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New York Post
a day ago
- Politics
- New York Post
Ad campaign urges Gov. Hochul to force insurers to pay for thousands of cases of sex abuse claims under New York's Child Victims Act
An ad campaign is pressuring Gov. Kathy Hochul to force insurance companies to pay claims to thousands of alleged sexual assault victims on behalf of churches, hospitals, schools, Boy Scouts troops and other employers they represent under the Child Victims Act. The victims who were allegedly abused as children decades ago sued the various organizations they claimed allowed the abuse to happen decades later under the New York State Child Victims Act of 2019. But many cases are tied up in court, with insurers of the defendants refusing to make payments on behalf of their clients, including the Catholic Church and other defendants, according to the group behind the ads, The Coalition for Just and Compassionate Compensation. An ad campaign is calling on Gov. Kathy Hochul to force insurance companies to pay settlements to victims of sexual abuse claimed under the New York State Child Victims Act of 2019. Lev Radin/ZUMA / The group is bankrolled by allies of the Catholic Church, among others. Hochul's Department of Financial Services is supposed to help enforce the law, advocates said. 'Who turns their back on over 14,000 survivors of child sex abuse? Our Kathy Hochul. She stands with her big insurance buddies denying responsibility while donating to her campaign,' the narrator in the 30-second cable TV ad playing in Albany and upstate media markets says. The ad shows headlines of the Buffalo Diocese shuttering 10 churches. Hochul, according to the ad, has received $578,000 in campaign contributions from the insurance lobby. 'Survivors suffer — and justice stalls,' the ad says. 'Gov. Hochul has the power to act,' it continues. 'Demand she enforce the law. Make Big insurance pay, not the survivors.' Sex abuse victims also cried foul. 'Six years ago, survivors were promised that the Child Victims Act would hold abusers and enablers accountable,' said Steve Jimenez, a survivor and CJCC trustee. 'Instead, we're still waiting — while Governor Hochul cashes checks from big insurance. Enforce the law, Governor. Do your job.' A rep for Hochul slammed the advocacy group for trying to drag her into a payment dispute in court proceedings involving organizations such as the Catholic Church and insurance companies over who is liable to foot the bill to compensate child sex abuse victims. 'Governor Hochul has repeatedly demonstrated her commitment to survivors of sexual assault, signing new laws and investing record funding to support this vulnerable community,' said Hochul spokesman Avi Small. 'It's ludicrous for this organization to weaponize the pain of survivors in a cynical attempt to pull this Administration into a contractual dispute between two private entities.' The state Department of Financial Services, in a statement, said of the criticism, 'We are actively monitoring ongoing litigation as the courts seek to answer important legal questions about insurers' contractual liabilities and will hold insurers accountable for their obligations as appropriate.'
Time of India
a day ago
- Business
- Time of India
Govt extends tenure of Punjab & Sind Bank MD till Feb 2027
The government on Monday extended the tenure of incumbent Punjab & Sind Bank MD and CEO Swarup Kumar Saha till February 2027. Saha was initially appointed as MD and CEO of the bank for three years. He assumed the charge as MD & CEO of Punjab & Sind Bank on June 3, 2022. According to a notification issued by the Department of Financial Services , the government has extended the tenure of Saha as MD and CEO of Punjab & Sind Bank beyond his currently notified term which was ending on June 2, 2025 till the date of his superannuation that is February 28, 2027 or until further order. The notification comes following the approval of the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi. For the fourth quarter ended March 2024, Punjab & Sind Bank had reported over two-fold jump in net profit at Rs 313 crore, as against Rs 139 crore in the year-ago period. Live Events During the quarter, the bank's total income increased to Rs 3,836 crore, from Rs 2,894 crore a year ago. Interest income grew to Rs 3,159 crore in the reported quarter, from Rs 2,481 crore in the fourth quarter of FY24. Net Interest Income (NII) in the reported quarter also improved to Rs 1,122 crore, from Rs 689 crore in the same period a year ago. PTI
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Business Standard
a day ago
- Business
- Business Standard
Govt extends tenure of Punjab & Sind Bank MD S K Saha till Feb 2027
The Union government has extended the tenure of Swarup Kumar Saha, managing director and chief executive officer of Punjab & Sind Bank, until his superannuation on February 28, 2027, or until further orders, whichever is earlier. According to an official notification issued by the Department of Financial Services under the Ministry of Finance, Saha's current term was set to end on June 2, 2025. 'The extension has been granted under clause (a) of sub-section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980,' said the notification. On May 20, Business Standard reported his extension. Saha, born on February 8, 1967, took over as MD and CEO of Punjab & Sind Bank in June 2022. He has over three decades of experience in the banking sector, having served in various senior roles prior to his appointment. Punjab & Sind Bank reported a strong financial performance in Q4 and the full financial year 2024–25 (FY25). The bank's net profit surged by 125.18 per cent in Q4 FY25, reaching Rs 313 crore, while net profit for the entire FY25 rose by 70.76 per cent to Rs 1,016 crore. The bank's net interest margin (NIM) for Q4 FY25 improved by 87 basis points to 3.19 per cent, while the yield on advances rose by 102 basis points to 9.69 per cent. Return on assets (RoA) for the quarter increased by 41 basis points, reaching 0.79 per cent. Net interest income (NII) for Q4 FY25 grew sharply by 62.84 per cent, totalling Rs 1,122 crore.
