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Category: Economics

  • MIL-OSI Economics: Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) – Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak (Karnataka)

    Source: Reserve Bank of India

    It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. CO.DOS.SED.No. S4800/12-23-151/2024-2025 dated September 26, 2024, has issued certain Directions to Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak, (the bank) whereby, as from the close of business on September 27, 2024, the bank shall not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated September 26, 2024. Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank, current accounts or any other account of a depositor, but set off of loans against deposits is allowed, subject to the conditions stated in the above RBI Directions. The bank may incur expenditure in respect of certain essential items such as salaries of employees, rent, electricity bills, etc. as specified in the said Directions.

    2. These directions are necessitated due to supervisory concerns emanating from the recent adverse material developments in the bank, and to protect the interest of depositors of the bank.

    3. The eligible depositors of the bank would be entitled to receive deposit insurance claim amount for their deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) in the same capacity and in the same right, within 90 days, from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 based on submission of willingness by the concerned depositors and after due verification. Details may also be accessed on the DICGC website: www.dicgc.org.in. As per the information currently available with the Reserve Bank, more than 94 per cent of the depositors of the bank will be covered by DICGC for their entire account balance.

    4. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. Subject to the restrictions specified in the said Directions, the bank will continue to undertake its banking business, including recovery of loans. The Reserve Bank is monitoring the position of the bank and will continue to take necessary steps, including modifications of these Directions depending upon circumstances, in the interest of depositors.

    5. These Directions shall remain in force for a period of six months from the close of business on September 27, 2024 and are subject to review.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1179

    MIL OSI Economics –

  • MIL-OSI Economics: Best Direct Finance: BaFin investigates purported sale of shares in “OpenAI Inc.” and warns against identity theft

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The unknown perpetrators also operate the website bestdirect-finance.com. On this website, they advertise other services, e.g. in the areas of time deposits or overnight money, asset management, investment advice or securities trading. Until recently, the website included a legal notice. There, the operator referred to itself as a “Zurich branch (…) of the parent company, Best Direct Finance LTD, from the United Kingdom”. According to information available to BaFin, there is no such connection. This is a case of identity theft.

    In the past, there have been frequent reports of attempted fraud where shares in well-known companies are offered for subscription. However, these shares are not delivered to the clients after payment is made, and the offerors can no longer be reached; in some cases, the offered shares do not even exist.

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify attempted fraud at an early stage.

    Background information:

    Unless an exemption from the prospectus requirement applies, securities may be offered to the public in Germany only if a prospectus approved by BaFin in advance has been published. During the approval process, BaFin checks whether the minimum information required by law is included in the prospectus and whether its content is understandable, coherent and consistent. However, BaFin does not check whether the information contained in the prospectus is correct. Moreover, it does not check whether the issuer is reliable nor does it examine the product in question.

    No securities prospectus relating to OpenAI shares has been submitted to BaFin for approval. You can check whether an approved prospectus for an offer of securities to the public has been filed with BaFin by consulting the Prospectuses filed database on the BaFin website.

    In addition, companies offering shares of other companies to consumers need prior authorisation from BaFin. The same applies for pre-IPO shares. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Economics: “The Art of Resilience”: The Documentary Series on Solutions from Latin America and the Caribbean that are Changing the World

    Source: CAF Development Bank of Latin America

    The episodes emphasize resilience, the innovation of their protagonists, and how collaboration within communities is driving significant transformations in the region. In the first season, which consists of three episodes, entrepreneurs and community leaders share their work in areas contributing to the achievement of the Sustainable Development Goals (SDGs).

    “It is essential to highlight the global solutions that originate in our region: the faces, ideas, achievements, and Latin American and Caribbean projects that often go unnoticed. We want to show the world that Latin America and the Caribbean is a region of solutions. Change is possible when we act collectively, and each of us can make a difference,” said Sergio Díaz-Granados, Executive President of CAF.

    Each episode also features artists who contribute music, culture, and art, creating a deep emotional connection with the audience—something that enhances the transformative power of art and culture in our societies.

    “We are proud and excited to showcase the powerful stories of communities positively transforming our region. As UNDP, we believe this initiative will bring us closer to the common goals that unite us as a society and will help foster inclusive, resilient, and sustainable development in Latin America and the Caribbean, leaving no one behind. By valuing our multicultural richness, protecting our lush biodiversity, and promoting social enterprises led by youth and local communities, we create a better present while preserving options for future generations,” affirmed Michelle Muschett, Regional Director of UNDP for Latin America and the Caribbean.

    The series has been produced by WaterBear Network in partnership with the Resilient Foundation and aims to spotlight local initiatives that promote the achievement of the 2030 Agenda and its 17 SDGs.

    “We are at a crucial moment where the stories of resilience and transformation in Latin America and the Caribbean deserve to be told. With ‘The Art of Resilience,’ we want to inspire others to see the strength that resides in our communities and how, through collaboration and creativity, we can build a more inclusive and sustainable future. Every initiative we present is a testament to the fact that change is possible and that together we can make a difference,” added María López, Executive Director of Detonante.

    The premiere took place in New York during Climate Week and included a screening of the series followed by a discussion with the creators, who shared their perspectives on sustainable development in the region.

    A public viewing will be held during COP16, which will take place in Cali, Colombia, in October 2024.

    • For more information and to join the campaign For All #ElCambioPosible, visit www.elcambioposible.com and follow the conversation on social media (Instagram: @elcambioposible). 
    • The series is available on the WaterBear Network streaming platform starting September 26 at www.waterbear.com. 
    • It will be featured at COP16 in Cali, Colombia, in October 2024.

    MIL OSI Economics –