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Court allows tainted broker Ketan Parekh to visit UK

This is the third time that Ketan Parekh has been given permission to visit UK due to the ill-health of his daughter after his arrest in the multi-crore scam in 2001

 

Ahmedabad: A special court of the Central Bureau of Investigation has allowed former stock broker Ketan Parekh, main accused in the multi-crore Madhavpura Mercantile Cooperative Bank (MMCB) scam, to visit United Kingdom (UK) for two months to visit his ailing daughter, reports PTI.

The permission was granted by Additional Chief Judicial Magistrate HS Khutwad on an application by Parekh. However, he has been told to deposit Rs25 lakh with the court and also furnish bonds by two guarantors.

The RBI had recently cancelled the banking license of MMCB, nearly 11 years after the Rs1,200 crore scam came to light.

The former broker had sought permission to go to UK on the ground that his daughter was ill and required treatment.

This is the third time that Parekh has been given permission to visit UK due to the ill-health of his daughter after his arrest in the multi-crore scam in 2001.

Parkeh is presently out on bail.

Meanwhile, an application by the MMCB bank seeking cancellation of Parekh's bail was adjourned till 16th June by the court after Parekh's lawyer sought time to file reply to the bank's petition.

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Finance ministry asks banks to ensure one account per family

Having a bank account for every family will help the government and its agencies to use it for electronic fund transfer of wages, salaries or payments to suppliers.

 

Mumbai: In an ambitious move, the Finance Ministry has instructed all the lenders to ensure that at least one person per family across the country has a bank account in the next six months, reports PTI.

As per the 2011 census, only three in five families have a bank account in the country, or 40% of the families are not in the banking system, a senior Finance Ministry official said.

“During the meeting between the Finance Minister and heads of public sector banks on 12 June 2012 it was decided to ensure that there is a bank account in every family,” Additional Secretary in the department of financial services, Sunil Soni said over the weekend.

He said having a bank account for every family will help the government and its agencies to use it for electronic fund transfer of wages, salaries or payments to suppliers.

“All the payments from the government will be done electronically directly into the account to reduce leakage,” he said.

He said the decision, coupled with a recent move to make all electronic fund transfers under Rs1 lakh through the NEFT, will make it possible for cheap movement of funds.

Banks can easily achieve the target, given the success they have achieved in financial inclusion programme, wherein over 73,000 villages having a population of above 2,000 were covered with a bank presence within two years, Soni said.

Internet-based technology and right approach will make it possible for banks to achieve the target, he said.

The bureaucrat also suggested that every such account holder will have to be compulsory given an ATM (automated teller machine) card which will give him an ease of access.

Plans are also on to link such accounts with instruments like the Kisan Credit Card which will integrate an individual's financial dealings, he said.

Life insurance giant LIC's Chairman D K Malhotra also noted that the corporation is targeting to provide insurance to every "insurable" individual in the country by 2020.

The LIC has 350 million policyholders currently, he said.

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