New Indian Express
4 days ago
- Business
- New Indian Express
Centre urges RBI to shield small gold loan borrowers; Tamil Nadu CM Stalin welcomes move
CHENNAI: Following concerns raised, mainly from Tamil Nadu, that the proposed norms for gold loans issued by the Reserve Bank of India will seriously affect small borrowers, the Department of Financial Services (DFS) functioning under the Union Ministry of Finance on Friday said that it has suggested to the RBI to ensure that the requirements of small gold loan borrowers are not adversely affected. Leaders of parties across the political spectrum in Tamil Nadu had expressed concerns over the draft norms. Chief Minister MK Stalin on Wednesday wrote a letter to Union Finance Minister Nirmala Sitharaman, requesting her urgent intervention as the rules would disrupt access to credit, especially for farmers, and affect rural economy. He objected in particular to the rule to prohibit banks from accepting gold as security for agricultural loans of up to Rs 2 lakh. A statement from DFS on Friday said the new guidelines — Draft Directions on Lending Against Gold Collateral — will need time to be implemented at the field level and hence may be suitable for implementation only from January 1, 2026. It further said it 'has suggested that small ticket borrowers below `2 lakh may be excluded from the requirements of these proposed directions to ensure timely and speedy disbursement of loans for such small borrowers'. Welcoming the announcement, CM Stalin said protecting the interests of small borrowers and ensuring timely and accessible credit to them have been his consistent demands. The CM also emphasised that such policies, having a significant impact on the poor, should be arrived at after prior consultation with states.
Economic Times
4 days ago
- Business
- Economic Times
No collateral damage: Finance ministry wants relief for small gold loans
RBI Reviewing Feedback Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The finance ministry has suggested that the Reserve Bank of India (RBI) exempt small borrowers, seeking credit below Rs 2 lakh , from its draft directions on lending against gold collateral to ensure speedy disbursal of such loans. It also said the proposed rules should be implemented from January 1, ministry's suggestions, in a post on X on Friday, came in response to the draft guidelines put out by the banking regulator for public comments on April 9. RBI had sought comments by May 12. RBI also proposed in the draft guidelines that the maximum loan to-value ratio be capped at 75% for consumption gold loans and for all gold loans sanctioned by nonbanking finance companies, irrespective of the purpose for which the loan has been draft guidelines have been examined by the Department of Financial Services (DFS) in the finance ministry under the guidance of finance minister Nirmala Sitharaman , the ministry said on X, adding that suggestions had been forwarded to the RBI to ensure that the requirements of small gold loan borrowers are not adversely affected.'The DFS has suggested that small ticket borrowers below Rs 2 lakh may be excluded from the requirements of these proposed directions to ensure timely and speedy disbursement of loans for such borrowers,' the ministry said in its post.'The Department of Financial Services has also stated that such guidelines will need time to implement at the field level and hence may be suitable for implementation only from January 1, 2026,' it ministry said it is expected that the concerns raised by various stakeholders, as well as the feedback received from the public, will be duly considered by the RBI before finalising the directions. The RBI is reviewing the feedback received on the draft guidelines, it of companies with significant gold loan portfolios reacted positively to the finance ministry's statement.
