PMC Bank scam: Finance Minister Nirmala Sitharaman faces protesters; promises legislation
5 years, 2 months ago

PMC Bank scam: Finance Minister Nirmala Sitharaman faces protesters; promises legislation

Firstpost  

Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative Bank, and promised to bring in legislative changes for upholding of their interests Mumbai: Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative Bank, and promised to bring in legislative changes for upholding of their interests. The depositors had gathered outside the BJP’s office here ahead of Sitharaman’s scheduled press interaction in the run-up to the 21 October Maharashtra Assembly elections. FM @nsitharaman met with some depositors of PMC Bank pic.twitter.com/jvQdrCvCrj — CNBC-TV18 October 10, 2019 Maharashtra: Finance Minister Nirmala Sitharaman met the depositors of Punjab and Maharashtra Co-operative Bank in Mumbai today. pic.twitter.com/PVekascl5U — ANI October 10, 2019 The PMC Bank was put under “directions” by the Reserve Bank of India last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.

Rbi Sitharaman Nirmala Sitharaman Depositors Pmc Bank Irate Depositors  sitharaman  punjab  nirmala  minister  finance  cooperative  scam  rbi  promises  protesters  pmc  bank  maharashtra  faces  depositors  legislation

History of this topic

Nirmala Sitharaman, TMC MP spar over central funds
3 weeks, 2 days ago

Nirmala Sitharaman, TMC MP spar over central funds

Hindustan Times  

The Lok Sabha witnessed a brief confrontation between Union finance minister Nirmala Sitharaman and Trinamool Congress MP Sudip Bandyopadhyay during he discussion on the first batch of supplementary demands for grants over the alleged withholding of funds under the Mahatma Gandhi National Rural Employment Guarantee Act and the Pradhan Mantri Awas Yojana. “We are allowing you to fix it and …

Sitharaman Rebukes Rahul Gandhi Over Allegations on Public Sector Banks
4 weeks ago

Sitharaman Rebukes Rahul Gandhi Over Allegations on Public Sector Banks

Deccan Chronicle  

Union Finance Minister Nirmala Sitharaman strongly criticized Leader of Opposition Rahul Gandhi for his comments regarding the functioning of Public Sector Banks under the Modi government. Responding to Gandhi's accusations that PSBs have been turned into "private financiers for the rich and powerful," Sitharaman highlighted the significant reforms and improvements in the banking sector during the Modi regime.On Wednesday, Gandhi, …

FM Sitharaman Meets Citibank CEO, Focuses on AI, MSMEs and Green Tech
2 months, 2 weeks ago

FM Sitharaman Meets Citibank CEO, Focuses on AI, MSMEs and Green Tech

News 18  

FM Nirmala Sitharaman met Citibank CEO Jane Fraser to discuss the Indian banking sector. The two discussed the use of #AI in important sectors such as agriculture, urban development, and the pharmaceutical sector. Fraser also praised India's digital payment transformation and the importance of making MSMEs a part of the supply chains.

Banks urged to focus on core business, innovate for higher deposits: FM Sitharaman
5 months ago

Banks urged to focus on core business, innovate for higher deposits: FM Sitharaman

India TV News  

Union Finance Minister Nirmala Sitharaman has called on banks to concentrate on their core business activities, emphasising the importance of innovative products to increase deposits. Call for innovation Sitharaman encouraged banks to develop innovative products to boost deposits, particularly in light of the growing gap between deposits and lending. RBI's stance RBI Governor Shaktikanta Das echoed Sitharaman's concerns, noting that …

Finance Minister Nirmala Sitharaman defends the electoral bonds scheme: ‘One step better than what went before’
8 months, 4 weeks ago

Finance Minister Nirmala Sitharaman defends the electoral bonds scheme: ‘One step better than what went before’

Live Mint  

Union Finance Minister Nirmala Sitharaman has defended the now-scrapped electoral bonds scheme saying that the scheme was “one step better than what went before”. “Electoral funding will have to go through a lot more transparency.” The Finance Minister rebutted charges of freezing the bank accounts of the Congress party just before the Lok Sabha polls. Responding to questions about AAP …

Paytm crisis: Vijay Shekhar Sharma knocks at Nirmala Sitharaman's door, gets curt reply
11 months ago

Paytm crisis: Vijay Shekhar Sharma knocks at Nirmala Sitharaman's door, gets curt reply

Hindustan Times  

Paytm founder and chief executive officer Vijay Shekhar Sharma on Tuesday had met finance minister Nirmala Sitharaman in wake of the Reserve Bank of India actions against his Paytm Payments Bank. According to a Moneycontrol report, the central bank refused to grant any concession to the Paytm Payments Bank including the migration of users' accounts to other banks and extension …

