PMC Bank customers can not withdraw more than ₹1,000 from their accounts, says RBI
5 years, 6 months ago

PMC Bank customers can not withdraw more than ₹1,000 from their accounts, says RBI

Live Mint  

The Reserve Bank of India or RBI has put restrictions on the amount depositors of Mumbai-based Punjab and Maharashtra Cooperative Bank can withdraw from their accounts with the urban co-operative bank. The RBI however said that the issue of the directions to PMC Bank should not be construed as cancellation of banking licence by the central bank. Further, according to the RBI's restrictions on the urban cooperative bank, PMC Bank will also not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and accept fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations, without prior approval in writing from the central bank. In a statement on Tuesday, the PMC Bank's Managing Director Joy Thomas said the bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank.

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History of this topic

Mint Primer | Cooperative bank crisis: Has anything changed since PMC's plight in 2019?
1 month, 2 weeks ago

Mint Primer | Cooperative bank crisis: Has anything changed since PMC's plight in 2019?

Live Mint  

Another cooperative lender is now embroiled in an alleged fraud. Mumbai-based New India Cooperative Bank faces crippling curbs from RBI and its board has been dissolved, similar to what PMC Bank faced in 2019. It started in 1968 as the Bombay Labour Cooperative Bank—founded by former minister George Fernandes, and Ranjit Bhanu, whom the bank’s website refers to as a …

RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now
1 month, 2 weeks ago

RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now

ABP News  

The Reserve Bank of India imposed multiple restrictions on the Mumbai-based New India Co-operative Bank on Thursday. Issuing the RBI Direction on February 13, 2025, the central bank said, “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 …

Video: Chaos at New India Co-operative Bank branches after RBI restrictions
1 month, 2 weeks ago

Video: Chaos at New India Co-operative Bank branches after RBI restrictions

India Today  

The Reserve Bank of India on Thursday barred Mumbai-based New India Co-operative Bank Limited from issuing new loans, accepting fresh deposits and suspended deposit withdrawals for the next six months, citing supervisory concerns and the bank’s liquidity position. The restrictions have led to panic among account holders, with customers lining up outside bank branches in Mumbai and Thane, demanding access …

RBI issues notice to halt all financial operations of New India Co-operative Bank
1 month, 2 weeks ago

RBI issues notice to halt all financial operations of New India Co-operative Bank

India Today  

The Reserve Bank of India has issued a notice to New India Co-operative Bank Limited, Mumbai, restricting it from issuing new loans, accepting fresh deposits, or allowing withdrawals for the next six months. has issued certain Directions to New India Co-operative Bank Limited, Mumbai, whereby, as from the close of business on February 13, 2025, the bank shall not, without …

The anatomy of a co-operative bank scam
1 year, 2 months ago

The anatomy of a co-operative bank scam

Live Mint  

Thrissur: In the quaint town of Thrissur, Kerala, where the rustle of paddy leaves and the scent of spices hang in the air, the Karuvannur Service Cooperative Bank stood as a symbol of trust and financial stability. Sailakshmi also knocked on the doors of the cooperative bank vigilance wing, but officials there said they couldn’t act without a police case. …

RBI cancels license of Maharashtra's Laxmi Co-operative Bank, depositers can claim up to THIS much amount
2 years, 6 months ago

RBI cancels license of Maharashtra's Laxmi Co-operative Bank, depositers can claim up to THIS much amount

India TV News  

Maharashtra's Laxmi Co-operative Bank news: The Reserve Bank of India on Thursday cancelled the licence of Maharashtra's Laxmi Co-operative Bank Limited. “The Laxmi Co-operative Bank Limited, Solapur, Maharashtra is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5 read with Section 56 of the Banking …

RBI imposes restrictions, withdrawal caps on 4 banks. Details here
2 years, 8 months ago

RBI imposes restrictions, withdrawal caps on 4 banks. Details here

Live Mint  

The Reserve Bank of India on Friday imposed various restrictions on on four cooperative banks. The central ban k of India has imposed restriction keeping note of deteriorating financial positions of these four co-operative banks. The four banks being put under restrictions by the RBI are are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, …

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details
2 years, 8 months ago

