#TheBigStory: #PMCBankScam gets bigger. According to the Forensic Audit report, the amount of the scam has crossed ?5000 crore as compared to ?4000 crore. The report also shows that each rule was violated@Santia_Gora and @nehakulkarni29 with details@saharzaman pic.twitter.com/bYVrQZGIOR
— Mirror Now (@MirrorNow) November 18, 2019
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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This means access to other articles (outside the subscription period) are not included.
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So GoI should immediately remove special status to UCBs to stop further scams by repealing corrupt sections, subsections inserted in 1984, 2013 by amending the Act.
As of Nov 2019-PMC Bank scam and other co-operative bank scams are daily reported in press and media.
(Pdf file attached-terms and conditions of Long Term Deposits -LTD-by Saraswat Bank-with permission of RBI).
RBI link for long term deposits.
https://www.rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=10487
Its surprising that these LTDs are NOT covered by Bank Deposits Insurance scheme (DICGC).
No loan/Overdraft/Premature withdrawal available till 7 years.
If CO-Operative bank closes down/liquidated during tenure of 7 years of LTDs (long term deposits )-depositor will LOOSE ALL AMOUNT.
🚒🚒 Can any Individual/Organization/Consumer Forum study these and file PIL to stop further cheating by co-operative banks of its account holders? 🚒🚒