The Deposit Insurance Act 1961 came into force from 1st January 1962. Though the name still continues to be ‘Deposit Insurance and Credit Guarantee Corporation,’ the Credit Guarantee scheme was discontinued in 2003. The Deposit...
India has had informal Co-operatives sice a long time. In 1904, based on the recommendation of a Madras civilian Frederick Nicholson, the Co-operative Societies Act was passed and then amended in 1912.
When India attained Independence in 1947 it inherited a weak, desperate and unwieldy banking structure. Other than the Imperial Bank of India, there were many Indian joint stock banks, but they did not have...
State-owned banks need Rs 2 trillion in capital over next two years: Moody’s Public sector banks (PSBs), which have already had weak capital buffers, will need at least $25 billion in funding from external...
On 24th September the depositors of the Punjab and Maharashtra Cooperative (PMC) Bank, woke up to the RBI directive that they are allowed to only withdraw Rs. 1000 from their accounts for the next...