Video: Chaos at New India Co-operative Bank branches after RBI restrictions
1 month, 1 week 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 to their funds. The RBI said the directions were necessary due to concerns arising from "recent material developments" at the bank, and to protect the interest of depositors, although did not elaborate on the specifics of these concerns. In 2019, it imposed restrictions on Punjab and Maharashtra Co-operative Bank after uncovering financial irregularities, including under-reporting of bad loans.

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RBI withdrawal relief for New India Co-op Bank depositors. Check details here
1 month ago

RBI withdrawal relief for New India Co-op Bank depositors. Check details here

India Today  

The Reserve Bank of India has permitted depositors of New India Cooperative Bank to withdraw up to Rs 25,000 from their accounts. This decision comes just over a week after the central bank prohibited the bank from issuing new loans, dissolved its board and took control owing to ‘supervisory concerns.’ “The Reserve Bank, after reviewing the bank’s liquidity position in …

RBI allows New India Cooperative Bank depositors to withdraw up to ₹25,000
1 month ago

RBI allows New India Cooperative Bank depositors to withdraw up to ₹25,000

Live Mint  

The Reserve Bank of India on Monday allowed depositors to withdraw up to ₹25,000 from New India Cooperative Bank, over a week after it stepped in to dissolve its board on the back of “supervisory concerns”. “The Reserve Bank, after reviewing the bank’s liquidity position in consultation with the administrator, has decided to allow a deposit withdrawal of up to …

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal
1 month ago

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal

India Today  

The Reserve Bank of India on Monday eased restrictions on New India Co-operative Bank Limited, allowing depositors to withdraw up to Rs 25,000 from their accounts starting February 27. The bank had been under RBI’s All Inclusive Directions since February 13, which barred any withdrawals from savings, current, or other deposit accounts. “With the above relaxation, more than 50% of …

New India Co-operative Bank: How a former GM was involved in ₹122-crore fraud — Explained
1 month ago

New India Co-operative Bank: How a former GM was involved in ₹122-crore fraud — Explained

Live Mint  

India's central bank, the Reserve Bank of India, superseded the Maharashtra-based New India Co-operative Bank for the upcoming 12 months on Friday, February 14, after flagging concerns over poor governance standards and irregularities in its core lending operations. A former general manager of the bank, Hitesh Pravinchand Mehta, was allegedly involved in siphoning ₹122 crore from the lender and was …

New India Co-operative Bank update: Will RBI give some relief to depositors?
1 month ago

New India Co-operative Bank update: Will RBI give some relief to depositors?

India TV News  

New India Co-operative Bank update: Will RBI give some relief to depositors? New India Coop Bank update: The Reserve Bank of India is reportedly planning to give some relief to customers of New India Co-Operative Bank. Now, reports suggest that RBI may allow depositors of the troubled New India Co-operative Bank to withdraw funds in case of personal or medical …

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

Is your money safe in co-operative banks safe? RBI's latest curbs raise concern
Trending News
1 month, 1 week ago

Is your money safe in co-operative banks safe? RBI's latest curbs raise concern

India Today  

Mumbai-based New India Co-operative Bank Ltd. was recently subject to stringent regulations from the Reserve Bank of India that prevented depositors from taking their money out. The repeated troubles in co-operative banks raise a pressing question: Are depositors' funds truly safe Chartered accountant Chirag Chauhan believes the risks far outweigh any benefits, clearly saying that money in co-operative banks is …

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh
Trending News
1 month, 1 week ago

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh

India TV News  

New India Co-operative Bank scam: Govt actively considering raising deposit insurance limit beyond Rs 5 lakh New India Co-operative Bank scam: Deposit insurance, as we know it today, was introduced in India in 1962. New India Co-operative Bank scam: Days after the Reserve Bank of India superseded New India Co-operative Bank's board and barred it from allowing customers to withdraw …

Mumbai court sends New India Co-operative Bank accused to five-day police custody
1 month, 1 week ago

Mumbai court sends New India Co-operative Bank accused to five-day police custody

The Hindu  

The Chief Judicial Magistrate court in Mumbai sent the former general manager of New India Co-operative Bank to five-day police custody during a holiday court proceedings on Sunday for allegedly siphoning off ₹122 crore from the bank. The first accused Hitesh Pravinchandra Mehta, 57, conspired with another unknown person to embezzle ₹122 crore in cash from the safe deposit box …

New India Co-operative Bank fraud case: How will the RBI crackdown impact account holders, depositors?
1 month, 1 week ago

New India Co-operative Bank fraud case: How will the RBI crackdown impact account holders, depositors?

