RBI freeze on co-op bank hits depositors TIMES NEWS NETWORK Mumbai : Funds of lakhs of depositors and several cooperative housing societies are stuck with New India Cooperative Bank after it was placed under moratorium by RBI on Thursday. RBI said the restrictions were imposed “due to supervisory concerns” over “recent material developments in the bank, and to protect the interest of depositors...” The action follows a spot inspection and a complaint filed by the bank’s chief compliance officer with the Economic Offences Wing over alleged fund misappropriation by staff. A police source said a bank official would be called to record his statement. RBI has dissolved the bank’s board for mismanagement and appointed an administrator and a committee of advisors to restore operations and revive the bank. Bankers speculate that operations are likely to be taken over by another cooperative bank. Anxious depositors thronged branches across the Mumbai region. They were greeted by banners in the name of the “Acting CEO” that said deposits up to ₹5 lakh were insured and would be released “in around 90 days”. Deposits coming under the ₹5 lakh insurance cover over 90% of the bank’s 1.3 lakh depositors. However, no bank staff were available to answer queries. Pandurang Kamble, an account holder in the Virar branch for the last 22 years, said, “I have ₹5 lakh in fixed deposits. My salary is also credited in this account. If there is no refund after 90 days then what? My wife is a cardiac patient, what will happen to her once I break this news? Govt should step in and help us.” The bank has 28 branches in Maharashtra and Gujarat. New India Cooperative Bank was founded as Bombay Labour Co-operative Bank in 1968 by late parliamentarian George Fernandes. It was renamed as New India Cooperative Bank after the Emergency. The bank reduced its accumulated losses from ₹30.7 crore in FY23 to ₹22.8 crore as of Mar 31, 2024. However, its advances portfolio decreased by ₹155 crore (11.7%) to ₹1174.8 crore as of Mar 31, 2024. Deposits increased by ₹ 30.5 crore (1.3%) to ₹2,436 crore as of Mar 31, 2024. Advances portfolio stood at ₹1175 crore, working capital was ₹2,997 crore, and total reserve funds were ₹292.9 crore. Under RBI directions, the bank is restricted from allowing withdrawals from savings or current accounts but can set off loans against deposits under certain conditions. Essential expenditures such as salaries, rent, and electricity bills are permitted as per RBI’s directions. It cannot also grant or renew loans and advances, make investments, incur liabilities (including borrowal of funds and acceptance of fresh deposits), disburse payments, enter into compromises, or dispose of properties or assets without RBI’s prior approval.

RBI freeze on co-op bank hits depositors TIMES NEWS NETWORK Mumbai : Funds of lakhs of depositors and several cooperative housing societies are stuck with New India Cooperative Bank after it was placed under moratorium by RBI on Thursday. RBI said the restrictions were imposed “due to supervisory concerns” over “recent material developments in the bank, and to protect the interest of depositors...” The action follows a spot inspection and a complaint filed by the bank’s chief compliance officer with the Economic Offences Wing over alleged fund misappropriation by staff. A police source said a bank official would be called to record his statement. RBI has dissolved the bank’s board for mismanagement and appointed an administrator and a committee of advisors to restore operations and revive the bank. Bankers speculate that operations are likely to be taken over by another cooperative bank. Anxious depositors thronged branches across the Mumbai region. They were greeted by banners in the name of the “Acting CEO” that said deposits up to ₹5 lakh were insured and would be released “in around 90 days”. Deposits coming under the ₹5 lakh insurance cover over 90% of the bank’s 1.3 lakh depositors. However, no bank staff were available to answer queries. Pandurang Kamble, an account holder in the Virar branch for the last 22 years, said, “I have ₹5 lakh in fixed deposits. My salary is also credited in this account. If there is no refund after 90 days then what? My wife is a cardiac patient, what will happen to her once I break this news? Govt should step in and help us.” The bank has 28 branches in Maharashtra and Gujarat. New India Cooperative Bank was founded as Bombay Labour Co-operative Bank in 1968 by late parliamentarian George Fernandes. It was renamed as New India Cooperative Bank after the Emergency. The bank reduced its accumulated losses from ₹30.7 crore in FY23 to ₹22.8 crore as of Mar 31, 2024. However, its advances portfolio decreased by ₹155 crore (11.7%) to ₹1174.8 crore as of Mar 31, 2024. Deposits increased by ₹ 30.5 crore (1.3%) to ₹2,436 crore as of Mar 31, 2024. Advances portfolio stood at ₹1175 crore, working capital was ₹2,997 crore, and total reserve funds were ₹292.9 crore. Under RBI directions, the bank is restricted from allowing withdrawals from savings or current accounts but can set off loans against deposits under certain conditions. Essential expenditures such as salaries, rent, and electricity bills are permitted as per RBI’s directions. It cannot also grant or renew loans and advances, make investments, incur liabilities (including borrowal of funds and acceptance of fresh deposits), disburse payments, enter into compromises, or dispose of properties or assets without RBI’s prior approval.

