Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Sebi bars Debock Industries, its MD Mukesh Singh for 7 years; slaps penalty
    CPI(M) hits out at NCLT over Subhash Chandra's Rs 6.5-Cr repayment plan against Rs 22,006-Cr claims
    Good corporate governance central to India's development: Jitendra Singh
    DHFL case: ED freezes bank deposits worth Rs 51.75 crore
    Comprehensive set of reforms undertaken to simplify defence export SOP: MoD
    Jio Platforms gets Sebi nod for $3.8-bn IPO, set to be India's biggest
    Gold declines for 3rd day, prices tumble Rs 3,300 as US dollar gains strength
    Rs 53 lakh cr transferred to govt beneficiaries through DBT, mostly to Jan Dhan accounts in 12 years
    Forex kitty jumps USD 12.42 bn to all-time high of USD 729.3 bn
    Jio Platforms gets Sebi nod to launch IPO
    PM Jan Dhan Yojana has had unparalleled impact, transformative outcomes: PM Modi
    Bajaj Finance Personal Loan Offers Flexible Repayment Options with Loan Utsav 2026 Benefits
    ED arrests 3 more people in pan-India digital arrest case
    Rupee rises 6 paise to settle at 95.39 against US dollar
    Senior citizen threatened with terror funding case probe, duped of Rs 7.2 crore
    Rupee declines 10 paise to 95.55 against US dollar in early trade
    UK’s PG Paper welcomes SEBI review of fraud allegations against Indian firm
    'Neta-Company Loot Tribunal': Cong on NCLT haircut approval for Subhash Chandra
    S&P affirms India's 'BBB' sovereign rating; cites dynamic economy, policy stability
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 29, 2026
Show AI Summary
Securities market fraud involving fictitious transactions triggered market bans, disgorgement, fund restoration, and governance restrictions.
SEBI imposed securities-market restrictions, disgorgement directions and monetary penalties in relation to alleged accounting fraud involving fictitious sales, purchases, circular transactions and fraudulent ledger entries. The alleged inflation of financial results facilitated migration to the NSE main board and was followed by fraudulent preferential allotments, a bonus issue and a rights issue. Rights issue proceeds were found to have been diverted, requiring restoration with applicable interest. The company and its managing director received seven-year market prohibitions, with additional governance restrictions applying to the managing director.
August 28, 2026
Show AI Summary
Insolvency debt settlements: political criticism alleges severe creditor haircuts favour influential corporate borrowers over ordinary debtors.
CPI(M) criticised approval of a repayment plan involving Zee Group founder Subhash Chandra, asserting that repayment of Rs 6.5 crore against creditor claims of Rs 22,006.57 crore undermines fairness in insolvency debt settlement. It alleged severe creditor haircuts and bias favouring influential corporate borrowers. The party linked the settlement to an alleged pattern of large borrowers resolving liabilities at steep discounts, shifting the burden to taxpayers and small depositors while smaller borrowers face coercive recovery measures.
August 28, 2026
Show AI Summary
Corporate governance requires company secretaries to promote ethical practices, transparency, responsibility and institutional accountability across economic ecosystems.
Good corporate governance is central to development and depends on responsible governance, ethical practices, transparency, institutional accountability and professional excellence. Company Secretaries have an expanding role in strengthening governance practices through professional expertise. Professional institutions should promote governance standards, support institutional excellence, and evolve their practices in response to changing requirements. Their wider contribution lies in fostering a culture of ethical entrepreneurship, responsibility, transparency and sound governance.
August 28, 2026
Show AI Summary
Proceeds-of-crime tracing prompts freezing of deposits linked to structured disposal of foreign property in a bank-loan fraud investigation.
Money-laundering investigation into alleged bank-loan fraud involving DHFL has resulted in the freezing of bank deposits held by Al Jalore Trading FZE under the Prevention of Money Laundering Act. A United Kingdom property was allegedly disposed of through a purported loan arrangement that created an encumbrance to settle an Indian liability. Sale proceeds were credited to Al Jalore Trading FZE's Indian bank account rather than to the registered owner, indicating alleged dissipation of proceeds of crime through a structured foreign-property transaction.
August 28, 2026
Show AI Summary
Defence export authorisation reform streamlines consultations, expands unified licences, and facilitates eligible exporters' access to international markets.
