PIL Seeking Protection Of Depositors Of PMC Bank: Delhi HC Issues Notice To Central Govt, RBI
5 years, 2 months ago

PIL Seeking Protection Of Depositors Of PMC Bank: Delhi HC Issues Notice To Central Govt, RBI

Live Law  

Delhi High Court has issued directions to the central government, Reserve Bank of India, and others to file replies in a PIL addressing the issue of insurance and safeguards for depositors of Punjab and Maharashtra Cooperative Bank. Filed by social activist Bejon Kumar Misra, the petition demands the following from the court: Issuance of an interim protective measures for insuring all the consumers whose hard-earned money is blocked in PMC Co-operative bank branches of NCT of Delhi. Issue an exhaustive and comprehensive guideline to safeguard the banking and co-operative deposits in the eventuality of emergency financial crisis where common people are financially stranded by the acts of few unscrupulous persons which eventually leading to various personal irreversible catastrophes Issue directions to the central government and the RBI to ensure complete insulation and insurance of the hard-earned deposited money of the common people in various co-operative banks including nationalized banks by enacting of an appropriate measure in nature of 100% insurance coverage Issue a direction to constitute a high-powered committee for looking into the complete affairs of working and their operation in all co-operative banks Issue directions to RBI for immediately exercising the power under the provisions of DICGC Act 1961 to provide complete financial insurance as per the respective deposits of the depositors unlike existing insurance cover for Rs 100000/- only irrespective of any amount of deposits The Petitioner has mentioned in the petition that approximately 1500000 bank depositors around the country including Delhi have been restrained from withdrawal of their hard earned money from PMC Co-operative Bank and yet the deposited amount of those innocent and depositors are not secured. The Supreme Court on October 18 had refused to entertain a PIL seeking similar relief and dismissed the petition granting liberty to the petitioner to approach High Court.

Insurance Delhi Bank Pmc Pil Rbi Banks Petition Petitioner Issues Notice Depositors Pmc Bank  govt  banks  depositors  issues  notice  insurance  petition  rbi  cooperative  protection  issue  hc  withdrawal  bank  pil  pmc  seeking

History of this topic

Delhi High Court Disposes PIL Against Hinduja Group As IndusInd Bank Promoters, Directs RBI To Consider Representation
2 years, 8 months ago

Delhi High Court Disposes PIL Against Hinduja Group As IndusInd Bank Promoters, Directs RBI To Consider Representation

Live Law  

The Delhi High Court on Monday directed the Reserve Bank of India to treat as representation a PIL seeking to reconsider the decision to increase the stakes held by Hinduja Group as the promoters of IndusInd Bank.A Division Bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla directed the RBI to examine the petition, highlighting the criminal antecedents …

DICGC asks 21 stressed cooperative banks to prepare list of account holders
3 years, 3 months ago

DICGC asks 21 stressed cooperative banks to prepare list of account holders

Firstpost  

DICGC has also asked the banks to circulate consent forms to account holders for accessing funds up to Rs 5 lakh as per the amended law within 90 days Mumbai: The Reserve Bank of India’s subsidiary DICGC has asked nearly two dozen stressed cooperative banks including PMC Bank to prepare a list of account holders eligible to receive Rs 5 …

Small finance bank to take over PMC Bank: RBI tells Delhi HC
3 years, 5 months ago

Small finance bank to take over PMC Bank: RBI tells Delhi HC

India TV News  

The Reserve Bank of India Monday told the Delhi High Court that it has given in-principle approval for setting up a small finance bank which will take over the scam-hit PMC Bank soon. Senior advocate Jayant Bhushan, representing the RBI, submitted that it has given in-principle approval to Centrum Finance Services Ltd to set up a small finance bank which …

Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction
4 years, 2 months ago

Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction

News 18  

Fraud-hit Punjab and Maharashtra Cooperative Bank on Tuesday invited expression of interest from potential investors for investment or equity participation in the bank for its reconstruction. Objective of the process of invitation of EoI is to identify a suitable equity investor/group of investors willing to take over management control to revive the bank and commence regular day-to-day operations, PMC Bank …

RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival
4 years, 3 months ago

RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival

News 18  

The Reserve Bank of India on Tuesday said factors like huge losses and erosion of deposits at Punjab and Maharashtra Co-operative Bank continue to cause hindrance in its revival, and appointed a new administrator. RBI appointed AK Dixit, ex-general manager of Union Bank of India, as the new administrator of the bank with effect from September 23, 2020. "While the …

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report
4 years, 3 months ago

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report

News 18  

India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. PMC has “tried to engage with the major banks of the country to request for a merger”, the bank’s …

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC
4 years, 3 months ago

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC

India Today  

India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. PMC has “tried to engage with the major banks of the country to request for a merger”, the bank’s …

No funds available: Depositors at India's PMC Bank survive on loans, charity
4 years, 4 months ago

No funds available: Depositors at India's PMC Bank survive on loans, charity

India Today  

In February, 82-year-old Kishan Lal appealed to India's finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour. Asked about the delay in resolving PMC's problems, Jai Bhagwan Bhoria, an administrator appointed by the RBI to revive …

'Protect Cooperative Banks': Sharad Pawar Writes to PM Modi
4 years, 4 months ago

'Protect Cooperative Banks': Sharad Pawar Writes to PM Modi

News 18  

NCP chief Sharad Pawar has written to Prime Minister Narendra Modi, saying that the "existence" of cooperative banks and their "cooperative character" should be protected. "However, at the same time, I honestly feel that the existence of cooperative banks and their 'cooperative' character shall be preserved," Pawar said. "Sir, though I agree with you that there should be financial discipline …

Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC
4 years, 4 months ago

Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC

News 18  

The Reserve Bank of India on Friday told the Delhi High Court that presently it would not be possible to raise the withdrawal limit of Rs one lakh imposed on scam-hit Punjab and Maharashtra Cooperative Bank Ltd due to its lack of liquidity. RBI has told the high court that against a total deposit liability of approximately Rs 10,000 crore …

PMC Bank: RBI cites liquidity issues for not raising withdrawal limit beyond ₹1 lakh
4 years, 4 months ago

PMC Bank: RBI cites liquidity issues for not raising withdrawal limit beyond ₹1 lakh

Live Mint  

New Delhi: The Reserve Bank of India on Friday told the Delhi High Court that presently it would not be possible to raise the withdrawal limit of ₹one lakh imposed on scam-hit Punjab and Maharashtra Cooperative Bank Ltd due to its lack of liquidity. RBI has told the high court that against a total deposit liability of approximately ₹10,000 crore …

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI
4 years, 5 months ago

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI

Live Mint  

New Delhi: The Delhi High Court Tuesday asked the Centre and the RBI to respond to a plea seeking release of up to ₹5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic. Misra, in the application filed through advocate Shashank Deo Sudhi, has said the …

Delhi HC Issues Notice In Plea Seeking Direction To PMC Bank To Allow Its Depositors To Withdraw Upto ₹5 Lacs In Light of COVID19
4 years, 5 months ago

Delhi HC Issues Notice In Plea Seeking Direction To PMC Bank To Allow Its Depositors To Withdraw Upto ₹5 Lacs In Light of COVID19

Live Law  

Delhi High Court has issued notice in a plea seeking a direction to be issued to the Punjab & Maharashtra Cooperative Bank to allow its depositors to withdraw upto ₹5 lacs in light of medical emergencies caused by COVID19The Division Bench of Chief Justice DN Patel and Justice Prateek Jalan has issued notices to the PMC Bank, Reserve Bank of …

Why PMC Bank, Yes Bank depositors in different circumstances: HC asks RBI, govt
4 years, 6 months ago

Why PMC Bank, Yes Bank depositors in different circumstances: HC asks RBI, govt

Live Mint  

New Delhi: The Delhi high court has directed Reserve Bank of India and Centre to file additional affidavits on reasons which propelled forging of the Yes Bank Reconstruction Scheme, 2020. The affidavits will have to state how depositors of PMC Bank are in different circumstances compared with those of Yes Bank. The court, in its order uploaded today, asked RBI …