TIMES NEWS NETWORK  15.02.2025

Mumbai : Funds of lakhs of depositors and several cooperative housing societies are stuck with New India Cooperative Bank after it was placed under moratorium by RBI on Thursday. RBI said the restrictions were imposed “due to supervisory concerns” over “recent material developments in the bank, and to protect the interest of depositors...” The action follows a spot inspection and a complaint filed by the bank’s chief compliance officer with the Economic Offences Wing over alleged fund misappropriation by staff. A police source said a bank official would be called to record his statement. 

RBI has dissolved the bank’s board for mismanagement and appointed an administrator and a committee of advisors to restore operations and revive the bank. Bankers speculate that operations are likely to be taken over by another cooperative bank. Anxious depositors thronged branches across the Mumbai region. They were greeted by banners in the name of the “Acting CEO” that said deposits up to ₹5 lakh were insured and would be released “in around 90 days”. Deposits coming under the ₹5 lakh insurance cover over 90% of the bank’s 1.3 lakh depositors. However, no bank staff were available to answer queries. Pandurang Kamble, an account holder in the Virar branch for the last 22 years, said, “I have ₹5 lakh in fixed deposits. My salary is also credited in this account. If there is no refund after 90 days then what? My wife is a cardiac patient, what will happen to her once I break this news? Govt should step in and help us.” The bank has 28 branches in Maharashtra and Gujarat. New India Cooperative Bank was founded as Bombay Labour Co-operative Bank in 1968 by late parliamentarian George Fernandes. It was renamed as New India Cooperative Bank after the Emergency. 

The bank reduced its accumulated losses from ₹30.7 crore in FY23 to ₹22.8 crore as of Mar 31, 2024. However, its advances portfolio decreased by ₹155 crore (11.7%) to ₹1174.8 crore as of Mar 31, 2024. Deposits increased by ₹ 30.5 crore (1.3%) to ₹2,436 crore as of Mar 31, 2024. Advances portfolio stood at ₹1175 crore, working capital was ₹2,997 crore, and total reserve funds were ₹292.9 crore. Under RBI directions, the bank is restricted from allowing withdrawals from savings or current accounts but can set off loans against deposits under certain conditions. Essential expenditures such as salaries, rent, and electricity bills are permitted as per RBI’s directions. It cannot also grant or renew loans and advances, make investments, incur liabilities (including borrowal of funds and acceptance of fresh deposits), disburse payments, enter into compromises, or dispose of properties or assets without RBI’s prior approval.

Over 75,000 to appear for CBSE board exams

Over 75,000 to appear for CBSE board exams

TIMES NEWS NETWORK 15.02.2025

Ahmedabad : Final exams for Classes 10 and 12 under the Central Board of Secondary Education

(CBSE) will begin on Saturday.

From Gujarat, 75,000 students have registered for these exams, of which nearly 43,000 students are

from Class 10 and around 32,000 are from Class 12. As many as 14,281 students are from  Ahmedabad city, of which 7,909 students are from Class 10 and 6,372 are from Class 12.

According to officials, Class 10 students will take the English exam and Class 12 students will take  the entrepreneurship exam on Sa turday. The Class 10 exams will conclude on March 18 while  Class 12 exams will continue till April 4.

The exam will be conducted at 21 centres in Ahmedabad. The board has made it clear that in

addition to their admit card and school ID card, students are allowed to carry a transparent pouch, geometry box, transparent water bottle, metro cards, bus passes and money.

The CBSE has also made it clear that regular students appearing for the CBSE board exams must wear their school uniform.

