PMC Bank: Finance Minister Sitharaman faces protesters; promises legislation
Mumbai: Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative (PMC) Bank, and promised to bring in legislative changes for upholding of their interests.
The depositors had gathered outside the BJP's office here ahead of Sitharaman's scheduled press interaction in the run up to the October 21 Maharashtra Assembly elections.
The PMC Bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
PMC is in bad health allegedly due to its exposure to the near bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances.
At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the "shortcomings" of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.
"They will discuss legislative steps needed to prevent such incidents from happening and empower the regulator better," Sitharaman said.
The BJP-led government will bring in a legislation to this effect in the winter session of Parliament, she said.
The minister said she will speak to RBI Governor Shaktikanta Das about the interest of the depositors and convey their urgency and distress.
She also told the irate depositors that the RBI is looking into the matter.
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NIA court to complete framing of charges against 2010 hand-chopping case accused on May 15
Kochi (PTI): A special court here will complete proceedings for framing charges against the prime accused in the 2010 hand-chopping case involving professor T J Joseph, in which PFI activists were accused of attacking him at Muvattupuzha.
Ernakulam Special Court for NIA cases judge P K Mohandas, on April 30, heard the arguments of counsel for accused Savad and Shafeer C and decided to proceed with framing charges against the duo.
A group chopped off Thodupuzha Newman College professor Joseph's right hand in July 2010, accusing him of religious blasphemy in a question paper he had prepared.
The case, later taken over by the National Investigation Agency (NIA), resulted in the conviction of 19 accused.
The first accused, Savad, who allegedly chopped off Joseph’s palm, was arrested in Berram in Mattannur, Kannur, in January 2024, where he had allegedly been hiding under the pseudonym Shajahan.
The NIA also arrested Shafeer, who allegedly arranged shelter and provided logistical support to Savad at Chakkad and Mattannur in Kannur since 2020.
On April 30, the court heard the counsel for the accused and the NIA prosecutor on framing charges against the duo.
"On going through the documents and evidence in the case and on hearing the counsel for the accused and the prosecutor, I am of the opinion that there are grounds for presuming that the first accused has committed offences punishable under provisions of the IPC, the Explosive Substances Act and the Unlawful Activities (Prevention) Act, and that the second accused has committed offences punishable under the IPC and the UAPA, and there are materials for framing charges under these provisions against the accused," the court said.
The court directed that Savad be produced and Shafeer, who is on bail, appear before it on May 15 for recording their pleas as part of the charge-framing process.
After framing the charges, the court will schedule the trial in the case.
