Business
RBL Bank depositors protected, unanswered questions remain: AIBEA

Depositors of the RBL Bank Ltd need not worry about the safety of their money as Section 45 of Banking Regulation Act will protect their interests, said a top leader of All India Bank Employees’ Association (AIBEA).
He also said the branch expansion by RBL Bank within a short span of time — from 92 branches in 2010 to 196 in 2015 and 462 in 2021 — resulted in increased operational expenses, deposits as well as loans and finally the non-performing assets (NPA).
Allaying fears of RBL Bank depositors on the safety of their money C.H. Venkatachalam, General Secretary, AIBEA told IANS: “Section 45 of the Banking Regulation Act gives the depositors the necessary protection.”
As per Section 45 of the Banking Regulation Act, the Reserve Bank of India (RBI) has the power to apply to the Central Government for suspension of business by a banking company and to prepare a scheme of reconstitution of amalgamation.
It may be recalled, sometime back, Tamil Nadu based Lakshmi Vilas Bank (LVB) was amalgamated with DBS Bank when the former’s financial position went bad.
While the LVB shareholders did not get anything, the funds of the depositors were safe.
“The RBI may impose a moratorium and some other conditions on withdrawal of deposits when it amalgamates a weak bank with another. But the depositors will not lose out,” Venkatachalam said.
The RBI on its part said the bank’s financial condition is stable.
“As per half yearly audited results as on September 30, 2021, the bank has maintained a comfortable Capital Adequacy Ratio of 16.33 per cent and Provision Coverage Ratio of 76.6 per cent. The Liquidity Coverage Ratio (LCR) of the bank is 153 per cent as on December 24, 2021 as against regulatory requirement of 100 per cent,” the RBI said.
Venkatachalam and IANS had queries about the safety of depositors monies.
While agreeing growth is important for any organisation, Venkatachalam said it should be in a phased manner.
The basic business cycle for any organisation is grow-consolidate-grow-consolidate.
“The RBL Bank grew its branch network from 196 in 2015 to 462 in 2021. This increased the bank’s operational expenses as well as deposit base. Further the credit-deposit ratio too went up. Monitoring and recovering small loans is difficult for banks,” Venkatachalam said.
As per the Section 36AB, RBI can appoint additional directors in the interests of the bank or its depositors.
In the case of RBL Bank, the RBI said that appointment of Additional Director/s in private banks is undertaken under Section 36AB of the Banking Regulation Act, as and when it is felt that the board needs closer support in regulatory/ supervisory matters.
However, the big question is, if the financial condition is stable and strong, why did RBI appoint an additional director under Section 36AB of the Banking Regulation Act?
“What is bugging RBI about RBL Bank to warrant such a move,” Venkatachalam and other experts wondered.
According to Venkatachalam, the RBI nominee was already on the board of RBL Bank and what that person did should also be pondered about.
Crime
NIA raids multiple locations in Kashmir in terror funding-conspiracy case

Srinagar, June 5: Sleuths of the National Investigation Agency (NIA) on Thursday carried out raids at multiple locations in Kashmir Valley as officials said these raids are part of an ongoing investigation into a terror funding and conspiracy case.
Assisted by police and the CRPF, NIA sleuths raided many locations in the Reban area of Shopian district, Nildoora and Chak-e-Choland in Kulgam district; Manzgam, Devsar, Sonigam and Bugam in Pulwama district; Sopore in Baramulla district and Kupwara district.
Reports said the NIA raids are going on at 32 locations in Jammu and Kashmir.
NIA sources said a statement would be issued by the agency after the conclusion of the day’s operations by its sleuths.
By the time this report was filed, there was no information available regarding any arrests or recoveries.
More details are awaited.
Sources said the searches were being conducted in a terror conspiracy case against overground workers (OGWs) of various terrorist organisations.
All high-profile crimes, including some dastardly terror attacks in the union territory, are being investigated by the NIA. The April 22 terror attack carried out by the Lashkar-e-Taiba (LeT) outfit in Baisaran meadow of Pahalgam is also being investigated by the NIA.
Terrorists killed 26 civilians, including one Naeplai national, after segregating them on the basis of religion in Baisaran. The innocent victims of terrorists included 25 tourists and a local pony owner who sacrificed his life while trying to save the tourists. All the victims, except one, were Hindus.
NIA is also investigating the Reasi terror attack carried out by terrorists on June 9, 2024, on a bus carrying pilgrims. Nine pilgrims were killed and 33 others, including women and children. They were killed when terrorists attacked a bus carrying pilgrims to Katra from the Shiv Khori temple.
The NIA arrested and investigated cases against JKLF chief, Yasin Malik, senior separatist leaders, Shabir Shah, Nayeem Khan and MP Engineer Rashid.
National
Drama of discontent in Mahayuti govt due to greed for power: Uddhav Thackeray’s Saamana

