RBI cancels Karad Janata Sahakari Bank licence, depositors will get up to Rs 5 lakh only

News Network
December 9, 2020

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Mumbai, Dec 9: The Reserve Bank of India (RBI) has canceled the licence of Karad Janata Sahakari Bank to conduct banking business citing that the bank does not have adequate finance. This means that the bank is prohibited from taking any deposit or making any repayment.

The central bank also requested the Commissioner for Cooperation Registrar of Cooperative Societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator for it.

However, the RBI said, the process of paying the depositors of the bank will be set in motion. This means, on liquidation, every depositor will receive up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation as per usual terms and conditions. More than 99% of the depositors of the bank will get full payment of their deposits from DICGC.

RBI in a notice issued on Tuesday cited that the bank does not have adequate capital and earning prospects. Hence, it would be unable to pay its present depositors in full. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

The bank was under All Inclusive Directions for the last three years.

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News Network
November 15,2024

Udupi: The Tourism Department is planning a major eco-friendly development initiative for Kamini Island, located near the Blue Flag-certified Padubidri End Point beach, aiming to attract more visitors while maintaining environmental sustainability.

Assistant Director Kumar CU emphasized that, given the island’s proximity to the Blue Flag beach, all development efforts will center around eco-friendly practices. “We are looking to enhance the Kamini River and the island’s surroundings by adding a hanging bridge, nature trails, and eco-friendly food courts offering traditional cuisine. Visitors will also be able to reach the island by pedal boats or kayaking,” he said.

The development project is estimated to cost between Rs 3 crore and Rs 4 crore. Meanwhile, the Blue Flag beach, Padubidri, continues to see a steady flow of visitors. Vijay Shetty, manager of the beach, shared that tenders for food courts and water sports have been awarded to private parties. Recently, three new coracles have been introduced, which are proving to be a hit with visitors. Additionally, three more shelters are expected to be ready by November 20.

Shetty mentioned that the beach can now accommodate between 2,500 and 3,000 visitors daily, although footfall remains lower than other district beaches due to user fees and activity restrictions. “Initially, most visitors were from Mangaluru, but now nearly 40% come from other districts, showing a shift in the visitor demographics,” Shetty noted.

To further boost tourism and promote a healthy lifestyle, a Beach Carnival is set to take place on November 23-24, featuring the National Sea Swimming Championship and a sea marathon in collaboration with the Padubidri JCI, which is celebrating its golden jubilee. Cultural events will be held at the main beach, with some sports events taking place at the Blue Flag beach. Emphasis will be placed on making all activities environmentally friendly.

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News Network
November 27,2024

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Mangaluru: Dakshina Kannada MP Captain Brijesh Chowta recently met with Union Minister for Railways Ashwini Vaishnav to discuss urgent concerns regarding the region's railway infrastructure development. Key issues raised during the meeting included the long-pending Mangaluru-Bengaluru connectivity, the Shiradi Ghat stretch, and other vital railway concerns impacting the region.

In addition to discussing these issues, Captain Chowta submitted a letter requesting the Union Minister's intervention and support. The letter emphasized the need to merge Konkan Railway with Indian Railways and called for the doubling of railway tracks between Bengaluru and Mangaluru, which would significantly improve rail connectivity between the state capital and Mangaluru.

Further, Captain Chowta raised concerns about enhancing passenger facilities along the region's rail routes, particularly the need for better services between Subrahmanya and Mangaluru.

To bring more attention to these pressing issues, Captain Chowta took to social media, urging the state government’s support. In a tweet on his official X handle, he requested Chief Minister Siddaramaiah to expedite the resolution of these concerns. “In this direction, I request our Karnataka government led by CM Shri @siddaramaiah to kindly provide the necessary state support for the swift redressal of various concerns pertaining to both Konkan Railways as well as HMRDC to ease movement of both people and cargo in this important stretch between Mangalore and Bangalore,” he posted.

The meeting with the Union Minister was attended by Bengaluru Rural MP Dr. CN Manjunath, Udupi-Chikmagalur MP Kota Srinivas Poojary, and Uttara Karnataka MP Vishweshwara Hegde Kageri, all of whom supported the discussion on enhancing railway infrastructure in the region.

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News Network
November 19,2024

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