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RBI doubles housing loan limits for co-operative banks

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Taking into account the increase in prices since the housing loan limits were last revised and considering the customer needs, central bank Reserve Bank of India decided to increase the existing limits on individual housing loans by the cooperative banks.

Accordingly, the limits for Tier I or Tier II urban cooperative banks shall stand revised from Rs 30 lakh or Rs 70 lakh to Rs 60 lakh or Rs 140 lakh, respectively, which essentially means doubling of the limit.

The increased limits will apply for Primary (Urban) Co-operative Banks (UCBs), and Rural Cooperative Banks (RCBs) — State Cooperative Banks and District Central Cooperative Banks.

For RCBs, the limits will increase from Rs 20 lakh to Rs 50 lakh for such banks with assessed net worth less than Rs 100 crore; and from Rs 30 lakh to Rs 75 lakh for other such RCBs.

A detailed circular will be issued separately, the RBI said in a statement.

“The 100 per cent upward revision in credit limit for individual homebuyers through cooperative banks will provide increased credit access to homebuyers in suburban areas as well as tier-2/3 cities,” said Samantak Das, chief economist, and head of research and REIS, India, JLL.

According to Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com: “…the RBI’s announcement to increase the limit for individual housing loans by state and district cooperative banks by 100 per cent is a positive move that will cushion some of the impact of the rate hike. Credit flow to the housing sector is also likely to improve with rural cooperative banks starting to finance residential projects.”

Besides, considering the growing need for affordable housing and to realise their potential in providing credit facilities to the housing sector, the RBI decided to allow State Co-operative Banks (StCBs) and District Central Co-operative Banks to extend finance to Commercial Real Estate – Residential Housing (CRE-RH) within the existing aggregate housing finance limit of 5 per cent of their total assets.

In order to attain harmonisation of regulatory framework across REs and to provide convenience of banking services to the customers at their door-step, it has been decided to permit Urban Co-operative Banks to extend doorstep banking services to their customers on par with scheduled commercial banks.

RBI also proposed allowing linking of credit cards to UPI. To start with, Rupay credit cards will be enabled with this facility.

“This arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platform. This facility would be available after the required system development is complete. Necessary instructions will be issued to NPCI separately,” the statement said.

All these measures were announced this morning while pronouncing the outcome of the ongoing monetary policy review meeting that started on Monday.

RBI on Wednesday raised the repo rate by 50 basis points to 4.9 per cent to tame rising inflation.

RBI Governor Shaktikanta Das on Wednesday categorically said India’s retail inflation is likely to stay above the tolerance level till third quarter of FY23 before moderating below 6 per cent.

For FY23, RBI sees overall inflation at 6.7 per cent, with 7.5 per cent in Q1, 7.4 per cent in Q2, 6.2 per cent in Q3, and 5.8 per cent in Q4, taking into consideration the normal monsoon and average crude oil basket price of $105 per barrel.

Coming to growth, India’s real GDP growth in FY23 is seen at 7.2 per cent, will 16.2 per cent in Q1, 6.2 per cent in Q2, 4.1 in Q3, and 4.0 in Q4, with risks broadly balanced, Das said.

National

UP: CCTV Footage Shows Drunk Rail Staffer Busy On Video Call, Places Bag On MEMU Throttle Causing Collision At Mathura Platform; 5 Suspended

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UP: A joint report in the Tuesday Mathura train incident, in which an electric multiple unit (EMU) train broke the buffer dead end and entered platform number 2, has found that the staffer was watching his mobile phone while handling the train and was mildly drunk, sources have said.

The report, according to the sources, while narrating the prima facie reason of the incident, said that according to the Crew Voice & Video Recording System (CVVRS), after the train arrived at the platform, a staffer named Sachin entered the DTC cab (engine) while watching his mobile phone.

It said that while carelessly putting his bag on the throttle of the engine, he again got busy on his mobile.

Drunk Employee Puts Bag On Train’s Throttle

The throttle, due to the pressure of the bag, went into forward position and let the EMU move towards the platform. “It broke the dead end of the platform and half of the coach climbed onto the elevated portion of platform number 2, leading to breakdown of OHE (overhead wire).” The report also said that a breathalyzer test conducted on Sachin showed a reading of 47 mg/100 ml which is considered to be mildly drunk.

“He has been sent for a medical test in which his blood sample will be taken to find out the exact level of alcohol consumption,” a source from the Agra Railway Division, said.

Divisional Railway Manager Tej Prakash Agrawal has suspended five persons including Sachin in connection with the incident. Of the other four, Harbhajan Singh, Brajesh Kumar, and Kuljeet are technical staff and Govid Hari Sharma is a loco pilot.

