RBI increases withdrawal limit to ₹50,000 for PMC bank depositors

Agencies
November 6, 2019

Mumbai, Nov 6: In further relief to customers of scam-hit Punjab & Maharashtra Cooperative (PMC) Bank, the Reserve Bank on Tuesday enhanced the withdrawal limit to ₹50,000 per account from ₹40,000 earlier.

In September, the RBI had put restrictions on PMC for six months and allowed depositors to withdraw up to ₹1,000 of their total balance. Since then the RBI has been raising the withdrawal limit.

The depositors can now withdraw up to ₹50,000 in one or multiple tranches till the RBI restrictions are in place.

This is the fourth time the regulator has increased the withdrawal limit since it clamped down on PMC Bank on September 23, capping withdrawals at ₹1,000 per customer, which led to a lot of distress and criticism. Last month the limit was enhanced to ₹40,000 per account.

"The RBI, after reviewing the bank's liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to ₹50,000, inclusive of ₹40,000 allowed earlier," the central bank said in a statement.

With the above relaxation, more than 78 per cent of the depositors of the bank will be able to withdraw their entire account balance.

The RBI has also been decided to allow the depositors to withdraw from the bank's own ATMs within the prescribed limit of ₹50,000.

"This is expected to ease the process of withdrawals," it added.

The Reserve Bank further said it was closely monitoring the position and will continue to take further steps as are necessary to safeguard the interest of the depositors of the bank.

Punjab & Maharashtra Cooperative Bank, which is among the top 10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.

The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which has turned sour with a shift in the fortunes of the now bankrupt company.

Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests across city from the depositors following the RBI action.

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News Network
March 29,2020

Mumbai, Mar 29: Virologist Minal Dakhave Bhosale led from the front to create India's first coronavirus testing kit even when she was in the last stage of her pregnancy.

Bhosale's efforts paid the price with her team delivering the testing kit in a record time of six weeks.

Bhosale gave birth to a baby girl just a day before submitting the kit to the authorities for evaluation.

"It was like giving birth to two babies," Bhosale told PTI over the phone.

The virologist said both the journeys - that happened in parallel - were not without challenges.

"There were complications in the pregnancy while work on the test kit was on. The baby was delivered through cesarean," she said.

Bhosale said she felt that it was the right time to serve the people to help them in combating the coronavirus threat.

"I had been working for five years in this field and if I don't work in emergency situations when my services are needed the most, then what is the use?" she said.

Though Bhosale was not able to visit the office due to the pregnancy, she was guiding a team of 10 persons working on the project at Mylab Discovery in Pune.

The strong bonds forged with the team over the years and their support made it possible, she said.

Company's co-founder Shrikant Patole said just like drug discovery, test kits too go through a lot of quality checks to improve the precision.

He credited Bhosale for the success of the project.

The COVID-19 testing kit delivered by Bhosale's team will reduce the time taken for delivering a result to 2.5 hours from the prevalent practice of eight hours.

A pioneering approach to testing without compromising on the results was adopted, Bhosale said.

The Maylab test kit will cost Rs1,200, a quarter of Rs 4,500 per kit that the government has been spending on testing so far.

"I'm happy that I could do something for the country," Bhosale said.

As of Friday, only 27,000 of the 1.3 billion people were tested for the virus in the country.

According to experts, high scale testing is essential because it alone can ensure an early diagnosis of COVID-19 and lower down the fatalities.

The company is confident of ramping up the capacity at its plant in Lonavala to deliver 100,000 kits a week, Patole said.

He said the authorities are helping the company, including giving priority for shipping of the raw materials.

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News Network
February 6,2020

Feb 6: India has been ranked 40th out of 53 countries on a global intellectual property index, even as the country has shown improvement in terms of scores when it comes to the protection of IP and copyright issues, a top American industry body said on Wednesday.

India was placed at 36th position among 50 countries in 2019.

India's score, however, increased from 36.04 per cent (16.22 out of 45) in 2019 to 38.46 per cent (19.23 out of 50) in 2020, a 2.42 per cent jump in an absolute score.