Last year, more than 69,000 students from Classes 10 and 12 in the state took the CBSE board exam

HC stays order on returning ‘thaali’ to Lankan woman

 HC stays order on returning ‘thaali’ to Lankan woman 

CUSTOMS SLEUTHS FILE APPEAL 

Sureshkumar.k@timesofindia.com 15.02.2025

Chennai : A newly wed Sri Lankan woman, whose ‘thaali’ was seized by Chennai Customs officials a t airport citing rules concerning personal gold j ewellery, will have to wait for the return of the mangalsutra for some more time, as adivision bench stayed a single judge order asking Customs to return it to her. In his order on Jan 31, a single judge ordered the return of 133 grams of gold jewellery, including the ‘thaali’, seized from Thanushika, a Sri Lankan, at the Chennai airport. On Friday, however, a division bench of Justice S S Sundar and Justice C Saravanan stayed the single judge order, on an appeal moved by the customs department. The single judge had justified the order by observing that, as per our customs, it is normal for a newly married person to wear jewellery in such quantity. 

He added that the officers, while conducting searches, must respect the customs of every religion in this country and that it was unfair on the part of the customs officials to remove the ‘thaali’ from the petitioner. In another order, the single judge ordered the return of 135 grams of bangles seized from one Sabeena Mohammed Moidenn on the ground that she wore the bangles on her hands without any secrecy or concealment. 

Aggrieved, the customs preferred an appeal against the orders. When both the appeals came up for hearing, the customs contended that, as per rules, articles valued over ₹50,000 carried through the airports are taxed. They added that an order exempting jewellery worn by persons from the purview of such tax would affect the economy of the country. Concurring with the submissions, the court granted an interim stay against the orders of the single judge

Amid PG med admission chaos, aspirants at a loss

Amid PG med admission chaos, aspirants at a loss

Yogita.Rao@timesofindia.com  14.02.2025

Mumbai : The woes of postgraduate medical aspirants continue this admission season. While they appeared for NEET-PG last Aug, many are still waiting to secure seats. The counselling process eventually commenced in Nov, but many are still frustrated with the delays and confusion. Even as the Directorate General of Health Services’ (DGHS) medical counselling committee (MCC) set a deadline of Feb 15 to close the admissions across the country in the third round, the state is yet to start the third round, creating confusion for aspirants. A fresh set of eligibility guidelines released by the MCC for the stray vacancy round on Wednesday, which contradicts the state’s pro cess, has stumped a few. Since the state is yet to declare the allotment list in the third round, candidates who may have a chance in the state are unable to secure seats in other states, said parent representative Sudha Shenoy. 

“If astudent secures a seat in the third round somewhere else, and his/her name appears in the Maharashtra state list in the third round, they will lose aseat in their home state. If they let go of the other seat and they do not even get a seat in Maharashtra counselling, they will be out of the process. Due to the delay in Maharashtra, they are unable to take a definitive call,” she said. In the circular released by MCC, the authority specified that the candidates who did not join their allotted seats through the central process in round three are ‘not eligible’ to participate in the upcoming stray vacancy round, but it said that the ‘not reported’ candidates are eligible for state counselling. Parent Brijesh Sutaria, though, said that the state considers only the allotment list for making students ineligible. A CET cell official said the same circular mentions the candidates can contact the state counselling authorities for information on state quota seats and therefore the state guidelines will be followed. The official also said the state’s third list allotment will be released in a day or two  and they are awaiting an updated merit list from the National Board of Examinations. The state has written to MCC explaining the situation and to seek a deadline extension.

Karnataka High Court Issues Procedure For Change Of Name In Birth Register Till Legislature Brings Appropriate Law

Karnataka High Court Issues Procedure For Change Of Name In Birth Register Till Legislature Brings Appropriate Law

Mustafa Plumber

13 Feb 2025 5:27 PM

The Karnataka High Court has suggested to Legislature to consider amending Registration of Births and Deaths Act, 1969, permitting change of name in the birth register after it has been entered.

A single judge, Justice N S Sanjay Gowda said “It is common practice in our country that a person decides to give himself a new name or that a parent decides to change the name though he has already been given a name. In fact, it is a practice in our country that multiple names are given, but one name is entered in the records and this, at times, creates confusion regarding the identity of the person.”

