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Indian Express
3 hours ago
- Politics
- Indian Express
Conviction for forgery to card game row, Maharashtra Agriculture Minister Manikrao Kokate again lands in a controversy
From facing the prospect of losing his Assembly seat due to a criminal conviction to being caught on camera allegedly playing an online card game during an Assembly session, Maharashtra Agriculture Minister Manikrao Kokate has spent the past year navigating one controversy after another. In February, a Nashik district court sentenced the Nationalist Congress Party (NCP) leader to two years in prison for his role in a 30-year-old case involving document forgery and fraud. The case pertained to the illegal acquisition of two flats under the Chief Minister's discretionary quota. Under the law, any elected representative sentenced to two or more years in prison stands to lose their seat. Kokate, however, managed to retain his position after a sessions court in Nashik granted a stay on the conviction. The complaint was originally filed by former minister and three-time MLA Tukaram Dighole who alleged that Kokate and his brother had submitted forged documents to fraudulently acquire flats in the Nirman View Apartment complex in Nashik's Yeolekar Mala area. Dighole, a former Congress leader, lost to Kokate in the 1999 Assembly election in what was Kokate's debut win as a Shiv Sena MLA. Dighole passed away in 2019. According to the prosecutors, the Kokate brothers falsely claimed to belong to the Low-Income Group (LIG) and declared they owned no other property. This misrepresentation allowed them to benefit from the CM's 10% discretionary housing quota. Investigations later revealed that the documents submitted were forged. Kokate, a five-time MLA from Sinnar in Nashik district, has had a politically diverse career. Once a member of both the Shiv Sena and the Congress, he is now aligned with the NCP of Deputy Chief Minister Ajit Pawar. Following the NCP's split, Kokate chose to side with Ajit and was rewarded with the Agriculture portfolio in the Devendra Fadnavis-led government. Controversy, however, has continued to shadow him. Just days before his conviction in February, Kokate triggered outrage with remarks comparing farmers to beggars. 'Even a beggar doesn't take one rupee, but here we are offering crop insurance for Re 1. Yet some people still try to misuse it,' he said, further alleging that applicants from other states were exploiting the scheme. In April, he courted fresh criticism after accusing farmers of intentionally defaulting on crop loans to benefit from government waivers, and then spending the money on personal celebrations. 'You take loans and then default for five to ten years, expecting them to be waived. Farmers are not investing in their land. The government gives assistance for everything from drip irrigation to ponds and pipelines,' Kokate said at the time. On Sunday, the state agriculture minister found himself at the centre of a latest row after a purported video of him playing an online card game on his phone in the Assembly was shared on social media by NCP (SP) leader Rohit Pawar. Kokate, however, denied the allegation. 'I was not playing Rummy,' he said. 'I was trying to watch YouTube to find out what was happening in the Lower House. Someone had downloaded the game on the phone, and I was just trying to skip it. The video might be from when I was trying to close it.'
Business Standard
a day ago
- Business
- Business Standard
HDFC Bank Q1 PAT jumps 12.24% YoY; declares 1:1 bonus and special dividend
HDFC Bank's profit after tax (PAT) for the quarter ended June 2025 was at Rs 18155.21 crore, a growth of 12.24% over the quarter ended June 2024. Net interest income (interest earned less interest expended) for the quarter ended June 2025 grew by 5.4% to Rs 31440 crore from Rs 29840 crore for the quarter ended June 2024. Core net interest margin was at 3.35% on total assets, reflecting assets repricing faster than deposits, as against 3.46% for the prior quarter ended March 2025. Provisions and contingencies for the quarter ended June 2025 were Rs 14441.63 crore (including the floating provisions of Rs 9000 crore and additional contingent provisions of Rs 1700 crore mentioned above), as against Rs 2602.06 crore for the quarter ended June 2024. The bank's credit performance across all segments continues to remain steady, in a credit environment that remains benign. The bank has considered this as an opportune stage to enhance its floating provisions, which are not specific to any portfolio, nor meant for any specific anticipated risks, but act as a countercyclical buffer for making the balance sheet more resilient. Accordingly, the Bank has made floating provisions of Rs 9000 crore, and additional contingent provisions of Rs 1700 crore during the