“We have suspended five persons and further detailed investigation is on,” Agarwal said.

In one of its observations, the joint report said that generally technicians receive the DTC cab (engine) key, however, in this case, the technician sent Sachin to receive the key.

Details On The Incident

Giving the brief history of the incident, the report said that the train arrived at Mathura station at 10.49 pm. After the loco pilot got relieved from his duty and came out of the cab, Sachin entered the cab to take the keys. Within a minute of his entering the cab, it started moving, broke the dead end and half of its portion climbed onto the platform.

Sachin in a written statement said that as per the instruction of his duty in-charge, he asked for the key of the cab from the loco pilot who told him that it was inside the cab.

According to his statement, when he entered the cab and put his bag inside there, the train started moving on its own. He said that he got scared and by the time he applied the emergency brake, it had entered the platform.

He said that he informed his in-charge about it and when he tried to find out the reason why the train started moving, he found that the throttle was in forward position and key was also in position.

Blame Game Over Collision

In his statement, he blamed the loco pilot for keeping the train functions in “switched on” position. However, the loco pilot in his statement said that he had handed over the key to Sachin before the latter entered the cab.

The joint report has mentioned Sachin as ETL staff whereas in his statement, Sachin has mentioned his designation as helper.

The EMU starts from Delhi and covers various local stations before terminating in Mathura. The platform number 2 starts from the train’s terminating point where a buffer dead end has been created.

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Crime

UP Shocker: Cop Tied To Pole Naked, Thrashed After Being Caught Molesting Girl In Agra; Suspended After Video Goes Viral

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Agra: In a shocking incident, a police sub-inspector was tied to pole and beaten in Uttar Pradesh’s Agra. The video of the incident is doing rounds on social media. It can be seen in the video that a Uttar Pradesh Police officer is being beaten after being tied naked to a pole in the village. The police sub-inspector was allegedly beaten by the villagers after he was caught in a compromising position with a woman. The family of the woman alleged that the police officer was molesting the woman.

He jumped through the roof and sneaked into the house in an inebriated condition

As per reports, the UP Police sub-inspector who was beaten by the villagers has been identified as Sandeep Kumar. Sandeep Kumar allegedly jumped through the roof and sneaked into the house in an inebriated condition and started to molest the girl present in the house.

The girl raised an alarm after which the family of the girl came

The girl raised an alarm after which the family of the girl came and caught the police officer red-handed in an objectionable position inside their house in Tihaiya village in Barhan Police Station limits. They then called the villagers and the angry villagers then stripped Sandeep Kumar naked and tied him to a pole. The villagers also thrashed the police officer for his act. The accused was rescued by the police that reached the spot and took the culprit with them.

Sandeep Kumar has been suspended

Uttar Pradesh Police Sub-Inspector Sandeep Kumar has been suspended and a departmental inquiry has been initiated against him after the video of the locals beating the police officer after tying him naked to the pole has gone viral on social media. A case of rape has been registered against the police officer. The incident occurred late night on Sunday (September 17) when the police officer sneaked into the house of the woman and was caught by her family in a compromising position with the woman.

The police have initiated an inquiry in connection with the matter

The police have initiated an inquiry in connection with the matter. They are also scanning the video that is going viral on social media. Etmadpur ACP said, “In the case of a sub-inspector being caught with a girl under police station Barhan area, the sub-inspector is being suspended with immediate effect, strictest departmental action is being taken and after receiving the complaint, legal action will be taken against the SI.”

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National

Karnataka: Woman Dies By Suicide Alleging Harassment By Police In Ramanagara, Says ‘After Death She Will Get Justice’

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Bengaluru, September 4: An incident of a homemaker ending her life allegedly due to harassment by police has come to light in the limits of Channapatna town police station in Ramanagara district on Monday. The deceased woman is identified as 31-year-old Madhuri, a resident of Kote Layout in Channapatna city. Madhuri consumed sleeping pills on Saturday and succumbed at the hospital on Sunday. She had stated in the video that she is not able to take torture and harassment by the police she is ending her life.

The cops had not lodged her complaint

It is alleged that when Madhuri went to file a complaint to the Channapatna Rural police station regarding a financial dispute, the cops had not lodged her complaint. The victim had alleged that the cops insulted her at the police station.

Victim has many cheating cases against her

She was allegedly sent back by the police and cops told her that the victim has many cheating cases against her. The woman had stated in her video before committing suicide that at least after her death she will get justice. The relatives and family members have met Ramanagara SP in this regard.

The family have made allegations against Channapatna Town Inspector

The family have made allegations against Channapatna Town Inspector Shobha and other staff. The police department is yet to make an official statement regarding the case.

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