It added “The Legislature would have to take a view on this and ensure that the citizens are not put to any hardship whenever they desire to change their names and evolve a procedure where the records of that particular person are also changed simultaneously in all the public records or at least in the relevant records.”

.

Referring to a suggestion made by Law Commission of Karnataka, in its 24th Report furnished on 20.07.2013 regarding Change of Name, suggesting amendments to the Act and the Rule, the court said “It would therefore be appropriate for the Legislature to take necessary action pursuant to the recommendation of the Law Commission in its 24th report.”

Stating that since there is no law which prescribes the procedure for changing the name of a person, it would be impermissible for the parents of a child to seek for changing the name that is already registered in the register of births and deaths until a relevant law is provided for by the Legislature.

The court directed the authorities to follow the following procedure for change of name:

-Calling upon the parents to give a sworn affidavit to the effect that they have changed the name of the child on their own accord and the entries in the birth register would be required to be changed accordingly.

-On such a request being given, the authorities should verify the identity of the parents and proceed to incorporate the changed name in the Register of Births.

-The authorities, in order to ensure that there is no attempt to create a record for ulterior purposes, should make a remark in the register stating that the name of the child had been changed subsequently pursuant to a request made by the parents. The register would therefore have an entry regarding the name which was originally entered and also a name which was entered subsequently on their request

-Even in respect of an adult who seeks for a change of name, the same procedure can be adopted. Since the original name would also be contained in the register and also the new name, the possibility of this document being misused for an ulterior purpose can easily be prevented.

The court said “Thus, until the appropriate provisions are made under the Rules by the State in this regard, the concerned authorities are directed to follow the aforementioned procedures and permit the change of name in the Register of Births and Deaths.”

It added “Since the date of birth or the date of death and other details would remain unchanged, there can be no impediment or reason to prevent the change of name.”

The court held thus while allowing a petition filed by a minor represented through his guardian challenging the endorsement issued by the Registrar of Births, by which the Registrar, refused the request of the petitioner to change his name in the Birth Certificate.

The bench said “The respondent authority is hereby directed to change the name of the petitioner as Shrijith Bhat in the Register of Births as against the originally registered name Adhrith Bhat. A necessary endorsement shall be made in the Register of Births and also in the Birth Certificate that the original name of Adhrith Bhat was changed to Shrijith Bhat, as requested in the application dated 04.11.2023 and issue a fresh Birth Certificate accordingly.”

Appearance: Advocate Sinchana M for Petitioner.

Advocate K.B Prasad Hegde for Respondent.

Citation No: 2025 LiveLaw (Kar) 58

Case Title: Master Adhrith Bhat AND The Registrar of Births And Deaths

Case No: WRIT PETITION NO. 6370 OF 2024

NEWS TODAY 14.02.2025

 

Three students, youngest in Class XII, arrested for digital arrest scam

Three students, youngest in Class XII, arrested for digital arrest scam

 P.Naveen@timesofindia.com 14,02,2025

Bhopal : Gwalior cyber police arrested three students — one of them in high school — from a hostel in Noida for alleged links with a syndicate that trapped a BSF officer in digital arrest for a month and scammed him of over ₹71 lakh. The suspects were identified as Aftab Ahmed Khan, a B Tech student from Jharkhand, Akhil Singh Bais, a BBA student from Delhi, and a Class XII student from Kota, Rajasthan. 

The racketeers, posing as Mumbai crime branch officers, had threatened to arrest the BSF inspector’s wife and son and forced him into making 34 transactions. The victim — who is on the verge of retirement and now posted at the BSF Academy in Tekanpur, Gwalior — was told that his Aadhaar card had been used for money laundering. Desperate to save his family, he sold off his flat, mortgaged his land and borrowed from friends. Gwalior cyber cops said the youngsters operated from a hostel room and had been cyberscamming people for two years. 

The money scammed from the BSF inspector was transferred to bank accounts in Karnataka, Aurangabad, and Gurgaon. The trio allegedly helped channelise part of this amount. Police said the accused would persuade hostel and university students to open bank accounts, which were then handed over to a Chinese gang. Some 20 accounts have been traced so far. When fraudulently obtained money was deposited into these accounts, the accused would deduct a 6% commission and convert the remaining amount into USDT (a digital currency), which was then routed to the Chinese gang. A recent transaction of ₹2 lakh was made through one of these accounts. Police were trying to trace its origin and destination