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details

ABP News  

Mumbai: The Reserve Bank on Friday imposed several restrictions, including a cap on withdrawals for the depositors, on four cooperative banks for six months given their deteriorating financial positions. The banks on which restrictions or directions under the Banking Regulation Act, 1949 have been imposed are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; …

Small finance bank to take over PMC Bank: RBI tells Delhi HC
3 years, 8 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 …

RBI Paves Way for Takeover of Crisis-hit PMC Bank, Allows Centrum to Set Up Small Finance Bank
3 years, 9 months ago

RBI Paves Way for Takeover of Crisis-hit PMC Bank, Allows Centrum to Set Up Small Finance Bank

News 18  

Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank, the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. “This ‘in-principle’ approval has been accorded in specific pursuance to the Centrum Financial Services Limited’s offer dated February 1, 2021, in response to the expression of …

Centrum-BharatPe to take over PMC Bank
3 years, 9 months ago

Centrum-BharatPe to take over PMC Bank

Live Mint  

Ending nearly two anxious years for depositors, the Reserve Bank of India on Friday cleared the decks for the takeover of Punjab and Maharashtra Cooperative Bank by a consortium of non-bank lender Centrum Financial Services and fintech startup BharatPe. RBI said it has decided to grant in-principle approval to Centrum to set up a small finance bank under on-tap licensing …

RBI extends curbs on PMC till June end
4 years ago

RBI extends curbs on PMC till June end

Hindustan Times  

The Reserve Bank of India on Friday said it has extended restrictions on withdrawals and deposits in the scam-hit Punjab and Maharashtra Cooperative Bank till June 30, 2021. “The RBI and PMC Bank are presently engaging with prospective investors in order to secure best possible terms for the depositors and other stakeholders while ensuring long term viability of the reconstructed …

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

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report
4 years, 6 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, 6 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, 7 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 …

Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC
4 years, 7 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 …

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI
4 years, 8 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 …

Urban, multi-State cooperative banks to come under RBI supervision
4 years, 9 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, 9 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 …

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months
4 years, 9 months ago

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months

India TV News  

The Reserve Bank of India on Thursday said it has barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position. The RBI also said no withdrawal of amount of a depositor will be allowed from the co-operative bank. "As from the close of business on June 10, 2020, the …

PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments
5 years, 1 month 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 …

Maharashtra Co-op Bank pitches for branch merger of PMC Bank
5 years, 1 month ago

Maharashtra Co-op Bank pitches for branch merger of PMC Bank

India TV News  

Maharashtra State Co-operative Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday. In support of his argument, Anaskar reminisced over six years ago, there was a similar proposal for a branch merger of the troubled Rupee Cooperative bank …

PMC Bank scam: Restrictions on cash withdrawal from lender based on ability to pay depositors, RBI tells Delhi HC
5 years, 2 months ago

PMC Bank scam: Restrictions on cash withdrawal from lender based on ability to pay depositors, RBI tells Delhi HC

Firstpost  

New Delhi: Restrictions on cash withdrawals from the scam-hit Punjab and Maharashtra Cooperative Bank Ltd were based on the bank’s liquidity position and ability to pay its depositors, RBI told the Delhi High Court on Tuesday. Justifying its action on putting cap on withdrawals, Reserve Bank of India said restrictions were placed due to liquidity and solvency issues but that …

Bad news for depositors! RBI restricts operations of this bank, caps withdrawals at ₹35,000
5 years, 2 months ago

Bad news for depositors! RBI restricts operations of this bank, caps withdrawals at ₹35,000

India TV News  

RBI alert: The Reserve Bank of India issued a notice restricting the operations of Sri Gururaghavendra Sahakara Bank Niyamitha bank and has put curbs on cash withdrawals for the account holders of the bank. In its notice issued under the provisions of section 35A of the Banking Regulation Act, 1949, the RBI has said, “As from the close of business …

PMC Bank impact: RBI revises norms for urban cooperative banks; to place them under supervision if net NPAs exceed 6%
5 years, 2 months 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 …

To avoid PMC-like scams, RBI proposes to tighten lending norms for urban co-operative banks
5 years, 3 months ago