quarter. Gross non-performing assets were at 1.40% of gross advances as on June 2025 (1.14% excluding NPAs in the agricultural segment), as against 1.33% as on March 2025 (1.13% excluding NPAs in the agricultural segment), and 1.33% as on June 2024 (1.16% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.47% of net advances as on June 2025 as against 0.43% as on March 2025 and 0.39% as on June 2024. The bank's average deposits were Rs 26,57,600 crore for the June 2025 quarter, a growth of 16.4% over Rs 22,83,100 crore for the June 2024 quarter, and 5.1% over Rs 25,28,000 crore for the March 2025 quarter. The bank's average CASA deposits were Rs 8,60,400 crore for the June 2025 quarter, a growth of 6.1% over Rs 8,10,600 crore for the June 2024 quarter, and 3.8% over Rs 8,28,900 crore for the March 2025 quarter. Gross advances were at Rs 26,53,200 crore as of June 2025, an increase of 6.7% over June 2024. Retail loans grew by 8.1%, small and mid-market enterprises loans grew by 17.1% and corporate and other wholesale loans grew by 1.7%. Overseas advances constituted 1.7% of total advances. The bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.9% as on June 2025 (19.3% as on June 2024) as against a regulatory requirement of 11.9%. Tier 1 CAR was at 17.8% and Common Equity Tier 1 Capital ratio was at 17.4% as of June 2025. Risk-weighted Assets were at Rs 27,15,800 crore. The board has declared a special interim dividend of Rs 5 per equity share of Re 1, pre-bonus issuance. The board has approved issuance of bonus shares in the proportion of 1:1, i.e. 1 bonus equity share of Re 1 each for every 1 fully paid-up equity share held as on the record date, subject to approval of shareholders. HDFC Bank's consolidated net revenue was Rs 85350 crore for the quarter ended June 2025. The consolidated profit after tax for the quarter ended June 2025 was Rs 16260 crore. As of June 2025, the bank's distribution network was at 9,499 branches and 21,251 ATMs across 4,153 cities I towns as against 8,851 branches and 21,163 ATMs across 4,081 cities / towns as of June 2024.
Time of India
10-07-2025
- Business
- Time of India
Crop insurance nos dip sharply as Rs1 scheme ends
Nagpur: There as been a sharp decline in applications for getting crop insurance cover so far during the current Kharif season. This coincides with the state govt's move to do away with the Re1 crop insurance from this year onwards. Tired of too many ads? go ad free now Sources said that scrapping of the Re1 scheme is expected to be one of the major reasons for farmers losing interest in getting cover for the crops. The number of applications received till July 10 is less than 5% of those received during the same period last year. Vidarbha is divided into Nagpur and Amravati divisions, covering the eastern and western districts of the region respectively. The state's agriculture department had received a little over 20,000 applications as of July 10 in the Nagpur division this year. In contrast, over 6.5 lakh applications were received by the department in the same period last year. In the Amravati division, over 85,000 applications have been received; last year, this figure had crossed 17 lakh within two weeks of July, said sources citing the official data. Applications can be made till July 31, though last year it was extended till the end of August. Normally, the numbers increase as the deadline nears; however, the year-on-year data shows a marked decline till now, accept officials. Last year, more than a crore applications were received for crop insurance in the entire state when it was available for a nominal charge of Re1 to the farmers. In Nagpur and Amravati divisions, the applications stood at 14.56 lakh and over 29 lakh respectively. A single farmer can make more than one application for separate plots of land. Now, the premium ranges anywhere from Rs500 to 800 per hectare for the staple crops of the region like cotton, tur, and soyabean. Tired of too many ads? go ad free now The state scrapped the Re1 as large-scale frauds were reported, with cases of even open land being insured. The mechanism of measuring the losses has also been changed this season. Earlier, even localised calamities, a drop in yield due to delay in sowing, or a mid-season crisis were also covered. Now, the state has reverted to the age-old crop cutting experiment system. The harvest in random plots in each revenue circle is measured. The insurance payment is triggered if the output in these plots falls below the predetermined threshold yield. Vijay Jawandhia, a veteran farm activist, says this indicates that the farmers are not confident about the insurance scheme. Many think that it's difficult to get compensation under the current norms. The premium may still be within Rs800 a hectare, but they don't appear to be keen on spending even that much, he said.