Urban, multi-State cooperative banks to come under RBI supervision
4 years, 6 months ago

Urban, multi-State cooperative banks to come under RBI supervision

The Hindu  

To ensure that depositors are protected, the Centre has decided to bring all urban and multi-State cooperative banks under the direct supervision of the Reserve Bank of India. “In a landmark decision, the urban cooperatives and multi-State cooperative banks, which are 1,540 in number and have a depositor base of 8.6 crore, who have saved ₹4.84 lakh crore, a huge …

PMC Bank: RBI extends restrictions for 6 months; withdrawal limit now ₹1 lakh
4 years, 6 months ago

PMC Bank: RBI extends restrictions for 6 months; withdrawal limit now ₹1 lakh

Live Mint  

The Reserve Bank of India on Friday extended restrictions on the beleaguered Punjab and Maharashtra Co-operative Bank for another six months to 22 December, 2020. However, RBI has enhanced the withdrawal limit for the bank's depositors to ₹1 lakh from the existing ₹50,000. "Further, the extent of the negative net worth of the bank, and the legal processes involved in …

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]
4 years, 7 months ago

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]

Live Law  

Delhi High Court has directed the Reserve Bank of India and the Central Government to appreciate the difficulties faced by the senior citizens with respect to moratorium on withdrawal from Punjab & Maharashtra Bank and decide the same in accordance with law, rules, regulations and government policy. The order has come in a PIL filed by Bejon Kumar Mishra highlighting …

PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments
4 years, 11 months ago

PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments

Firstpost  

The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the RBI. New Delhi: In order to protect the interest of depositors, the Union Cabinet on Wednesday approved an amendment to Banking Regulation Act to strengthen cooperative banks and …

PMC Effect: Deposit insurance raised to Rs 5 lakh
4 years, 11 months ago

PMC Effect: Deposit insurance raised to Rs 5 lakh

India TV News  

In a major relief to the common man, the Finance Minister on Saturday announced to raise the insurance cover on bank deposits to Rs 5 lakh from the current Rs 1 lakh. As per the guidelines of the Reserve Bank of India, deposits with all commercial banks and cooperative banks are insured under the Deposit Insurance and Credit Guarantee Corporation. …

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence
4 years, 11 months ago

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence

India TV News  

Around a dozen depositors of the scam-hit Punjab and Maharashtra Cooperative Bank were detained on Sunday for allegedly trying to stage a protest outside the Khar residence of HDIL promoters Rakesh Wadhawan and his son Sarang, who are accused in the bank fraud case, police said. "Around 12 depositors of the PMC Bank were detained as they tried to hold …

PMC Bank impact: RBI revises norms for urban cooperative banks; to place them under supervision if net NPAs exceed 6%
5 years ago

PMC Bank impact: RBI revises norms for urban cooperative banks; to place them under supervision if net NPAs exceed 6%

Firstpost  

Mumbai: The RBI on Monday revised the Supervisory Action Framework for urban cooperative banks to ensure expeditious resolution of financial stress being faced by some of them. “Keeping in view the experience gained, it has been decided to further rationalise the SAF to make it more effective in bringing about the desired improvement in the UCBs as also expeditious resolution …

Bombay HC Reserves Order In PIL Seeking Expeditious Sale Of HDIL Assets In Order To Pay Back PMC Bank Depositors [Read Petition]
5 years ago

Bombay HC Reserves Order In PIL Seeking Expeditious Sale Of HDIL Assets In Order To Pay Back PMC Bank Depositors [Read Petition]

Live Law  

The Bombay High Court on Thursday reserved its order in a Public Interest Litigation filed by Advocate Sarosh Damania seeking public auction of all Housing Development and Infrastructure Limited assets either mortgaged with the crisis-hit Punjab and Maharashtra Co-operative Bank or attached by the Economic Offences Wing, Mumbai. HDIL's counsel Vikram Chaudhari told the Court that the total value of …