To avoid PMC-like scams, RBI proposes to tighten lending norms for urban co-operative banks

Live Mint  

Mumbai: The RBI on Monday proposed reduction in loan amount an urban co-operative bank can lend to a single entity and a group of borrowers to 10 per cent and 25 per cent, respectively, with an aim to prevent PMC Bank like scams caused by large exposure to one group. Currently, primary co-operative banks are permitted to have exposures up …

PMC Bank depositors' worries to be taken up with RBI: Minister
5 years, 3 months ago

PMC Bank depositors' worries to be taken up with RBI: Minister

India TV News  

PMC Bank depositors' worries to be taken up with RBI: Minister The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative Bank's depositors with the RBI in a couple of days, state minister Jayant Patil said on Thursday. The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative Bank's depositors with the …

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI
5 years, 3 months 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, 3 months 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, 3 months 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, 3 months 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, 4 months 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 …

RBI should be given full power to regulate co-op banks: Satish Marathe
5 years, 4 months 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 scam: Maharashtra Sikhs unable to go on Kartarpur pilgrimage
5 years, 4 months 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, 4 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, 4 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: Withdrawal limit raised to Rs 50,000
5 years, 4 months ago

PMC Bank: Withdrawal limit raised to Rs 50,000

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Tuesday raised the withdrawal limit for account holders of crisis-hit Punjab and Maharashtra Co-Operative Bank to Rs 50,000 from the earlier limit of Rs 40,000. The RBI has also allowed PMC Bank account holders to withdraw money from the bank's own ATMs within the prescribed limit of Rs 50,000. This is the fourth …

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered
5 years, 4 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 …

What steps taken to help PMC Bank depositors, Bombay HC asks RBI
5 years, 4 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, 4 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 Seeking Protection Of Depositors Of PMC Bank: Delhi HC Issues Notice To Central Govt, RBI
5 years, 5 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 …

PIL in HC seeks lifting of restriction on cash withdrawal from PMC bank
5 years, 5 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, 5 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 crisis impact: Odisha govt cautions departments against depositing money in banks
5 years, 5 months ago

PMC Bank crisis impact: Odisha govt cautions departments against depositing money in banks

Firstpost  

The Odisha Finance Secretary has written the letter to departments asking them to keep in mind the norm that in the eventuality of closure of any bank the deposits are insured only up to Rs 1 lakh and not beyond that, said reports. In a letter titled, Precaution to be taken when depositing government funds in banks, sent on 22 …

PMC Bank Issue : SC Refuses To Admit PIL Against Withdrawal Limits
5 years, 5 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: Five prime accused involved in fraud behind bars now, about Rs 4,000 cr assets seized; all you need to know
5 years, 5 months ago

PMC Bank scam: Five prime accused involved in fraud behind bars now, about Rs 4,000 cr assets seized; all you need to know

Firstpost  

PMC Bank is under regulatory restriction since 23 September after the RBI found that financial irregularities at the bank. PMC Bank chairman, MD, promoters of HDIL arrested On 4 October, Thomas was arrested in connection with the alleged scam at the bank by the EOW of Mumbai Police, according to a report in Mint. On Thursday, a Mumbai court remanded …

Around 50 PMC bank customers stage protest outside RBI
5 years, 5 months ago

Around 50 PMC bank customers stage protest outside RBI

India TV News  

Around 50 depositories of the scam-hit Punjab and Maharashtra Cooperative Bank staged a protest outside the RBI demanding revoking restrictions on cash withdrawal, currently capped at Rs 40,000 over a six-month period. A depositor of the bank allegedly committed suicide in Mumbai, while another died of a heart attack a few hours after taking part in a protest by bank …

Scams aren't new, but PMC Bank turned them into a business model while RBI slept through it all
5 years, 5 months ago

Scams aren't new, but PMC Bank turned them into a business model while RBI slept through it all

Firstpost  

In the last two days, three Mumbai-based depositors of PMC Bank have died; one committed suicide while the other two suffered heart attacks. As the PMC Bank episode has shown us, this amount is painfully inadequate to compensate for those depositors who have parked their life’s entire savings, for instance, retirement money, in one bank. The PMC Bank crisis is …

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

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