Open General Export Licence arrangements permit eligible exporters to self-generate authorisations for multiple consignments of specified defence items without obtaining separate authorisation for each consignment. Three existing licence procedures are consolidated into a unified framework. Licence validity is extended to three years, and territorial coverage is expanded to all countries other than negative or sensitive nations and destinations subject to United Nations Security Council sanctions or arms embargoes. Eligible companies with long-term foreign original equipment manufacturer agreements may obtain licences aligned with the underlying contract, subject to prescribed conditions.
August 28, 2026
Show AI Summary
IPO approval enables Jio Platforms to issue fresh equity shares, with proceeds earmarked for subsidiary debt repayment and corporate purposes.
SEBI's final observations enable Jio Platforms Ltd to proceed with an initial public offering comprising up to 27 crore newly issued equity shares. The transaction is structured as a fresh issue of shares. Offer proceeds are primarily allocated towards repayment or prepayment of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary, with the balance designated for general corporate purposes.
August 28, 2026
Show AI Summary
Gold price volatility intensified as dollar strength, profit-booking, and customs-duty-cut reports pressured domestic bullion markets.
Domestic bullion prices declined for a third consecutive session as a stronger US dollar and sustained profit-booking after a recent rally weakened gold and silver. Gold fell sharply in the national capital and silver also declined in domestic trading, with the three-day movement reflecting ongoing price volatility in the bullion market. International spot gold remained marginally lower while investors awaited policy-related remarks concerning inflation and elevated yields.
August 28, 2026
Show AI Summary
Direct benefit transfer strengthens welfare delivery through Jan Dhan accounts, digital payments, reduced intermediaries, and expanded financial inclusion.
Direct Benefit Transfer has transferred welfare benefits directly to beneficiaries, largely through Jan Dhan accounts, reducing intermediaries and supporting transparent delivery. The Pradhan Mantri Jan Dhan Yojana provides unbanked adults basic accounts without minimum-balance or maintenance-charge requirements, along with RuPay debit cards, accident insurance coverage, and emergency overdraft access. Banking outlets, digital-payment infrastructure, and Bank Mitras extend formal financial services to women, rural and semi-urban communities, strengthening financial inclusion and participation in the formal economy.
August 28, 2026
Show AI Summary
Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
Show AI Summary
IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
Show AI Summary
Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
Show AI Summary
Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.
August 28, 2026
Show AI Summary
Digital arrest money laundering investigation tracks cyber-fraud proceeds through layered bank accounts, cash withdrawals, and foreign-exchange conversion.
Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.
August 28, 2026
Show AI Summary
Foreign exchange intervention and lower crude prices supported rupee appreciation despite a stronger dollar and foreign institutional investor outflows.
Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.
August 28, 2026
Show AI Summary
Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
Show AI Summary
Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
Show AI Summary
Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
Severe flash floods in Nepal and along the Nepal-Tibet border prompted cross-border rescue coordination for missing and stranded persons, warnings of continued downstream flood risk, and international relief support. Preventive public-safety measures included temporary suspension of an Indo-Nepal bus service. Separate developments included disruption of public services during an employee strike, investigation of an aircraft crash, market measures affecting sugar and onion prices, and proposed trade engagement for greater market access for basmati rice and processed food exports.
August 27, 2026
Show AI Summary
Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
August 27, 2026
Show AI Summary
Personal insolvency repayment plans test creditor voting thresholds, valuation safeguards, and limits on commercial review under insolvency law.
Personal insolvency resolution under the Insolvency and Bankruptcy Code involved approval of a repayment plan providing for payment of Rs 6.25 crore to creditors and Rs 25 lakh towards process costs against admitted creditor claims of about Rs 22,006.57 crore. Objections by dissenting creditors were rejected because they held less than 20 per cent of voting share, while the plan received 80.81 per cent support. Valuation indicated that the personal estate was worth less than the amount offered, and the tribunal declined to replace creditor commercial wisdom or assess settlement adequacy.
August 27, 2026
Show AI Summary
Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