Live Mint  

New India Co-operative Bank fraud case: The Reserve Bank of India superseded the Maharashtra-based New India Co-operative Bank board for 12 months after imposing several financial and service restrictions due to irregularities in its lending practices. RBI order against New India Co-operative Bank Ltd In its instructions against the bank, the RBI said,"It is hereby notified for information of the …

New India Co-operative Bank fraud: Mumbai Police arrests ex-GM for siphoning ₹122 crore amid RBI curbs
1 month, 1 week ago

New India Co-operative Bank fraud: Mumbai Police arrests ex-GM for siphoning ₹122 crore amid RBI curbs

Live Mint  

New India Co-operative Bank fraud: The Mumbai police arrested Hitesh Pravinchand Mehta, former General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly siphoning ₹122 crore from the lender. New India Co-operative Bank fraud: Mumbai Police arrests ex-GM Hitesh Mehta According to police, Mehta is accused of misappropriating funds while overseeing the bank's Dadar and Goregaon …

New India Co-operative Bank ex-manager under probe for Rs 122-crore fraud: Cops
Trending News
1 month, 1 week ago

New India Co-operative Bank ex-manager under probe for Rs 122-crore fraud: Cops

India Today  

Mumbai Police has accused former General Manager of New India Co-operative Bank Limited, Hitesh Pravinchand Mehta, of withdrawing Rs 122 crore from the bank during his tenure at the bank, allegedly misusing his position to commit fraud at the Dadar and Goregaon branches. According to a statement by the Economic Offences Wing, “Mumbai Police's Economic Offences Wing has started investigating …

RBI Supersedes New India Co-Operative Bank’s Board for 12 Months
Trending News
1 month, 1 week ago

RBI Supersedes New India Co-Operative Bank’s Board for 12 Months

Deccan Chronicle  

Mumbai: A day after imposing restrictions on Mumbai-based New India Co-operative Bank, the Reserve Bank of India on Friday superseded its Board of Directors for 12 months citing poor governance at the bank. The central bank appointed Shreekant, former chief general manager of State Bank of India as ‘Administrator’ to manage the affairs of the bank during this period besides …

Explained: Why RBI has imposed curbs on New India Co-operative Bank
Trending News
1 month, 1 week ago

Explained: Why RBI has imposed curbs on New India Co-operative Bank

Firstpost  

The Reserve Bank of India has imposed strict restrictions on Mumbai-based New India Co-operative Bank, barring it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months. Let’s take a look: Why RBI ordered New India Co-operative Bank to stop disbursements The Reserve Bank of India has issued a notice to New India Co-operative Bank Limited, imposing …

‘We have EMIs to pay’: New India Co-operative Bank customers gather in panic after RBI imposes restrictions
1 month, 1 week ago

‘We have EMIs to pay’: New India Co-operative Bank customers gather in panic after RBI imposes restrictions

Hindustan Times  

The Reserve Bank of India had imposed several restrictions on New India Co-operative Bank due to supervisory concerns. They are saying that we will get our money within 3 months…We have EMIs to pay, we have no idea how we will do all of that.” RBI's restrictions on India Co-operative Bank The restrictions include ones on withdrawals by depositors. The …

RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now
1 month, 1 week 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 …

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator
1 month, 1 week ago

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator

India TV News  

The Reserve Bank of India on Friday superseded the Board of Directors of New India Co-operative Bank for a period of 12 months. Earlier on Thursday, the RBI imposed several restrictions on city-based New India Co-operative Bank, including on the withdrawal of funds by depositors, amid supervisory concerns. The Reserve Bank's Directions to New India Co-operative Bank, Mumbai came into …

Customers queue outside New India Co-operative Bank as RBI imposes restrictions on withdrawal of funds
1 month, 1 week ago

Customers queue outside New India Co-operative Bank as RBI imposes restrictions on withdrawal of funds

India TV News  

Queues of people were seen outside Mumbai-based New India Co-operative Bank as worried customers want to withdraw their money after the Reserve Bank of India on Thursday imposed several restrictions, including on the withdrawal of funds by depositors, amid supervisory concerns. The Reserve Bank's Directions to New India Co-operative Bank, Mumbai came into force from the close of business on …

New India Co-Operative Bank chaos: Customers express concern about deposits as RBI imposes restrictions
1 month, 1 week ago

New India Co-Operative Bank chaos: Customers express concern about deposits as RBI imposes restrictions

India TV News  

Several customers expressed concern as they gathered outside Mumbai-based New India Co-operative Bank on Friday, a day after Reserve Bank banned the bank from issuing new loans and suspended deposit withdrawals for six months, citing supervisory concerns and the lender's liquidity position. I got the information that the bank is allowing customers to operate locker but we have been standing …

RBI issues notice to halt all financial operations of New India Co-operative Bank
1 month, 1 week 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 …

RBI curbs on New India Co-operative Bank: How does it impact customers?
1 month, 1 week ago

RBI curbs on New India Co-operative Bank: How does it impact customers?

