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What steps taken to help PMC Bank depositors, HC asks RBI

What steps taken to help PMC Bank depositors, HC asks RBI

Finance
MUMBAI: The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank. A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed by the RBI on withdrawals. On September 23, the RBI imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The withdrawal limit for account holders was initially Rs 1,000 per each customer for six months, which was later raised to Rs 10,000 and then to Rs 40,000. On Monday, the bench said it only wanted to know what the RBI was doing in the case. "The RBI knows all the affairs o...
Madrid to host COP25 after Peru bows out amid violent protests; Greta Thunberg asks for ride

Madrid to host COP25 after Peru bows out amid violent protests; Greta Thunberg asks for ride

World
Nov. 1 (UPI) -- The city of Madrid agreed Friday to host a U.N. climate change convention next month after Chile withdrew from hosting duties amid protests in the capital. U.N. Climate Change Executive Secretary Patricia Espinosa said the convention, known as COP25, will take place in the Spanish capital Dec. 2-13. Madrid offered to hold the event Thursday, one day after Chilean President Sebastian Pinera said the capital of Santiago could no longer host. He also canceled plans to host the Asia-Pacific Economic Cooperation summit scheduled for December. "We understand perfectly the importance of APEC and [the climate change conference] for Chile and the world, but we have based our decision on common sense," he said in a statement. "A president needs to put its people above everything el...
S. Korea asks AFC to punish N. Korea over World Cup qualifier

S. Korea asks AFC to punish N. Korea over World Cup qualifier

Sports
SEOUL, Oct. 18 (UPI) -- South Korea's national football federation said Friday it has asked the sport's continental governing body to consider penalizing North Korea for hosting a recent World Cup qualifier behind closed doors. The Korea Football Association said it sent a letter to the Asian Football Confederation on Thursday, expressing its regrets over North Korea's lack of cooperation in staging the inter-Korean World Cup qualifier in Pyongyang on Tuesday. North Korea shunned South Korea's repeated inquiries regarding traveling and other administrative issues until the last minute. North Korea also declined to approve trips by South Korean nationals other than the players and the national team support staff, leaving fans and journalists in the dark. The match at Kim Il Sung Stadium w...
Plea for probe into alleged funds misappropriation by Indiabulls; HC asks Centre, RBI to reply

Plea for probe into alleged funds misappropriation by Indiabulls; HC asks Centre, RBI to reply

Finance
NEW DELHI: The Delhi High Court on Friday decided to examine the allegations, in a PIL by an NGO, of financial irregularities, siphoning of funds and other violations against the promoters of Indiabulls Housing Finance Ltd (IBHFL). A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the central government, the Reserve Bank of India and Indiabulls seeking their stand on the petition filed by an NGO. The court also issued notice to the Securities and Exchange Board of India (SEBI), National Housing Bank (NHB), the Serious Fraud Investigation Office (SFIO), Registrar of Companies (ROC) and Sameer Gehlaut, the founder and chairman of Indiabulls group and asked them to file their replies by December 13-- the next date of hearing. The bench decided to issue notice in t...