conversion | Common News Update

Jan202020 by adminNo Comments

New India Co-operative Bank shareholders approve conversion to small finance bank

Finance

MUMBAI: The New India Co-operative Bank (NICB) on Monday said its shareholders have decided to convert it into a small finance bank. The move comes after a slew of regulatory changes by the RBI following the Rs 4,500-crore PMC Bank fraud and to ensure better regulation of such lenders which are heavily influenced by regional political heavyweights. NICB shareholders passed the resolution at a special general body meeting on Saturday. It will now be approaching the RBI and Central Registrar of Societies for further action, the bank said in a statement. The decision has been taken under Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) dated September 27, 2018, it said. Its vice chairman Hiren Bhanu said has a networth of Rs 230 crore as compar...

New York City looks to repeal ‘gay conversion therapy’ ban

Health

A city law banning so-called gay conversion therapy would be repealed under legislation introduced Thursday over concerns that a pending federal lawsuit could lead to a decision unfavorable to the LGBTQ community if the case were to make it to the Supreme Court. Council Speaker Corey Johnson introduced the repeal in what he called "a painful decision." The council had passed the ban against the widely discredited practice, which aims to change a person's sexual orientation or gender identity, less than two years ago, at the end of 2017, and it took effect last year. The proposed repeal now goes to a committee hearing, scheduled for next week, and then would have a vote in the full council and, if it is passed, would be signed by the mayor. "After intense deliberation, the council conclude...

J&K Bank's conversion into PSU opposed

Finance

Employees of the Jammu and Kashmir Bank on Thursday staged a protest here seeking rollback of the government's decision to treat the bank as a public sector undertaking (PSU). They protested at the corporate headquarters of the bank. The state government had decided to bring the bank under the purview of the RTI Act and treat it as a PSU. There were widespread opposition to the decision with political parties, including the Peoples Democratic Party (PDP) and the National Conference (NC), terming it a move to curb J&K's financial autonomy. Established in 1938, the majority shares of the largest bank in J&K are owned by the government. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times