Indian Express
26-06-2025
- Politics
- Indian Express
Govt: Criminal action, blacklisting against those who file fake crop insurance claim
The state government announced that it will initiate criminal action and impose a five-year blacklisting against those found guilty of filing fake crop insurance claims. In April this year, Maharashtra had scrapped the Re 1 crop insurance scheme after allegations of irregularities and bogus claims. The government then replaced it with the old scheme — Pradhan Mantri Fasal Bima Yojana (PMFBY). Under the PMFBY, farmers will have to pay a premium of 2 per cent of the sum assured for Kharif crops, 1.5 per cent for Rabi crops, and 5 per cent for commercial or horticultural crops. The fresh Government Resolution (GR), issued Tuesday, brings sharp penalties against those who tries to misuse the scheme. The action includes criminal action against those who file bogus claims —including farmers, Common Service Centre (CSC) operators, and others—alongside a sweeping ban on access to all government subsidies and welfare and other schemes for five years. The Re 1 crop insurance scheme was a revised version of the PMFBY, introduced in 2023 by the then Chief Minister Eknath Shinde-led Mahayuti government to make crop insurance virtually free. It triggered a massive surge in applications, rising from 1.04 crore in 2022 to 2.42 crore in 2023. By early 2024, over four lakh applications were identified as bogus. Claims were filed for land where no crops were sown, or for plots belonging to temples, mosques, petrol pumps, and even industrial estates under MIDC. In response, the government blocked 140 CSC IDs which were found linked to such fraud. It also formed a 25-member expert panel led by Agriculture Commissioner Raosaheb Bhagade to study the abuse and recommend a policy overhaul. The committee proposed scrapping the Rs 1 model and reverting to the original PMFBY structure. 'For any crop insurance claim where the farmer's name does not appear on the 7/12 extract—or where bogus land records or crop data are used—the claim will be treated as fraudulent,' the GR said. 'If insurance is taken on another person's land without being a sharecropper or without mutual agreement, legal action will follow.' The GR also directs the Revenue Department to separately flag such cases in official records. 'Strict action will be taken through the tehsildar. If found guilty, the person will be blacklisted and barred from any government scheme for five years,' it stated.
Express Tribune
15-06-2025
- Business
- Express Tribune
Panel to monitor impact on oil prices
Prime Minister Shehbaz Sharif has formed a 16-member committee to monitor the impact of the volatility in oil prices in the wake of Israel's attack on Iran, a major oil producing country. A notification issued on Friday by the Ministry of Energy said there has been a sudden spike in oil prices in the international market after the start of the Israel-Iran conflict. According to the notification, the committee — to be convened by the minister and finance — includes petroleum, power ministers, state minister for finance as well as the governor of the State Bank. The committee will closely monitor the forward/futures prices of Petroleum Products and the predictability of supply chain in view of the current conflict in the region. It will also determine forex implications of price volatility for the short and medium term and suggest a plan if required — to ensure that there are no supply disruptions and the market is well supplied. It will also carry out a detailed analysis of the fiscal impact, in the event of a protracted conflict. The committee may co-opt any other member as deemed necessary for the fulfillment of its mandate. "The Petroleum Division shall provide secretarial support to the committee. The committee shall submit its recommendations on a weekly basis for the perusal of the prime minister," it added. Fuel prices Consumers brace for yet another hike in fuel prices as estimates suggest that petrol and high-speed diesel (HSD) rates may increase in the upcoming fortnightly review, largely driven by a surge in international oil prices. According to official sources familiar with the pricing structure, petrol is expected to see a marginal rise of around Re1 per litre, while the price of high-speed diesel could go up by approximately Rs5 per litre. The changes would apply from June 16 to June 30, with the final decision to be made based on import cost calculations on June 15. At present, the ex-depot price of petrol stands at Rs252.63 per litre. Widely used in motorcycles, rickshaws and private cars, any change in petrol price significantly impacts the expenses of the middle and lower-middle income groups. Meanwhile, the ex-depot price of HSD is Rs254.64 per litre. Diesel fuels the bulk of Pakistan's heavy transport sector, including trucks, buses, tractors and farm machinery such as threshers and tube wells. Given its broad use in agriculture and freight, an increase in diesel price typically triggers inflation across food supply chains.