India Today  

The Reserve Bank of India has placed strict restrictions on New India Co-operative Bank Limited, Mumbai, preventing it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months. New India Co-operative Bank has been struggling with financial losses in recent years. WHAT THE RBI DIRECTIVE SAYS The RBI has stated that from the close of business on …

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 imposes monetary penalty on five co-operative banks. Details here
1 year, 2 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank of India has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. The co-operative banks that faced the central bank's action are Navsarjan Industrial Co-operative Bank Ltd, Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd, Halol Urban Co-operative Bank Ltd, Stambhadri Co-operative Urban Bank Ltd and Subramanianagar Co-operative Urban Bank Ltd. The Reserve Bank imposed …

RBI imposes monetary penalty on five co-operative banks. Details here
1 year, 5 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: SBPP Co-operative Bank Ltd, The Sahayadri Sahakari Bank Ltd, Rahimatpur Sahakari Bank Ltd, The Gadhinglaj Urban Co-operative Bank Ltd and The Kalyan Janata Sahakari Bank Ltd. The Reserve Bank imposed a monetary penalty of ₹13 lakh on SBPP Co-operative Bank …

RBI imposes monetary penalty on Zoroastrian Co-operative and Bharat Co-operative Bank; here's why
2 years, 3 months ago

RBI imposes monetary penalty on Zoroastrian Co-operative and Bharat Co-operative Bank; here's why

Firstpost  

Bharat Co-operative Bank has been fined Rs 50 lakh by the RBI for not complying with its directives. The Zoroastrian Co-operative Bank was fined Rs 1.25 crore as well Monetary penalty has been imposed on two Mumbai-based cooperative banks, namely Zoroastrian Co-operative Bank and the Bharat Co-operative Bank by the Reserve Bank of India for violating rules. The monetary action …

RBI Cancels Licence of Solapur-based Laxmi Co-operative Bank
2 years, 6 months ago

RBI Cancels Licence of Solapur-based Laxmi Co-operative Bank

News 18  

The Reserve Bank of India on Thursday said it has cancelled the licence of Solapur based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. As per the data submitted by the cooperative bank, more than 99 per cent of the depositors are entitled to receive full amount of their deposits from Deposit …

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 imposes a total penalty of Rs 8 lakh on 3 banks
3 years, 9 months ago

RBI imposes a total penalty of Rs 8 lakh on 3 banks

India TV News  

The Reserve Bank of India on Wednesday imposed a total penalty of Rs 8 lakh on three Maharashtra-based co-operative banks for deficiencies in regulatory compliance. A penalty of Rs 4 lakh has been imposed on Excellent Co-operative Bank, Mumbai, and Rs 2 lakh each on Janseva Sahakari Bank Limited, Pune and The Ajara Urban Co-operative Bank, Ajara. The penalty on …

RBI imposes Rs 23 lakh fine on THESE co-operative banks
3 years, 9 months ago

RBI imposes Rs 23 lakh fine on THESE co-operative banks

India TV News  

RBI imposes Rs 23 lakh fine on THESE co-operative banks The RBI said the penalties have been imposed due to deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The Reserve Bank of India on Monday imposed penalties of Rs 23 lakh on …

RBI imposes Rs 11 lakh penalty on THESE banks
3 years, 9 months ago

RBI imposes Rs 11 lakh penalty on THESE banks

India TV News  

RBI imposes Rs 11 lakh penalty on THESE banks The RBI said the penalties have been imposed based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the two lenders with their customers. The Reserve Bank of India on Tuesday imposed a penalty of Rs 11 lakh on …

RBI imposes Rs 2 lakh penalty on THIS bank
3 years, 9 months ago

RBI imposes Rs 2 lakh penalty on THIS bank

India TV News  

The Reserve Bank of India on Tuesday imposed a penalty of Rs 2 lakh on Dhrangadhra People's Co-operative Bank, Surendranagar, Gujarat, for non-compliance with certain norms. The RBI said the penalty has been imposed for non-compliance with RBI directions on 'Placement of Deposits with Other Banks by Primary Co-operative Banks ' and 'Depositor Education and Awareness Fund Scheme 2014'. Giving …

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks
4 years, 4 months ago

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks

News 18  

The RBI on Wednesday said it has imposed penalty totalling Rs 15 lakh on two co-operative banks, including Millath Co-operative Bank, Davangere for non-compliance with directions issued by it. A penalty of Rs 10 lakh has been imposed on Millath Co-operative Bank for “non-adherence/violation of all inclusive directions and other directions imposed on the bank”, the Reserve Bank of India …

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 …

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 …

PMC Bank: RBI cites liquidity issues for not raising withdrawal limit beyond ₹1 lakh
4 years, 7 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, 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 …

Over 1,100 customers to lose out in CKP Co-operative Bank’s liquidation
4 years, 10 months ago

Over 1,100 customers to lose out in CKP Co-operative Bank’s liquidation

Live Mint  

Mumbai: With savings of close to ₹6 lakh in CKP Co-operative Bank, 53-year-old Pradeep Kumar Mishra is among the 1,130 customers who stand to lose out from RBI’s decision to liquidate the bank after putting severe curbs on it in 2014. Although the RBI’s decision to liquidate CKP Co-operative Bank will end a six-year-old tussle for most depositors, these 1,130 …

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 …

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 …

To avoid PMC-like scams, RBI proposes to tighten lending norms for urban co-operative banks
5 years, 2 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 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 …

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 …

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 …

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