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Madhavpura Mercantile Cooperative Bank
Madhavpura Mercantile Cooperative Bank (MMCB) was a Gujarat-based interstate cooperative bank that became defunct and lost its licence after it was unable to pay back the money it owed public depositors. Reserve Bank of India cancelled its licence in June 2012 under section 22 of the Banking regulations Act, 1949. History Madhavpura Mercantile Cooperative Bank was registered as a cooperative society in Gujarat on 27 September 1968. It began business within a fortnight, on 10 October, in Ahmedabad's Madhavpura spice-market area dealing with grocery traders. It received its banking licence 26 years later, on 19 August 1994, and became an interstate cooperative bank in April 1996. Three years later, in 1999, its status improved to that of a scheduled bank. Involvement with stock brokers and impact of the 2001 Sensex crash In 1999–2000, when the bank had 50,000 public depositors, it started lending out large sums of money to stock brokers in gross violation of Reserve Bank of India ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Nashik (Western India) and Dewas (Central India). RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Exchange Board Of India
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992. History Securities and Exchange Board of India (SEBI) was first established in 1988 as a non-statutory body for regulating the securities market. It became an autonomous body on 30 January 1992 and was accorded statutory powers with the passing of the SEBI Act 1992 by the Indian Parliament. SEBI has its headquarters at the business district of Bandra Kurla Complex in Mumbai and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai, and Ahmedabad respectively. It has opened local offices at Jaipur and Bangalore and has also opened offices at Guwahati, Bhubaneshwar, Patna, Kochi and Chandigarh in Financial Year 2013 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1968
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Confidence Tricks
A confidence trick is an attempt to defraud a person or group after first gaining their trust. Confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, confidence, irresponsibility, and greed. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ..intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men') at the expense of their victims (the 'marks')". Terminology Synonyms include con, confidence game, confidence scheme, ripoff, scam, and stratagem. The perpetrator of a confidence trick (or "con trick") is often referred to as a confidence (or "con") man, con-artist, or a "grifter". The shell game dates back at least to Ancient Greece. Samuel Thompson (1821–1856) was the original "confidence man". Thompson was a clumsy swindler who asked his victims to express confidence in him by giving him money or their watch rather than gaining their confidenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defunct Banks Of India
{{Disambiguation ...
Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cooperative Banks Of India
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise".Statement on the Cooperative Identity. ''.'' Cooperatives are democratically controlled by their members, with each member having one vote in electing the board of directors. Cooperatives may include: * businesses owned and managed by the people who consume th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Baroda
Bank of Baroda (BOB or BoB) is an Indian public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India, with 132 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices. Based on 2019 data, it is ranked 1145 on Forbes Global 2000 list. The Maharaja of Baroda, Sayajirao Gaekwad III, founded the bank on 20 July 1908 in the princely state of Baroda, in Gujarat. The Government of India nationalized the Bank of Baroda, along with 13 other major commercial banks of India, on 19 July 1969 and the bank was designated as a profit-making public sector undertaking (PSU). History In 1908, Sayajirao Gaekwad III, set up the Bank of Baroda (BoB), with other stalwarts of industry such as Sampatrao Gaekwad, Ralph Whitenack, Vithaldas Thakersey, Tulsidas Kilachand and NM Chokshi. Two years later, BoB established its first branch in Ahmedabad. The bank grew domestically until ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Administrative Service
The Indian Administrative Service (IAS) is the administrative arm of the All India Services of Government of India. Considered the premier civil service of India, the IAS is one of the three arms of the All India Services along with the Indian Police Service and the Indian Forest Service. Members of these three services serve the Government of India as well as the individual states. IAS officers are also deployed to various government establishments such as constitutional bodies, staff & line agencies, auxiliary bodies, public sector units, regulatory bodies, statutory bodies and autonomous bodies. As with other countries following the parliamentary system of government, the IAS is a part of the permanent bureaucracy of the nation, and is an inseparable part of the executive of the Government of India. As such, the bureaucracy remains politically neutral and guarantees administrative continuity to the ruling party or coalition. Upon confirmation of service, an IAS offic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2014 Indian General Election
General elections were held in India in nine phases from 7 April to 12 May 2014 to elect the members of the 16th Lok Sabha. With 834 million registered voters, they were the largest-ever elections in the world until being surpassed by the 2019 Indian general election, 2019 elections. Around 23.1 million or 2.7% of the total eligible voters were aged 18–19 years. A total of 8,251 candidates contested the 543 elected Lok Sabha seats. The average election turnout over all nine phases was around 66.40%, the highest ever in the history of Indian general elections. The results were declared on 16 May, 15 days before the 15th Lok Sabha completed its constitutional mandate on 31 May 2014. The counting exercise was held at 989 counting centres. The Bharatiya Janata Party (BJP) received 31% of the vote and won 282 seats, while its National Democratic Alliance won a total of 336 seats. The BJP's vote share was the lowest by a party winning a majority of seats since independence, However, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amit Shah
Amit Anil Chandra Shah (born 22 October 1964) is an Indian politician currently serving as the Minister of Home Affairs since 2019 and the first Minister of Co-operation of India since 2021. He served as the President of the Bharatiya Janata Party (BJP) from 2014 to 2020. He has also served as chairman of the National Democratic Alliance (NDA) since 2014. He was elected to the lower house of Parliament, Lok Sabha, in the 2019 Indian general elections from Gandhinagar. Earlier, he had been elected as a member of the upper house of Parliament, Rajya Sabha, from Gujarat in 2017. Sworn in at the age of 54, he is the youngest serving full-time Home Minister. He is the chief strategist of the BJP and a close aide to Narendra Modi. During his college days, Shah was a member of the ABVP, the student wing of the RSS. At the age of 18, he secured a position in the ABVP and joined the BJP in 1987. Shah was first elected in Gujarat as the MLA for a seat partly covering Ahmedabad, Sar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian National Congress
The Indian National Congress (INC), colloquially the Congress Party but often simply the Congress, is a political party in India with widespread roots. Founded in 1885, it was the first modern nationalist movement to emerge in the British Empire in Asia and Africa. From the late 19th century, and especially after 1920, under the leadership of Mahatma Gandhi, the Congress became the principal leader of the Indian independence movement. The Congress led India to independence from the United Kingdom, and significantly influenced other anti-colonial nationalist movements in the British Empire. Congress is one of the two major political parties in India, along with its main rival the Bharatiya Janata Party. It is a "big tent" party whose platform is generally considered to lie in the centre to of Indian politics. After Indian independence in 1947, Congress emerged as a catch-all and secular party, dominating Indian politics for the next 20 years. The party's first prime minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