Working Together, Growing Stronger: Responsible Governance for a Resilient UCB Sector (Valedictory Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India at the Seminar for Directors of Urban Co-operative Banks held in CAB, Pune on Friday, July 11, 2025)

July 21, 2025

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Chairmen and Directors of Urban Cooperative Banks; Shri Jaikish, Principal of the College of Agricultural Banking; my colleagues from the Reserve Bank of India; ladies and gentlemen - a very good afternoon to all of you.

2. I am honoured to be here today to address you at the culmination of this seminar’s deliberations on the theme ‘Resilient Cooperatives for the Future: Enhancing Governance in a Digital Age’.

3. This seminar, thoughtfully organised by the College of Agricultural Banking, comes at a very appropriate time. The United Nations has declared 2025 as the International Year of Cooperatives, with the theme ‘Cooperatives Build a Better World’, recognising the vital role cooperatives play in building inclusive, fair, and resilient communities - something that India’s own cooperative movement has long exemplified.

4. With a proud history of over a century, cooperatives have become powerful engines of grassroots development. From Amul and IFFCO to SEWA and India Coffee House, India’s cooperatives have shown how collective effort can drive both economic and social progress.

5. UCBs have long been an essential part of India’s cooperative story, providing banking services to segments - often underserved by larger banks - small traders, self-employed individuals, salaried workers, and others in the informal sector. What sets UCBs apart is their deep-rooted presence in the community and their ability to offer personalised, responsive service, customers are at ease walking into their neighbourhood UCB branch. This reflects the essence of the cooperative model - banking built on relationships, local knowledge, and grassroots connection.

6. With this unique identity as a cooperative bank, comes a substantive responsibility. While UCBs are rooted in cooperative values, they are banks - licensed to accept public deposits and expected to operate with the same prudence, integrity, and accountability that banking demands. Banking is built entirely on the trust of depositors. Trust must be earned and protected every single day - through sound governance, effective risk management, and an unwavering commitment to depositors’ interests.

7. Recognising both the importance of UCBs and the challenges they face, the Government and the Reserve Bank have taken several steps in recent years to support the sector’s stability and growth. Based on the recommendations of the Expert Committee chaired by former Deputy Governor, Shri N. S. Vishwanathan, a four-tiered regulatory framework was introduced to bring proportionality in regulation. The establishment of a sector-wide Umbrella Organisation was also facilitated to help address issues of scale, particularly in technology and capacity building. Recently, the priority sector lending guidelines for UCBs were revised in response to feedback from the sector.

8. While these measures reflect the commitment of the Reserve Bank and the Government to support and strengthen the UCB sector, lasting progress must ultimately come from within. Government and regulators can enable, but it is the internal resolve and discipline of each institution that will determine its long-term resilience. This calls for a renewed focus on governance, professional management, and strong internal systems. It is therefore essential that you, as Directors, take the lead in building institutions that are capable, forward-looking, compliant, and - most importantly - worthy of the trust placed in them.

9. Let me now turn to five key areas where, as Directors, your role is especially critical. These are not merely regulatory expectations - they are the essential building blocks of strong and sustainable institutions. In each of these areas, your focused attention and leadership can make a meaningful difference to the future of your banks.

Strengthening Governance and Accountability

10. My first area is on strengthening governance and accountability. Time and again, our supervisory experience has shown that the root cause of distress in cooperative banks is not external shocks, but weak internal governance. Whether it is high levels of non-performing assets, instances of fraud, or erosion of capital, the underlying issues often trace back to poor oversight, lack of independent judgement, and inadequate checks and balances at the Board level.

11. While you are not expected to manage the day-to-day operations - that is the responsibility of senior management - as Directors, your role is not to merely endorse decisions, but to actively engage, ask the difficult questions, and ensure that the bank is being run in a prudent, ethical, and transparent manner.

12. All dealings must be at arm’s length, and related-party transactions must be approached with utmost caution and full transparency. This applies not only to lending decisions, but also to appointments and other administrative matters - please follow a fair and transparent process without fail.

13. Strong governance begins with active, informed, and independent Boards - Boards that place the long-term interests of the institution and its depositors above all else.

Building Robust Assurance Functions

14. The second area I want to highlight is the importance of strong internal assurance functions - namely, risk management, internal audit, and compliance. These are not back-office support roles. They are your eyes and ears within the organisation, helping you identify risks early, monitor controls, and ensure that operations align with regulatory expectations and internal policies.

15. However, these functions can only be effective if they are given the independence, stature, and access they require. They must have the freedom to escalate concerns without fear. They must have the skills and seniority to command respect within the institution. And most importantly, they must have a direct line of communication with the Board - especially with the Audit and Risk Management Committees (especially for those UCBs, where we have mandated RMCs).

