Tag: GoA

Depositors of Madgaum Urban Bank asked to submit claims within 2 months, BFSI News, ET BFSI

Banking & Finance

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Depositors of the Madgaum Urban Co-operative Bank Ltd, Margao, which has been placed under liquidation, have been asked to submit their claims against the bank, if any, within two months.

A public notice to that effect has been issued under provisions contained in the Goa Cooperative Societies Rules 2003 by the liquidator appointed for the bank.

The claims for submission have to be duly filled in the ‘Depositor’s Claim’ forms at the respective branch of the bank, as per the notice.

“The claims received shall be investigated and decided on the basis of the account books of the said bank and as per Deposit Insurance and Credit Guarantee Corporation (DICGC) general terms and conditions,” the notice reads.

Also, through the same notice, all locker holders have been asked to arrange for the surrender of lockers and to take custody of their valuables on or before September 30.

The bank’s licence was cancelled by the Reserve Bank of India by an order dated July 27 following which it stopped functioning with effect from the close of business on July 29.



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Goa Min claims facing NPA risk, writes to PM, FM, BFSI News, ET BFSI

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Panaji, Goa‘s Ports Minister Michael Lobo on Thursday said that he had written to Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman urging them to provide relief from paying loan EMIs for businesses impacted by the second wave of Covid-19.

A cabinet minister in the BJP-led coalition government led by Chief Minister Pramod Sawant, Lobo is also a hotelier himself.

He told a press conference here, that he was forced to write to the Centre after a bank manager informed the Minister that his own account was in the danger of being declared as a non-performing asset (NPA).

“I am also a businessman. I am getting calls from banks from which I have taken loans. A manager of a bank told me yesterday (Wednesday) that if I do not pay my loan instalment by tomorrow (Thursday), it will be declared NPA.” Lobo said.

“If a bank manager can call me and inform me that my account will be declared as an NPA, what about the common man? What about people who live hand-to-mouth and run small businesses? How will they pay instalments. This is an issue which is plaguing people in Goa as well as the rest of India.” Lobo said.

In his letter to Modi and Sitharaman, Lobo has also urged the top ruling duo to urge the Reserve Bank of India to issue a circular directing all nationalised banks to not declare accounts impacted by the second wave of the Covid pandemic, as NPAs.

“There is a need for a decision on this. The Finance Minister should take a decision and instruct all banks.” Lobo said.

The cabinet minister also said that the central government should also replicate the moratorium on loan EMIs provided to businesses during the first Covid wave last year.



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RBI extends timeline for advisory group to submit feedback to GoAs assisting Regulatory Review Authority

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The Reserve Bank of India (RBI) has extended the timeline for submission of feedback and suggestions from all regulated entities, industry bodies and other stakeholders to the Group of Advisors (GoA) assisting the Regulation Review Authority (RRA 2.0) by 15 days till June 30.

This has been done keeping in view the Covid-19 related disruptions and based on the requests received from stakeholders, RBI said in a statement.

RRA 2.0

RRA 2.0 has been set up initially for a period of one year from May 1, 2021. M Rajeshwar Rao, Deputy Governor, RBI, was appointed as the Regulations Review Authority in April 2021.

Also read: RBI sets up advisory group to assist Regulatory Review Authority

To make central bank’s regulations and compliance procedures more effective, On May 7, the RRA constituted a six-member Advisory Group headed by S Janakiraman, Managing Director, State Bank of India, to support it in reviewing the them with a view to streamline and rationalise them.

The terms of reference of RRA 2.0 include making regulatory and supervisory instructions more effective by removing redundancies and duplications, if any; and to obtain feedback from regulated entities on simplification of procedures and enhancement of ease of compliance. The authority will seek to reduce compliance burden on regulated entities by streamlining the reporting mechanism; revoking obsolete instructions if necessary and obviating paper-based submission of returns, wherever possible.

The RRA will examine and suggest the changes required in dissemination process of RBI circulars/ instructions.

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