RBI cancels licence of Karad Janata Sahakari Bank
Mumbai, Dec 9: The RBI on Tuesday said it has cancelled the licence of The Karad Janata Sahakari Bank Ltd, Karad, Maharashtra, as it does not have adequate capital and earning prospects.
More than 99 per cent of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the Reserve Bank said in a statement.
With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of The Karad Janata Sahakari Bank will be set in motion.
On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per usual terms and conditions.
Consequent to the cancellation of its licence from close of business on December 7, the bank has been prohibited from conducting the business of 'banking' which includes acceptance of deposits and repayment of deposits with immediate effect.
Giving details, the RBI said the bank was under "all inclusive directions" since November 07, 2017. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
The RBI said it cancelled the licence of the bank as it "does not have adequate capital and earning prospects". As such, it does not comply with the relevant provisions of the Banking Regulation Act, 1949.
"The continuance of the bank is prejudicial to the interests of its depositors," it said, and added the bank with its present financial position would be unable to pay its present depositors in full.
Also, public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
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Trump sues BBC for USD 10 billion, alleges defamation over edited Jan 6 speech
Washington (AP): President Donald Trump filed a lawsuit Monday seeking USD 10 billion in damages from the BBC, accusing the British broadcaster of defamation as well as deceptive and unfair trade practices.
The 33-page lawsuit accuses the BBC of broadcasting a “false, defamatory, deceptive, disparaging, inflammatory, and malicious depiction of President Trump,” calling it “a brazen attempt to interfere in and influence” the 2024 US presidential election.
It accused the BBC of “splicing together two entirely separate parts of President Trump's speech on January 6, 2021” in order to ”intentionally misrepresent the meaning of what President Trump said.”
The lawsuit, filed in a Florida court, seeks USD 5 billion in damages for defamation and USD 5 billion for unfair trade practices.
The BBC did not immediately respond to a request for comment from The Associated Press.
The broadcaster apologised last month to Trump over the edit of the Jan. 6 speech. But the publicly funded BBC rejected claims it had defamed him, after Trump threatened legal action.
BBC chairman Samir Shah had called it an “error of judgment,” which triggered the resignations of the BBC's top executive and its head of news.
The speech took place before some of Trump's supporters stormed the US Capitol as Congress was poised to certify President-elect Joe Biden's victory in the 2020 election that Trump falsely alleged was stolen from him.
The BBC had broadcast the hourlong documentary — titled “Trump: A Second Chance?” — days before the 2024 US presidential election. It spliced together three quotes from two sections of the 2021 speech, delivered almost an hour apart, into what appeared to be one quote in which Trump urged supporters to march with him and “fight like hell.” Among the parts cut out was a section where Trump said he wanted supporters to demonstrate peacefully.
Trump said earlier Monday that he was suing the BBC “for putting words in my mouth.”
“They actually put terrible words in my mouth having to do with Jan. 6 that I didn't say, and they're beautiful words that I said, right?" the president said unprompted during an appearance in the Oval Office. "They're beautiful words, talking about patriotism and all of the good things that I said. They didn't say that, but they used terrible words.”
The president's lawsuit was filed in Florida. Deadlines to bring the case in British courts expired more than a year ago.
Legal experts have brought up potential challenges to a case in the US, given that the documentary was not shown in the country.
The lawsuit alleges that people in the US can watch the BBC's original content, including the “Panorama” series, which includes the documentary, by using the subscription streaming platform BritBox or a virtual private network service.
The 103-year-old BBC is a national institution funded through an annual license fee of 174.50 pounds (USD 230) paid by every household that watches live TV or BBC content. Bound by the terms of its charter to be impartial, it typically faces especially intense scrutiny and criticism from both conservatives and liberals.
