PMC Bank crisis impact: Odisha govt cautions departments against depositing money in banks
5 years, 2 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 October to all departments by Principal Secretary of Finance Department AKK Meena, said that the departments, PSUs or State agencies have to be very careful while keeping deposits in any bank and proper enquiry must be done about the financial health of the concerned bank for making any deposit. Meena’s letter “reiterated that withdrawal of money from the treasury without sufficient grounds and depositing the same in bank account shall be construed as a financial irregularity”. In July this year, the Finance department had empanelled 17 public sector undertaking banks, eight private banks, two regional rural banks and one each from small finance bank and cooperative bank for the purpose of doing financial transactions and deposits for State PSUs and State level autonomous societies for 2019-20 financial year, according to The New Indian Express.

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History of this topic

Depositors of THESE banks to get up to Rs 5 lakh back
3 years, 4 months ago

Depositors of THESE banks to get up to Rs 5 lakh back

India TV News  

Depositors of some stressed banks including Punjab and Maharashtra Cooperative Bank will get up to Rs 5 lakh back from Novembr 30, according to a government notification. Earlier this year, the Parliament had passed the Deposit Insurance and Credit Guarantee Corporation Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing …

Bank FD Holders: Cabinet Clears Amendments To Deposit Insurance Act, Know What It Means For Investors
3 years, 5 months ago

Bank FD Holders: Cabinet Clears Amendments To Deposit Insurance Act, Know What It Means For Investors

ABP News  

New Delhi: If you are worried about your money in troubled banks, then here’s some relief! The Union Cabinet on Wednesday cleared amendments to the Deposit Insurance and Credit Guarantee Corporation Act, which will allow account holders to access up to Rs5 lakh deposits within 90 days of a bank coming under moratorium. "Deposit Insurance Credit Guarantee Corporation was created …

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 …

Fixing the banking mess
4 years ago

Fixing the banking mess

India Today  

India’s banking sector is frequently under the spotlight, and usually for unflattering reasons, from an insupportable pileup of loans gone bad to outright fraud to cronyism or worse. If government-owned banks like Punjab National Bank and State Bank of India have embarrassed themselves, names like YES Bank and ICICI Bank in the private sector have also made headlines for the …

'Depositors Money Is Safe,' Assures RBI-Appointed Administrator Of Lakshmi Vilas Bank
4 years, 1 month ago

'Depositors Money Is Safe,' Assures RBI-Appointed Administrator Of Lakshmi Vilas Bank

ABP News  

Know How It Gets Implemented And Other Details The Reserve Bank of India -appointed administrator of Lakshmi Vilas Bank, T N Manoharan on Wednesday assured that depositors' money is safe and expressed confidence in completing the lender's merger with DBS Bank India within December 16 deadline set by the banking regulator. Confident that we will be able to implement a …

Bank is safe and so are your deposits
4 years, 1 month ago

Bank is safe and so are your deposits

Live Mint  

Indian households looking for a safe space to put their money have been going from crisis to crisis in the past few years. Banks have failed, debt funds saw deep losses, and in March 2020, we saw six debt funds frozen. The latest story that is spooking bank depositors is the moratorium on their money in Lakshmi Vilas Bank, ahead …

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 …

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 …

A battered IndusInd Bank lays bare RBI’s financial stability challenge
4 years, 9 months ago

A battered IndusInd Bank lays bare RBI’s financial stability challenge

Live Mint  

India’s private sector banks are facing their toughest test yet with a virus outbreak putting their earnings at risk, even as the collapse of a peer bank raises questions on deposits. The bank’s stock dropped 15% on Tuesday after the lender revealed in an investor call that it has lost 10-11% of its deposits since Yes Bank Ltd crumbled earlier …

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 …

RBI asks State govts not to move deposits out of private banks, says money is safe
4 years, 9 months ago

RBI asks State govts not to move deposits out of private banks, says money is safe

The Hindu  

The Reserve Bank of India has asked State governments not to transfer their deposits out of private sector banks saying apprehensions about the safety of deposits in private lenders are highly misplaced. In a letter written to Chief Secretaries of all States, the central bank said moving deposits out of private sector banks could have implications for banking and financial …

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, …

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 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 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 …

'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: 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: 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 …

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 …

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 …

Will speak to RBI Governor, Nirmala Sitharaman assures PMC bank depositors
5 years, 2 months ago