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI
5 years, 1 month ago

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI

Live Law  

In a major setback for the aggrieved depositors of Punjab and Maharashtra Co-operative bank, the Bombay High Court on Thursday dismissed a batch of petitions filed by depositors challenging Reserve Bank of India's decision to impose limits on withdrawal of funds from the crisis hit bank. However, state minister Jayant Patil today told reporters that State government has suggested merger …

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions
5 years, 1 month ago

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions

India TV News  

The Bombay High Court on Thursday dismissed pleas of the depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank, seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals. On September 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The Mumbai police's Economic Offences Wing, which …

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank
5 years, 1 month ago

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank

India TV News  

In a bid to provide relief to depositors of the troubled lender, the Maharashtra government has suggested the scam-hit Punjab and Maharashtra Cooperative Bank be merged with the MSC Bank. The state government will also speak to the Reserve Bank of India on the issue of merger of the Maharashtra State Cooperative and PMC banks, if the need arises, Patil …

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says
5 years, 1 month ago

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says

India TV News  

Having more than Rs 1 lakh in a bank account? After Reserve Bank of India put restrictions on PMC Bank depositors, “Is my money safe with banks?, “Is keeping money in the bank in savings/deposit account akin to lending to a bank? "Under the provisions of Section 16 of the DICGC Act, 1961, if a bank fails/gets liquidated, the DICGC …

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money
5 years, 1 month ago

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money

Firstpost  

Sitharaman also said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of PMC Bank can withdraw up to Rs 1 lakh by invoking the ‘hardship provisions’ of RBI. New Delhi: Nearly 78 percent depositors of the scam-hit PMC Bank have been allowed to withdraw their entire deposits even though the ceiling of …

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi
5 years, 1 month ago

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi

Firstpost  

Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest New Delhi: Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest. Delhi resident Rajinder Singh, who says …

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions
5 years, 1 month ago

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions

Live Law  

As hundreds of aggrieved depositors of the Punjab and Maharashtra Co-operative Bank protested outside the Bombay High Court, Reserve Bank of India on Tuesday filed a detailed affidavit listing out the reasons why the financial irregularities at Punjab and Maharashtra Co-operative Bank were not detected earlier by the Central Bank and steps being taken to ease the financial stress that …

RBI should be given full power to regulate co-op banks: Satish Marathe
5 years, 1 month ago

RBI should be given full power to regulate co-op banks: Satish Marathe

The Hindu  

RBI Central Board Director Satish Marathe has asked the government to give full powers to the Reserve Bank of India to regulate all urban cooperative banks in the wake of depositors facing hardship in withdrawing their entire sum from the scam-hit Punjab and Maharashtra Cooperative Bank. In a letter to Finance Minister Nirmala Sitharaman, Mr. Marathe also suggested that a …

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief
5 years, 1 month ago

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief

India TV News  

Around 400 depositors of fraud-hit Punjab & Maharashtra Co-operative Bank on Monday met Mumbai Police Commissioner Sanjay Barve and briefed him about problems being faced by them after the RBI put certain restrictions on the troubled lender. According to Harbans Singh, one of the PMC Bank depositors who met Barve, the meeting lasted for around two hours. "In the meeting, …

PMC Bank scam: Maharashtra Sikhs unable to go on Kartarpur pilgrimage
5 years, 1 month ago

PMC Bank scam: Maharashtra Sikhs unable to go on Kartarpur pilgrimage

India TV News  

At least 1,950 Sikhs from Maharashtra could not go to Gurudwara Darbar Sahib in Pakistan after opening of the Kartarpur corridor as they are facing financial crunch due to a scam at the Punjab and Maharashtra Cooperative Bank, a senior community leader claimed. The PMC Bank has been put under restrictions by the RBI since September after an alleged Rs …

PMC Bank scam: RBI governor Shaktikanta Das says closely monitoring situation, forensic audit underway
5 years, 2 months ago