RBI bomb threat mail: Mumbai Police arrests accused from Gujarat, detains two others for questioning
1 year ago

RBI bomb threat mail: Mumbai Police arrests accused from Gujarat, detains two others for questioning

India TV News  

The Mumbai Crime Branch arrested a person in connection with sending bomb threat mail to the Reserve Bank of India, HDFC Bank and ICICI Bank. In addition, the sender had also demanded the resignation of RBI Governor Shaktikanta Das and Union Finance Minister Nirmala Sitharaman. The scam involves RBI Governor Shaktikanta Das, Finance Minister Nirmala Sitharaman, some of the top …

Union Finance Minister Nirmala Sitharaman kickstarts Coimbatore visit with cleanliness drive
1 year, 3 months ago

Union Finance Minister Nirmala Sitharaman kickstarts Coimbatore visit with cleanliness drive

The Hindu  

Union Finance Minister Nirmala Sitharaman, participated in a cleanliness drive organised by Canara Bank and the State Level Bankers’ Committee of Indian Overseas Bank, in Coimbatore on Tuesday, under the Swachh Bharat campaign of the Centre. The Minister spoke to officials of the two banks and proceeded to clean Bharathi Colony Road in Peelamedu, where the drive was conducted. Under …

Canara Bank was top lender to public sector cos in FY23
1 year, 5 months ago

Canara Bank was top lender to public sector cos in FY23

Live Mint  

Public Sector Banks lent ₹4.12 trillion to state-backed corporations and public sector undertakings during 2022-23, down from ₹4.93 trillion during the previous year, finance minister Nirmala Sitharaman informed Parliament in a written response on Monday. Responding to questions by member of parliament, Velusamy P, Sitharaman informed the Lok Sabha that Canara Bank led the lending during 2022-23 to government backed …

Crypto Regulation: Nirmala Sitharaman Urges IMF To Develop Globally Coordinated Approach
1 year, 11 months ago

Crypto Regulation: Nirmala Sitharaman Urges IMF To Develop Globally Coordinated Approach

ABP News  

Finance Minister Nirmala Sitharaman on Thursday held a discussion with IMF managing director Kristalina Georgieva and urged the multi-lateral funding agency to develop a globally coordinated approach to the regulation of crypto assets.The Finance Minister held a virtual conversation with the International Monetary Fund MD to discuss the upcoming G20 Finance Ministers and Central Bank Governors meeting, scheduled to be …

Delhi HC Calls for Centre's Stand on Plea for NIA Probe Against DHFL's Ex Promoters on Allegation of Terror Funding
2 years ago

Delhi HC Calls for Centre's Stand on Plea for NIA Probe Against DHFL's Ex Promoters on Allegation of Terror Funding

News 18  

The Delhi High Court Thursday sought to know the Centre's stand on a plea seeking a probe by NIA against several persons, including former DHFL promoters Kapil and Dheeraj Wadhawan facing prosecution in a multi-crore bank loan scam case, for allegedly indulging in terror funding. The petition said that on May 9, the petitioner filed a complaint "regarding the offences …

CBI books DHFL's Kapil, Dheeraj Wadhawan, others in India's biggest bank fraud of Rs 34,615 crore
2 years, 6 months ago

CBI books DHFL's Kapil, Dheeraj Wadhawan, others in India's biggest bank fraud of Rs 34,615 crore

India Today  

The Central Bureau of Investigation is conducting searches in Maharashtra at 12 locations at premises linked to DHFL, its promoters Kapil Wadhawan, Dheeraj Wadhawan, businessman Sudhakar Shetty and others in connection with a Rs 34,614 crore bank fraud case. According to the FIR, Dewan Housing Finance Corporation Limited, its then Chief Managing Director Kapil Wadhawan, then Director Dheeraj Wadhawan, businessman …

Finance minister Nirmala Sitharaman to address RBI board on February 14
2 years, 11 months ago

Finance minister Nirmala Sitharaman to address RBI board on February 14

India TV News  

Highlights Nirmala Sitharaman will address the post-budget meeting of the RBI's central board on Monday. Finance Minister Nirmala Sitharaman is scheduled to address the post-budget meeting of the RBI's central board on Monday and highlight key points of the Union Budget 2022-23, including the fiscal consolidation roadmap and high capex plan. It has been a custom that the finance minister …

'Wrongdoers And Money Will Be Bought Back': FM Nirmala Sitharaman
3 years, 1 month ago

