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Insurance sector rife with unabated corruption

Fakhrul Islam
Published: 09 Jan 2021, 13:38
There are allegations of massive corruption against the chairmen and directors of the insurance companies. Despite these allegations, the Anti-Corruption Commission (ACC) is unable to investigate as these insurance officials are not recognised as public servants under any laws of the country.
Two years ago, the director general and secretary with additional duty of the ACC Mohammad Munir Chowdhury sent a letter to the secretary of the Financial Institutions Division identifying the problem of not being able to investigate in the insurance sector.
In the letter sent on 17 January 2019 on behalf of the ACC, Munir Chowdhury proposed to take necessary steps to amend the law in public interest. Five months ago Asadul Islam became the secretary of the financial institutions department and is still there. ....

Ruhul Azad , Jibon Bima Corporation , Banking Companies , Sadharan Bima Corporation , Prothom Alo , Insurance Act , Banking Companies Act , Penal Code , Sadharan Bima , ருஹுல் அசாத் , ஜிபோன் பீமா நிறுவனம் , வங்கி நிறுவனங்கள் , சாதரன் பீமா நிறுவனம் , காப்பீடு நாடகம் , வங்கி நிறுவனங்கள் நாடகம் , அபராதம் குறியீடு , சாதரன் பீமா ,

Need to consolidate again, NBFCs & co-ops this time

Sixty years ago, in August 1960, two large banks the Lakshmi Commercial Bank and the Palai Central Bank of Kerala failed in quick succession. The banking sector had no regulator then. The then finance minister Morarji Desai was having a gruelling time convincing the RBI to regulate the thousand-odd banks. The central bank refused to do so because it had limited staff and resources and did not have the legal mandate to regulate banks.
The finance ministry had already advised these banks to voluntarily consolidate two years ago, but there were hardly any mergers or acquisitions. Meanwhile, banks were falling like ninepins. Desai, who had been advocating self-regulation, was forced to make consolidation and amalgamation compulsory so that only strong banks that met the liquidity norms would be allowed to function. ....

Sandip Sen , Morarji Desai , City Bank , Lakshmi Commercial Bank , Palai Central Bank , Banking Companies , Kapol Bank , Rupee Bank , Banking Companies Act , Banking Regulation Act , Asset Quality Review , Kapol Co Operative Bank , Rupee Co Operative Bank , City Co Operative Bank , சண்டீப் சென் , மோறர்ஜி தேசாய் , நகரம் வங்கி , லட்சுமி வணிகரீதியானது வங்கி , பாலை மைய வங்கி , வங்கி நிறுவனங்கள் , கபோல் வங்கி , ரூபாய் வங்கி , வங்கி நிறுவனங்கள் நாடகம் , வங்கி ஒழுங்குமுறை நாடகம் , சொத்து தரம் விமர்சனம் , கபோல் இணை செயல்பாட்டு வங்கி ,

Banking menace made to view Post office savings with safe eyes

Banking menace made to view Post office savings with safe eyes
Post office in India has always been seen as a lucrative way of investment in India.
Rajat Paul
(The writer can be reached at [email protected] )
Post office in India has always been seen as a lucrative way of investment in India. It was initiated by Warren Hastings under the East India Company in 1688, which was later formally introduced as service under the Post Office Act of 1854, presently administrated by the Ministry of Communications. With 1,55,015 post offices, DoP has the most widely distributed network in the world. Over 150 years post offices have been a crucial backbone for communication and socio-economic development where it has successfully developed a brand for itself in reaching out to its potential customers in both urban and backward rural zones with all new schemes provided by the government, thus pushing forward the country s goal of financial inclusion. ....

Andhra Pradesh , Uttar Pradesh , Sukanya Samriddhi Yojana , Rajat Paul , Warren Hastings , Aditya Birla , Narendra Modi , Vijay Mallya , Chanda Kochar , Vikas Patra , Dena Bank , Canara Bank , Karad Janata Sahakari Bank Ltd Of Maharashtra , National Savings Institute , Corporation Bank , National Small Savings Fund Of The Central , Banking Companies , Sind Bank , India Post Payments Bank , Dhanlaxmi Bank , Office Time Deposit , Public Provident Fund , Union Bank , Indian Overseas Bank , India Bank Employee Association , Syndicate Bank ,