Mumbai: Amid allegations of cooperative banks being used as conduits for money laundering, NABARD, which jointly regulates such lenders, has said that it has found no shortcoming pointing towards any such activity.
"Every year we do an inspection and we have not found anything like that," National Bank for Agriculture and Rural Development's (NABARD) chairman Prakash Bakshi told reporters over the weekend, when asked about the recent controversy over money laundering.
A probe launched by Reserve Bank of India following allegations of non-compliance with anti-money laundering measures and know your customer (KYC) norms by top private banks has reportedly found that cooperative banks are used as conduits.
Not having the entire bouquet of service offerings, the cooperative banks tie-up with scheduled commercial banks to expand their reach. Co-operative banks can accept cash under Rs 50,000 from customers (the limit at which reporting to tax authorities sets in). They usually earn commission from larger banks for providing services. ...
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02:22 PM, May 19, 2013
The UPA government is in more trouble. The Comptroller and Auditor General published a draft report on the farm loan waiver scheme alleging misuse of funds. According to the report, 25 per cent beneficiaries of the scheme did not get the intended benefit. ...
08:03 AM, Jan 26, 2013
Bangalore: The National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 236.18 crore as loan assistance to the government of Karnataka for building 82 minor irrigation structures, 189 rural roads and 42 rural bridges in different districts. These projects have been sanctioned under the Rural Infrastructure Development Fund (RIDF XVIII) by the Project Sanctioning Committee in its meeting earlier this month, S N A Jinnah, Chief General Manager,...
10:10 AM, Nov 19, 2012
New Delhi: In more 'ally headache' for the UPA, Nationalist Congress Party (NCP) chief and Union Agriculture Minister Sharad Pawar and Heavy Industries Minister Praful Patel are reportedly considering resigning for not being given due credit for their work and seniority. The two have also said they will not be attending office on Friday. In fact, for a second time on Thursday, Pawar and Patel skipped the Cabinet meeting despite...
07:16 AM, Jul 20, 2012
New Delhi: Finance Minister Pranab Mukherjee today announced Rs 1,00,000 crore increase in the agriculture credit target to Rs 5,75,000 for the next fiscal and raised the outlay for farm sector by about Rs 3,000 crore. "Agriculture continues to be a priority to the government. The total plan outlay for agriculture and cooperation has been increased by 18 per cent from Rs 17,123 crore in 2011-12 to Rs 20,208 crore...
01:35 PM, Mar 16, 2012
New Delhi: Last week, the RBI dissolved the board of the Maharashtra State Cooperative Bank for its inability to recover bad loans. The NABARD audit report shows many sugar cooperatives and spinning mills that have defaulted on loans are controlled by leaders from the Congress and the NCP, the ruling alliance in the state. But why did the state government continue to act as a guarantor for bad loans? Maharashtra...
08:30 AM, May 18, 2011
The budget caravan has entered Uttar Pradesh, and will travel across the state focusing on the state of agriculture. ...
07:08 PM, Feb 22, 2007