Mumbai, June 5: Shiv Sena(UBT) on Thursday claimed that a strong discontent was brewing in the grand alliance (Mahayuti) government of Maharashtra, and the people were getting “free entertainment” from the inner fight.
Thackeray camp in the party’s mouthpiece ‘Saamana’ editorial said, “No matter which party the government belongs to, those who are dissatisfied in the government have no party. The Mindhe Mandal (Shinde camp) was dissatisfied with Uddhav Thackeray’s government, and now their dissatisfaction continues with the Fadnavis government as well. The root of the disease of dissatisfaction lies in power, greed for position, money, ego and political ambition. There is no cure for this disease of dissatisfaction. Once it takes root, it grows stronger. Let us hope that the dissatisfaction drama in the three parties that is going on in the Fadnavis government should not lead to gang wars from breaking out within the cabinet in the future.”
“The Mindhe group (Shinde camp) in the cabinet is unhappy with Finance Minister Ajit Pawar. Money or ‘funds’ is said to be the main reason for the discontent. In other words, the old disease has once again revived. The same discontent and complaint of the Mindhe group (Shinde camp) were present while breaking the Shiv Sena and toppling the Maha Vikas Aghadi government. It continues. The same root cause of discontent has again bedevilled the ministers of Mindhe. At that time, the people of Mindhe had considered Ajit Pawar a ‘villain’ while being dishonest with the original Shiv Sena,” the editorial said..
“However, instead of going to jail, Ajit Pawar followed in Mindhya’s footsteps, entered the government and became the Finance Minister. Ultimately, all ministries have to look at and depend on the finance ministry for the allocation and release of funds. In a nutshell, many people’s lives were ruined because Ajitdada controls the funds of the government,” claimed the Thackeray camp.
“After the cabinet meeting held last Tuesday, the displeasure of the ministers, who were upset over the lack of funds, erupted. Thereafter, the Mindhe group ministers met and complained against Ajitdada for not releasing funds to their respective departments. They expressed their discontent against Ajitdada in front of their leader, Mindhe (Eknath Shinde). ‘Finance Minister Ajitdada is sabotaging the development works of our department. If the finance department and the finance minister will not give us money, how will we do development works?” asked the disgruntled ministers from the Shinde camp. It is said that Ajitdada was the sole target during the meeting,” said the editorial.
“In the same meeting held last week, Deputy Chief Minister Shinde independently reviewed the functioning of the departments held by the Mindhe group and individually discussed with the concerned ministers to know the present status. The agitated ministers raised a slew of questions, such as how the work will be done for want of funds. If the work is not done, how will we face the elections and what answers will we give to the people?” said the editorial.
Since the nature of the complaint and ‘target’ were the same, Dy CM Shinde attempted to pacify them, assuring that he would find a way out by talking to Chief Minister Devendra Fadnavis and Dy CM Ajitdada Pawar.
“In fact, in the Mahayuti government, the Mindhe (Eknath Shinde) himself is being beaten with sticks, and there is no way to bombard this disgruntlement again. So, he was upset and had to go to the native village in Satara and count the strawberries in the fields. As Mindhe (Eknath Shinde) had found a solution to overcome disgruntlement by going to the native village, it is difficult to guess whether he has suggested a similar solution to the disgruntled ministers from his camp,” said the editorial. However, at the end of the day, the people of Maharashtra have to bear the discontent among the ruling partners.
Furthermore, the Thackeray camp claimed that it was not just the Shinde camp but the BJP legislators who met Home Minister Amit Shah and lodged a complaint against Finance Minister Ajitdada Pawar.
“Amit Shah gave his party legislators the ideal mantra of the double engine government, ‘Keep doing work and follow up with Ajitdada so much that he himself should come to me with a complaint’. This is such an interesting drama going on in the grand alliance government in Maharashtra. If Ajit Pawar is bringing the BJP, which has 132 MLAs, and the Mindhe Party formed by Amit Shah to the table, then only Ajit Pawar is happy in this government, and this is a great skill of Ajitdada,” the editorial said.
International
Greek court finds 10 guilty over deadliest wildfire

Athens, June 5: A Greek appeals court has handed down prison sentences to ten individuals for their roles in the 2018 Mati wildfire, the deadliest in modern Greek history.
The devastating blaze tore through the coastal resort town of Mati near Athens, claiming 104 lives and injuring more than 140 others. The tragedy shocked the nation and drew widespread criticism over the failures in emergency response.
Among those convicted were senior officials from the Fire Brigade, as well as regional and municipal authorities. An elderly resident was also found guilty of unintentionally igniting the fire by burning dry vegetation in his yard.
The court ruled on Wednesday that the actions and omissions of those convicted significantly contributed to the magnitude of the disaster, media reported, citing state-run Athens-Macedonian media reports.
The court issued cumulative prison terms ranging from 238 to 340 years. However, under Greek law, the actual time to be served will be substantially reduced. Four individuals are expected to serve up to five years in prison, while others may see their sentences converted to financial penalties.
Emotional scenes unfolded in the courtroom as families of the victims expressed both grief and outrage. Greek public broadcaster ERT reported that some relatives wept openly and confronted the defendants, demanding apologies.
On the evening of July 23, 2018, strong winds rapidly drove flames through the seaside town, turning the popular holiday destination into a deadly inferno within hours. The fire engulfed two coastal communities, scorched more than 14 square kilometres of land, and destroyed or damaged over 3,000 homes.
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