PMC Bank scam: RBI governor Shaktikanta Das says closely monitoring situation, forensic audit underway

Firstpost  

New Delhi: The Reserve Bank is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway, Governor Shaktikanta Das said on Thursday, amid persisting uncertainty over depositors’ funds. Besides, he said an agency has been appointed to assess the realisable value of the bank’s assets spread across various states for monetisation. Punjab & Maharashtra Cooperative Bank, …

PMC Bank scam: Depositors gather outside RBI Delhi office, demand assurance on return of their savings
5 years, 2 months ago

PMC Bank scam: Depositors gather outside RBI Delhi office, demand assurance on return of their savings

Firstpost  

A group of distressed PMC depositors gathered outside the Reserve Bank of India office here on Wednesday, seeking an assurance that their deposits in the scam-hit corporative bank are safe and will be returned to them within a stipulated time New Delhi: A group of distressed PMC depositors gathered outside the Reserve Bank of India office here on Wednesday, seeking …

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered
5 years, 2 months ago

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered

Firstpost  

The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account. #JustIn | @RBI to allow PMC …

PMC case: RBI to file affidavit on protecting depositors’ interest
5 years, 2 months ago

PMC case: RBI to file affidavit on protecting depositors’ interest

The Hindu  

The Bombay High Court on Monday directed the Reserve Bank of India to file an affidavit on the steps it has taken to protect the interests of Punjab and Maharashtra Cooperative Bank depositors after the imposition of the ₹40,000 withdrawal limit. The court said the RBI knows all the affairs of the bank in question, and is the bankers’ bank …

What steps taken to help PMC Bank depositors, Bombay HC asks RBI
5 years, 2 months ago

What steps taken to help PMC Bank depositors, Bombay HC asks RBI

Live Mint  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank. A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed …

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November
5 years, 2 months ago

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November

Firstpost  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank Mumbai: The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of …

PIL in HC seeks lifting of restriction on cash withdrawal from PMC bank
5 years, 2 months ago

PIL in HC seeks lifting of restriction on cash withdrawal from PMC bank

India TV News  

The Delhi High Court on Friday sought response of the Centre, AAP government and the RBI on a PIL seeking removal of restrictions on cash withdrawals from the scam-hit Punjab and Maharashtra Cooperative Bank Ltd. A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC …

PMC Bank scam: Depositors continue with their protests by agitating outside RBI office, seek payback of stuck money
5 years, 2 months ago

PMC Bank scam: Depositors continue with their protests by agitating outside RBI office, seek payback of stuck money

Firstpost  

Mumbai: Harried depositors of the troubled Punjab and Maharashtra Cooperative Bank continued with their protests by agitating outside an office of the Reserve Bank here on Tuesday, to demand a payback of their stuck money. The PMC Bank has been put under restrictions by the RBI for over a month, after an alleged Rs 4,355 crore scam came to the …

PMC Bank Issue : SC Refuses To Admit PIL Against Withdrawal Limits
5 years, 2 months ago

PMC Bank Issue : SC Refuses To Admit PIL Against Withdrawal Limits

Live Law  

The Supreme Court bench headed by Chief Justice of India Ranjan Gogoi on Friday refused to admit a Public Interest Litigation on Punjab and Maharashtra Co-operative bank issue. The bench headed by CJI Ranjan Gogoi asked petitioner Bejon Misra, a Delhi based consumer activist who sought for a court order quashing the Reserve Bank of India's notification. The bench headed …

PMC Bank Scam : SC To Hear Plea Seeking Protective Measures For Depositors
5 years, 2 months ago

PMC Bank Scam : SC To Hear Plea Seeking Protective Measures For Depositors

Live Law  

A day after the reported death of a Punjab and Maharashtra Co-operative bank account holder over uncertainty of their savings, a PIL was filed in the Supreme Court seeking a direction to provide 100 percent security and protection to the savings of large number of customers. The PIL was filed by Delhi-based consumer activist Bejon Kumar Misra seeking protection to …