'Wrongdoers And Money Will Be Bought Back': FM Nirmala Sitharaman

ABP News  

New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday stated that all money stolen from banks will be returned since the government is vigorously investigating instances of loan defaulters, whether they are in India or abroad. Govt Pursuing Loan Defaulters: She stated that the government prosecuted defaulters who took out loans and allowed them to become non-performing assets by failing …

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 …

RBI Paves Way for Takeover of Crisis-hit PMC Bank, Allows Centrum to Set Up Small Finance Bank
3 years, 6 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 …

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs
3 years, 7 months ago

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs

Live Law  

Supreme Court has been moved by two Companies seeking punishment to contemners for flouting the top Court's order dated 3rd Sept 2020 whereby it had declared that " accounts which were not declared NPA till 31st August 2020 shall not be declared NPA till further orders " The petitions have been filed by Advocate Vishal Tiwari and Advocate Abhigya. The …

Govt to work with RBI for execution of bank privatisation plan: Nirmala Sitharaman
3 years, 11 months ago

Govt to work with RBI for execution of bank privatisation plan: Nirmala Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Sunday said the government will work with the Reserve Bank for execution of the bank privatisation plan announced in the budget. Speaking to reporters in the financial capital, Sitharaman also said that the government has no plan to form any bank investment company to house the government stakes in banks. On the bad bank, Sitharaman …

Initial Response Looks 'Positive' for PMC Bank Resolution, Says RBI Governor
4 years, 1 month ago

Initial Response Looks 'Positive' for PMC Bank Resolution, Says RBI Governor

News 18  

Reserve Bank of India Governor Shaktikanta Das on Friday said the response from potential investors for reconstruction of crisis-ridden Punjab and Maharashtra Co-operative Bank looks “positive” so far. Last month, the fraud-hit multi-state urban cooperative bank sought Expression of Interest from potential investors for investment or equity participation in the bank for its reconstruction. While announcing the monetary policy on …

Nirmala Sitharaman press meet updates | Finance Minister announces 12 schemes to boost economy
4 years, 1 month ago

Nirmala Sitharaman press meet updates | Finance Minister announces 12 schemes to boost economy

The Hindu  

A day after announcing a scheme to boost manufacturing sector, Finance Minister Nirmala Sitharaman is meeting the press to announce more stimulus. The government on Wednesday approved a Production-Linked Incentive scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period. 3000 crore for …

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 …

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 …

Nirmala Sitharaman press conference on economic package | Top announcements
4 years, 7 months ago

Nirmala Sitharaman press conference on economic package | Top announcements

India TV News  

Finance Minister Nirmala Sitharaman's on Wednesday shared the details of the Rs. 20 Lakh crore economic relief package- equivalent to 10 per cent of India's GDP -- announced by Prime Minister Narendra Modi to soften and to support the economy badly hit by the 50-day lockdown to fight the spread of coronavirus. Sitharaman's press conference comes a day after Prime …

Finance Minister Nirmala Sitharaman postpones meet with PSB chiefs to later this week
4 years, 7 months ago

Finance Minister Nirmala Sitharaman postpones meet with PSB chiefs to later this week

Firstpost  

Public sector banks have sanctioned loans worth Rs 42,000 crore to the MSME sector and corporates since the start of the lockdown. New Delhi: Finance Minister Nirmala Sitharaman review meeting with CEOs of public sector banks scheduled for Monday afternoon has been postponed. @FinMinIndia — Nirmala Sitharaman Office May 9, 2020 Sitharaman also said state-owned banks have sanctioned loans worth …

Government to deposit ₹1,000 in women PMJDY accounts in two instalments
4 years, 9 months ago

Government to deposit ₹1,000 in women PMJDY accounts in two instalments

The Hindu  

Urging people not to believe in the rumours, the Finance Ministry on April 9 said ₹500 has been deposited in each Pradhan Mantri Jan Dhan Yojana account held by women for April and ₹1,000 more will be given over the next two months in equal instalments. The Department of Financial Services in a tweet said the government has deposited ₹500 …

Will add liquidity if needed, RBI assures Yes Bank depositors
4 years, 9 months ago

Will add liquidity if needed, RBI assures Yes Bank depositors

The Hindu  

Describing the reconstruction scheme for Yes Bank as credible and sustainable, Reserve Bank of India Governor Shaktikanta Das on Monday sought to assure the private bank’s depositors that their hard-earned money is safe. Watch | Yes Bank crisis explained “It is a very credible and sustainable restructuring plan,” Mr. Das said while addressing the media here on the Yes Bank …

Yes Bank crisis: BJP govt duped savings of 18 lakh Hindus, says AAP
4 years, 10 months ago

