Latest news with #UrbanCo-operativeBanks
India Today
09-07-2025
- Business
- India Today
Ex-CEO of New India Cooperative Bank gets pre-arrest bail in loan waiver case
The Mumbai Sessions Court has granted anticipatory bail to Abhimanyu Surinder Kumar Bhoan, former CEO of New India Co-operative Bank, in connection with an FIR alleging wrongful waiver of loans amounting to Rs 18.56 secured the relief despite currently being in judicial custody in a separate case being probed by the Economic Offences Wing (EOW), which involves the alleged embezzlement of Rs 122 crore from the bank's cash granting bail, Additional Sessions Judge N G Shukla observed that the Investigating Officer could have interrogated Bhoan while he was in custody in the EOW case. 'It seems that, investigating officer does not really require custodial interrogation of applicant,' the judge noted. According to the prosecution, the Percept Group of Companies had availed four types of loans from the bank between 2019 and 2022. The loan accounts turned non-performing assets (NPAs), with an outstanding amount of Rs 79.90 crore. It is alleged that Bhoan and other co-accused accepted a One-Time Settlement (OTS) offer of Rs 61.34 crore from the group, thereby causing a wrongful loss of Rs 18.56 crore to the FIR further alleges that Bhoan and co-accused Hiren Bhanu and Suket Kumar Patel received Rs 6.37 crore in their bank accounts from the Percept Group, thereby gaining lawyers, Wesley Moneza, Ruben Mascerahnas, and Waqar Pathan, argued that the Reserve Bank of India (RBI) had issued a circular on January 6, 2020, revising the Supervisory Action Framework (SAF) for all Urban Co-operative Banks. As per the circular, an RBI officer was appointed in every such bank and attended all board meetings. Therefore, they contended that the Board could not have accepted the OTS without the RBI officer's also referred to RBI guidelines dated June 8, 2023, regarding OTS procedures, stating that the settlement was in accordance with these guidelines and that the decision was made by the Board of Directors, where Bhoan was present only in his capacity as prosecution opposed the plea. However, after hearing both sides, the judge noted that Bhoan was not the decision-making authority and that the approval for the settlement was granted by the Board of court also found that the prosecution's claim of alleged kickbacks lacked specific details regarding the amount and timing of money transfers to Bhoan's this year, in February, panic gripped account holders across branches in Mumbai, Thane, and other parts of Maharashtra after the RBI imposed transaction restrictions on the bank in light of these allegations.- EndsTune InMust Watch
Time of India
23-05-2025
- Business
- Time of India
'Allow Urban Co-op Banks to issue share certificates'
MUMBAI: To strengthen Urban Co-operative Banks (UCBs), a discussion paper by the Reserve Bank has proposed to allow them, especially larger ones, to issue 'Special Share Certificates' (SSCs) that can be counted as core capital but won't have voting rights. They can be traded on the bank's website or, eventually, stock exchanges to attract more investors. The paper suggests permitting UCBs to offer loans to Perpetual Non-cumulative Preference Shares (PNCPS) investors, up to certain limits, to make these investment options more appealing. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