Another PMC bank depositor dies of heart attack, second death within a day
5 years, 2 months ago

Another PMC bank depositor dies of heart attack, second death within a day

Op India  

A depositor of troubled Punjab and Maharashtra Co-operative Bank, Fattomal Punjabi has died of a heart attack on Tuesday, making it two deaths of depositors with the bank within the span of a day. Punjabi’s death comes just a day after another depositor named Sanjay Gulati had died of a heart attack in Mumbai after failing to withdraw his life …

PMC scam: Central bank employees union wants cooperative banks under full control of RBI
5 years, 2 months ago

PMC scam: Central bank employees union wants cooperative banks under full control of RBI

Firstpost  

In the wake of the scam at Punjab & Maharashtra Cooperative Bank, the All-India Reserve Bank Employees Association on Wednesday suggested ending the dual jurisdiction of urban cooperatives and bringing them under RBI jurisdiction Mumbai: In the wake of the scam at Punjab & Maharashtra Cooperative Bank, the All-India Reserve Bank Employees Association on Wednesday suggested ending the dual jurisdiction …

Former PMC Bank chairman Waryam Singh, HDIL directors' police custody extended till 16 October; depositors protest outside court
5 years, 2 months ago

Former PMC Bank chairman Waryam Singh, HDIL directors' police custody extended till 16 October; depositors protest outside court

Firstpost  

The Economic Offences Wing arrested all three accused last week for their alleged involvement in the Rs 4,355-crore fraud at PMC Bank Mumbai’s Esplanade court extended the police custody of former Punjab and Maharashtra Co-operative Bank chairman Waryam Singh and Housing Development and Infrastructure Limited directors Rakesh Wadhawan and Sarang Wadhawan till 16 October. The Economic Offences Wing arrested all …

PMC Bank Crisis: Former chairman, HDIL directors sent to police custody till October 16
5 years, 2 months ago

PMC Bank Crisis: Former chairman, HDIL directors sent to police custody till October 16

India TV News  

Mumbai's Esplanade court on Monday extended the police custody of former PMC Bank chairman and Housing Development and Infrastructure Limited directors, till October 16. HDIL directors Rakesh Wadhawan and Sarang Wadhwan's police custody was extended again along with former PMC Bank chairman Waryam Singh by Mumbai's Esplanade court. The defence counsel also mentioned that a list of all the properties …

PMC Bank customers can now withdraw up to Rs 40,000 as RBI enhances limit
5 years, 2 months ago

PMC Bank customers can now withdraw up to Rs 40,000 as RBI enhances limit

India Today  

The Reserve Bank of India has enhanced the withdrawal limit for customers for the beleaguered Punjab & Maharashtra Co-operative Bank to Rs 40,000, a move the central bank said will allow 77 per cent of the bank's customers to withdraw their entire account balance. The RBI on Monday said after reviewing the bank's liquidity position and its ability to pay …

80% of PMC customers will get money back: Amit Shah
5 years, 2 months ago

80% of PMC customers will get money back: Amit Shah

India Today  

Around 80 per cent of Punjab & Maharashtra Co-operative Bank's customers will likely get all their money back once legal proceedings are over, Home Minister Amit Shah said, as he sought to assuage concerns over the scandal-hit bank's ability to pay its depositors. Speaking to India Today TV, Amit Shah said, "As far as PMC scam is concerned, only legal …

Lesson from PMC Bank scam: Forensic, active supervision needed; RBI and govt must work to help whistleblowers, protect depositors
5 years, 2 months ago

Lesson from PMC Bank scam: Forensic, active supervision needed; RBI and govt must work to help whistleblowers, protect depositors

Firstpost  

The PMC Bank episode compares in scale with the Rs 7,855-crore Satyam Computer Services scandal, which has been dubbed as India’s biggest accounting fraud. Industrialist-banker nexus The PMC Bank episode compares in scale with the Rs 7,855-crore Satyam Computer Services scandal, which has been dubbed as India’s biggest accounting fraud. Besides PMC Bank, 12 other co-operative banks are also under …

Discover Related