Yes Bank crisis: BJP govt duped savings of 18 lakh Hindus, says AAP

India TV News  

Delhi's ruling Aam Aadmi Party on Saturday attacked the Centre for bringing YES Bank to the brink of bankruptcy, saying the self-proclaimed pro-Hindu BJP government duped savings of 18 lakh Hindus. Aam Aadmi Party MLA Raghav Chadha said YES Bank's loans grew manifold during the BJP government and is now on the cusp of bankruptcy. He said the BJP claims …

Yes Bank lent to 'stressed' corporates like Anil Ambani Group, Vodafone: Nirmala Sitharaman
4 years, 10 months ago

Yes Bank lent to 'stressed' corporates like Anil Ambani Group, Vodafone: Nirmala Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Friday evening, said that Yes Bank had lent to "very stressed" corporates like Anil Ambani Group, Vodafone, Essel, DHFL, ILFS among others. During her interaction with the media, Nirmala Sitharaman said that Yes Bank had exposure to stressed corporate groups. "Solution being worked on to revive Yes Bank well before the moratorium period," Bank administrator …

Yes Bank | Committed to safeguarding depositors, says Nirmala Sitharaman
4 years, 10 months ago

Yes Bank | Committed to safeguarding depositors, says Nirmala Sitharaman

The Hindu  

The Centre has directed the Reserve Bank of India to look into the causes of the crisis at Yes Bank and to pin responsibility on the individuals responsible and those who failed to address the problems at the bank, Union Finance Minister Nirmala Sitharaman said on Friday. “While our government is completely committed to ensure that the depositors’ interest is …

Want to assure every depositor's money is safe: Sitharaman on Yes Bank crisis
4 years, 10 months ago

Want to assure every depositor's money is safe: Sitharaman on Yes Bank crisis

India TV News  

Finance Minister Nirmala Sitharaman on Yes Bank crisis Friday said that the RBI Governor has assured her there will be no loss to any Yes Bank depositor, a day after the central bank imposed a moratorium on the banking institution. Further speaking on the crisis, Sitharaman said, "Both RBI and the government is looking at Yes Bank issue in detail, …

After PMC, Yes Bank is there a third bank in line? Chidambaram questions FM Nirmala Sitharaman
4 years, 10 months ago

After PMC, Yes Bank is there a third bank in line? Chidambaram questions FM Nirmala Sitharaman

India Today  

Former Finance Minister P Chidambaram on Friday took a sharp dig at Finance Minister Nirmala Sitharaman over the YES Bank crisis and accused her ministry of being unable to govern and regulate financial institutions. "When overall bank credit during the above period grew by about 10 per cent, how did YES BANK's loan book grow by about 35 per cent?" …

Your money is safe: Amid Yes Bank crisis, Nirmala Sitharaman assures depositors
4 years, 10 months ago

Your money is safe: Amid Yes Bank crisis, Nirmala Sitharaman assures depositors

India Today  

Finance Minister Nirmala Sitharaman has assured the depositors of Yes Bank they have nothing to worry about and that their money is safe. No need to worry," Union Finance Minister Nirmala Sitharaman said in her first reaction to the Yes Bank crisis. Both RBI and the government are looking at the Yes Bank issue in detailwe have taken a course …

Yes Bank crisis: Modi govt's inability to regulate banks stands exposed, says P Chidambaram
4 years, 10 months ago

Yes Bank crisis: Modi govt's inability to regulate banks stands exposed, says P Chidambaram

India Today  

Senior Congress leader and former Finance Minister P Chidambaram today said the Narendra Modi-led NDA government's ability to govern and regulate financial institutions stands exposed in wake of the Yes Bank crisis which comes just months after the fraud at PMC Bank. His tweet came a day after the Reserve Bank of India placed capital-starved Yes Bank under a moratorium …

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues
4 years, 11 months ago

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues

India TV News  

The Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against …

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 …

Maharashtra Co-op Bank pitches for branch merger of PMC Bank
4 years, 11 months 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 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. …

Budget 2020: Banking sector is feeling the heat of economic slowdown; can Nirmala Sitharaman clear the mess?
4 years, 11 months ago

Budget 2020: Banking sector is feeling the heat of economic slowdown; can Nirmala Sitharaman clear the mess?

Firstpost  

If one analyses the third-quarter earnings of Indian banks reported numbers so far, two clear trends are visible. But, banks lending less to companies is a clear bad news to India’s struggling economy because when credit growth slows to companies, that impacts progress of projects, cash flows and employment generation and so on. In this context, Union Finance Minister Nirmala …

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 …

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