date on which the scheme of amalgamation/merger/reconstruction comes into force," the DICGC said.

The response assumes significance with numerous instances of different banks becoming victim of frauds, putting at risk the savings of people.

On September 24, the RBI imposed operational curbs on Maharashtra-based PMC Bank and appointed an administrator following the detection of alleged financial irregularities.

According to the Mumbai Police's Economic Offences Wing (EOW), the PMC Bank management, allegedly in cahoots with a business family, concealed huge loan defaults by HDIL group firms from banking regulators.

Over 70 per cent of the bank's advances went to HDIL group, which led to a huge crisis when the realty group defaulted on repayment, the EOW said.

Government owned banks have reported frauds of over Rs 95,700 crore in the first six months of the current fiscal.

"According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to September 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 crore," Finance Minister Nirmala Sitharaman said in the Rajya Sabha last month.

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News Network
July 25,2020

Bhopal, Jul 25: Madhya Pradesh chief minister Shivraj Singh Chouhan said on Saturday he has tested positive for the coronavirus disease (Covid-19).

Chouhan made the announcement in a series of tweets.

“My dear countrymen, I had symptoms of COVID-19 and after the test, my report has come back positive. I appeal to all my colleagues that whoever came in contact with me, must get their corona test done. And my close contacts should quarantine themselves,” Chouhan said in a tweet in Hindi.

“If COVID19 is treated on time, a person is completely cured. I have been reviewing the status of corona infection every evening since March 25. I will try to review corona situation through video conferencing as much as possible now,” he added.

The chief minister said the review meeting will now be held by home minister Narottam Mishra, urban development and administration minister Bhuppendra Singh, health education minister Vishvas Sarang and health minister Dr Prabhuram Choudhary in his absence.

“I will also continue to do everything possible to help control COVID19 in the state during treatment,” he said.

One of Chouhan’s ministerial colleagues tested positive for Covid-19 late on July 22.

The chief minister along with the minister, the Bharatiya Janata Party’s state unit president VD Sharma and state unit general secretary (organisation) Suhas Bhagat had visited Lucknow in a government plane on July 21 to attend the funeral of MP governor Lalji Tandon who died away in the Uttar Pradesh capital, his hometown. during hospitalisation.

The minister is admitted to a private medical college’s teaching hospital in Bhopal.

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Kannadiga
 - 
Saturday, 25 Jul 2020

Why so priority for him. There are so many  better person here in our State and District Talk and Right about them.

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coastaldigest.com news network
May 6,2020

Mangaluru, May 6: Three more coronavirus positive cases have been reported in Dakshina Kannada district. 

According to fresh bulletin of health and family welfare department, an 11-year-old girl and a 36-year-old woman from Boloor in Mangaluru and a 16-year-old girl from Bantwal tested positive for the covid-19. 

All of them are undergoing treatment at Wenlock Hospital. Their condition is said to be stable. 

With this the total number of cases in the district reached 28 including 22 residents of Dakshina Kannada, 4 from Kasaragod, 1 from Udupi and 1 from Uttara Kannada.

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Agencies
April 28,2020

United Nations, Apr 28: UN chief Antonio Guterres has warned that extremist groups are taking advantage of the COVID-19 lockdowns and intensifying efforts on social media to recruit youths online by exploiting their anger and despair, asserting that the world cannot afford a lost generation due to the unprecedented global health crisis.

The UN Secretary-General made the remarks on Monday during a video conference to review the five years since its adoption of a landmark resolution on youth, peace and security.

We can already see such groups taking advantage of the COVID-19 lockdowns, intensifying their efforts on social media to spread hatred and to recruit young people who may be spending more time at home and online, he said.

Guterres told the Security Council that even before the current crisis, young people were facing enormous challenges.

Listing startling numbers, he said one of every five young people was already not in education, training or employment and one of every four is affected by violence or conflict. Every year, 12 million girls become mothers while they themselves are still children.

These frustrations and, frankly, failures to address them by those in power today, fuel declining confidence in political establishments and institutions. And when such a cycle takes hold, it is all too easy for extremist groups to exploit the anger and despair, and the risk of radicalisation climbs, he said.

Issuing a call to action on youth, peace and security, Guterres said the world cannot afford a lost generation of youth, their lives set back by COVID-19 and their voices stifled by a lack of participation. Let us do far more to tap their talents as we tackle the pandemic and chart a recovery that leads to a more peaceful, sustainable and equitable future for all.

With over 1.54 billion children and youth out-of-school and young people acutely feeling the impact of the COVID-19 crisis, Guterres said countries must do more to harness the talents of young people to address the crisis and its aftermath.

In presenting his first report on the Security Council resolution, the UN chief said youth were already confronting numerous challenges even before the pandemic, including in accessing education, or through being affected by violence and conflict. Those pressing for peace or upholding human rights have been threatened.

Despite these obstacles, young people across the world have joined the common fight against the coronavirus disease, supporting both frontline workers and people in need. And they continue to push for change.

UN Youth Envoy Jayathma Wickramanayake spoke of the need for more meaningful partnerships between young people and the civil society organisations and government institutions that work on the youth, peace and security (YPS) agenda.

To date, there are no national action plans on YPS but I'm pleased to note that in some countries, these are in the process of development, she said.

For a national roadmap to be successful, a participatory, transparent and youth-led process with adequate resources are needed, she said.

Issuing his four-point call to action for the Council, Guterres urged members to do more to address the various challenges facing young people.

He also called for investment in youth participation, but also in their organisations and initiatives.

We must strengthen human rights protections and protect the civic space on which youth participation depends, he said. And fourth, we must emerge from the COVID-19 crisis with a determination to recover better - massively increasing our investment in young people's capacities as we deliver the Sustainable Development Goals.

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