16. As Directors, you must engage actively with these functions - not just to review their reports, but to understand what is happening at the ground level. Ask questions. Seek clarifications. Ensure that red flags are not ignored or rationalised. A well-functioning risk, audit, and compliance setup is the foundation of a safe, well-run bank.

Engaging Constructively with Auditors and Inspectors

17. The third area I would like to emphasise is your engagement with statutory and internal auditors, as also with supervisory teams. These stakeholders are not adversaries - they are valuable partners in safeguarding the health of your institution.

18. Auditors play a crucial role in independently validating the bank’s financial position and internal controls. Their observations must not be treated as routine or transactional. Engage with them meaningfully. Understand the concerns they raise and ensure that necessary corrective action is taken - not just in form, but in spirit.

19. Likewise, the inspection reports issued by the Reserve Bank should be viewed as a tool for strengthening your bank - not as a fault-finding exercise. These inspections are a critical last line of defence, aimed at identifying risks before they become unmanageable.

20. As Directors, it is essential that you read these reports carefully, discuss them thoroughly at the Board level, and ensure time-bound action on the issues flagged. Avoid the temptation to look for comfort in favourable metrics alone. Instead, focus on understanding the root causes of any weaknesses and most importantly, in fixing them decisively.

Embracing Technology with Responsibility

21. The fourth area I want to highlight is the growing importance of technology - and the need to adopt it with foresight and responsibility.

22. In recent years, customer expectations have changed dramatically. Digital payments, mobile banking, and round-the-clock service are no longer luxuries - they are now basic expectations.

23. Many UCBs are eager to offer internet and mobile banking, and that is a welcome aspiration. However, digital services require a strong and secure technological foundation. If the underlying systems are weak, the infrastructure outdated, or the staff unprepared, the bank - and its customers - become vulnerable to serious risks such as fraud, data breaches, and prolonged service disruptions.

24. Cybersecurity is not just a technical issue - it is a governance issue. The Board must be fully aware of the bank’s digital capabilities and its cyber risk profile. Any decision to expand digital offerings must be based on a realistic assessment of readiness and must be accompanied by appropriate investment in systems, processes, and people.

25. Digital transformation should not be about ticking a box or keeping up with trends. It must be a strategic choice, aligned with your bank’s risk appetite, customer profile, and operational capacity. Above all, it must be anchored in a commitment to provide secure and uninterrupted service for your depositors.

Supporting Collective Strength through the Umbrella Organisation

26. The fifth area I want to highlight is the importance of collective action - and the opportunity that now lies before the sector through the Umbrella Organisation.

27. In today’s environment, the challenge of limited scale has become more pressing for UCBs - particularly in areas such as technology adoption, cybersecurity, risk management, and compliance. As banking becomes more technology-intensive and regulatory expectations rise, the cost of staying competitive and secure is increasing. For many individual UCBs, making the necessary investments while maintaining profitability is becoming increasingly difficult. The creation of the National Urban Cooperative Finance and Development Corporation Ltd. (NUCFDC) - as an Umbrella Organisation - was a response to this evolving challenge.

28. The Umbrella Organisation is envisioned as a shared platform that can support member banks with common technology solutions, centralised services, capacity-building programmes, and improved access to modern tools and expertise. It can be a force multiplier - especially for smaller UCBs - allowing them to benefit from economies of scale while retaining their unique identity and local focus. NUCFDC is also expected to provide certain fund-based facilities to member banks such as supporting them in capital enhancement, providing refinance, and addressing short term liquidity requirements.

29. The success of this initiative, however, depends on broad-based and active participation. The cooperative movement has always drawn its strength from unity. The Umbrella Organisation offers an opportunity to renew that spirit - by building shared resilience for a digital and dynamic future.

Conclusion

30. Let me conclude by reiterating that Urban Cooperative Banks matter. You represent a model that is built not just on profit, but on purpose.

31. As the financial landscape evolves, however, the expectations from you, especially as Directors, are also rising. Governance must be sharper. Risks must be better understood and managed. Technology must be adopted thoughtfully and securely. Above all, the trust of your depositors must remain non-negotiable.

32. Therefore, each of you has both the opportunity and the responsibility to shape the future of your institution.

33. The Reserve Bank stands with you - as a regulator, as a guide, and as a partner. Let us work together to ensure that UCBs remain a strong, resilient, and vibrant part of India’s financial system.

34. Thank you, Jai Hind.

Topics

Acts Income Tax