However, India's relative score increased by 6.71 per cent, according to the International IP Index released by Global Innovation Policy Center or GIPC of the US Chambers of Commerce.

This year, it finds itself on the 40th place among 53 countries. Two new Index economies (Greece and the Dominican Republic) scored ahead of India. The Philippines, and Ukraine leapfrogged India.

"Since the release of the 2016 National IPR Policy, the government of India has made a focused effort to support investments in innovation and creativity through increasingly robust IP protection and enforcement," the GIPC said.

Since 2016, India has improved the speed of processing for patent and trademark applications, increased awareness of IP rights among Indian innovators and creators, and facilitated the registration and enforcement of those rights, it added.

According to the eighth edition of the annual report, India's score on the Chamber's International IP Index demonstrates the country's growing investment in IP-driven innovation and creativity. The Index specifically highlights a number of reforms over the last year that strengthen India's overall IP ecosystem, it said.

"In 2019, the Delhi High Court used dynamic injunctions to disable access to copyright-infringing content online, resulting in an increase in India's score on two of the copyright-related indicators," it said.

"The use of these injunctions places India alongside global leaders in copyright enforcement, including Singapore and the UK. As a result, India scores ahead of 24 other economies in the copyright indicators," the report said.

The Delhi High Court also issued a series of judgements that provide clarity on existing statutes related to trademark protection online, resulting in a score increase on one of the trademark-related indicators, it added.

The courts issued two precedential rulings that raised the bar for the damages awarded in IP-infringement cases and may provide a deterrent for future infringement. This resulted in an increase in score on one of the trademark-related indicators, it said.

Global Innovation Policy Center or GIPC said India also continues to score well in the Systemic Efficiency indicator, scoring ahead of 28 other economies in these indicators.

"This is a result of a concerted effort by the Indian government to consult with stakeholders during IP policy formation and create greater awareness about the importance of IP protection,” it said adding that India also remains a leader in the use of targeted incentives and IP assets for small and medium-sized enterprises (SMEs).

“To continue this upward trajectory, much work remains to be done to introduce transformative changes to India’s overall IP framework and take serious steps to consistently implement strong IP standards," the report said.

GIPC has identified several challenges for India. Prominent among them being patentability requirements, patent enforcement, compulsory licensing, patent opposition, regulatory data protection, transparency in reporting seizures by customs, and Singapore Treaty of Law of TMs and Patent Law Treaty.

"We are encouraged that Indian policymakers seem to recognize this Index as a valuable resource in their efforts to strengthen the country’s promising innovation ecosystem and enhance its competitiveness in an increasingly knowledge-based global economy,” the report said.

Observing that no other economy stands to gain more from strong Indian IP than India itself, the report said for example, no industry has been hurt more by copyright violations in India than the country’s own Bollywood industry, which loses almost USD3 billion to piracy each year.

"The number one way the Modi administration can demonstrate its commitment to the success of the Atal Innovation Mission, Accelerating Growth for New India’s Innovations, Make in India, Digital India, and Startup India is to strengthen its IP framework in ways that promote the legal and regulatory certainty necessary for greater R&D investment, high-value jobs, and greater innovative and creative outputs,” it said.

"Strong IP standards can further solidify India's position as the world’s fastest-growing economy, bolstering its reputation as a destination for doing business, foreign businesses’ ability to invest and make in India, thereby supporting the growth of India’s own innovative and creative industries," the report said.

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Agencies
February 26,2020

Kochi, Feb 26: Kerala High Court on Wednesday imposed a ban on strikes in schools and colleges that impact the functioning of the campuses.

''The functioning of campuses should not be hampered by the strikes. The colleges are for study, not for strikes. There should not be any march or gherao on campuses. Do not incite anyone for a strike," a bench of Justice PB Suresh Kumar said in its order.

"The order applies to schools and colleges. Do not harm the rights of others. The college can be a venue for peaceful discussions or thoughts. If actions are contrary to the orders of the court, the authorities can take action. They can call the police and restore peace," the order reads.

The Kerala High Court issued the order while hearing a petition filed by 20 educational institutions against campus politics.

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