Will speak to RBI Governor, Nirmala Sitharaman assures PMC bank depositors

The Hindu  

Finance Minister Nirmala Sitharaman assured the depositors of Punjab and Maharashtra Cooperative Bank that she would once again raise the issue of their distress to the RBI governor on Wednesday. Ms. Sitharaman, who was in Mumbai to campaign for the BJP-Shiv Sena alliance for the upcoming Maharashtra Assembly elections was greeted by agitated depositors of Punjab and Maharashtra Bank. Stating …

Withdrawal limit on PMC Bank hits Mumbai’s Gurdwaras
5 years, 3 months ago

Withdrawal limit on PMC Bank hits Mumbai’s Gurdwaras

Live Mint  

Mumbai: The withdrawal limit imposed on the Punjab and Maharashtra Co-operative bank by RBI has hit the functioning of Gurdwaras here in Mumbai, adversely effecting organisation of 'Langar', extending medical facilities to poor and other charitable and day-to-day routine works by them. Seghal said that the common man was in a lurch since he would be not able to bear …

PMC Bank scam: Time to massively increase deposit insurance limit from present Rs 1 lakh, says SBI research report
5 years, 3 months ago

PMC Bank scam: Time to massively increase deposit insurance limit from present Rs 1 lakh, says SBI research report

Firstpost  

Mumbai: The Punjab & Maharashtra Cooperative Bank scam points to the urgent need to massively increase the depositor insurance cover from the present Rs 1 lakh, says a report. Last month, the Reserve Bank had imposed a slew of restrictions on the urban cooperative bank PMC for six months, after finding serious irregularities, including hiding of bad loans to bankrupt …

PMC Bank crisis: RBI governor Shaktikanta Das says banking system, including co-operatives safe and sound
5 years, 3 months ago

PMC Bank crisis: RBI governor Shaktikanta Das says banking system, including co-operatives safe and sound

Firstpost  

Mumbai: Reserve Bank governor Shaktikanta Das on Friday said the banking system is sound and stable, and one incident at a cooperative bank should be used to generalise the health of the entire financial system. On 23 September, the RBI had put restrictions on Punjab & Maharashtra Cooperative Bank after it had found out financial irregularities, and under-reporting of loans …

PMC Bank: Relief for customers, RBI increases withdrawal limit to Rs 25,000
5 years, 3 months ago

PMC Bank: Relief for customers, RBI increases withdrawal limit to Rs 25,000

India Today  

In a major relief to the hapless customers of the crippled Punjab & Maharashtra Cooperative Bank, the Reserve Bank on Thursday increased the cash withdrawal limit to Rs 25,000 per account-holder from Rs 10,000 set earlier, but retained the six-months curbs. The regulator also said the relaxation in withdrawals will take care of over 70 per cent of the customers …

PMC bank depositors wait a long fight to get their money bank
5 years, 3 months ago

PMC bank depositors wait a long fight to get their money bank

Op India  

As the depositors of Punjab and Maharashtra Cooperative Bank wonder whether their deposits in the bank are safe, several questions have emerged on how the crisis was brewing in the bank without being detected. A recent news report from PTI show that PMC Bank has an exposure of ₹6500 crore, and not ₹2500 crore as previously reported, towards one single …

PMC Bank crisis 'eye opener', RBI looking into lapses: Anurag Thakur
5 years, 3 months ago

PMC Bank crisis 'eye opener', RBI looking into lapses: Anurag Thakur

India TV News  

Terming the Punjab and Maharashtra Cooperative Bank crisis as an "eye-opener", Minister of State for Finance Anurag Thakur on Monday said the banking sector regulator RBI is looking into various aspects, including lapses on part of auditors. It also raises question mark on role of various people whether it is regulator, auditors, directors and other officials," he said on the …

PMC Bank Crisis: How RBI's restrictions hurt lakhs of depositors
5 years, 3 months ago

PMC Bank Crisis: How RBI's restrictions hurt lakhs of depositors

India TV News  

PMC Bank Crisis: The Reserve Bank of India's banking restrictions on Punjab and Maharashtra Cooperative Bank has left lakhs of depositors into a huge snag. However, the question remains intact: How RBI's restrictions hurt the lakhs of PMC Bank depositors and why it is a matter of concern? Image Source : PMC Bank Crisis: How RBI's restrictions hurt lakhs of …

PMC Bank crisis: RBI hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount
5 years, 3 months ago

PMC Bank crisis: RBI hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount

Firstpost  

With this relaxation, more than 60 percent of the depositors of the PMC Bank will be able to withdraw their entire account balance. The Reserve Bank of India has increased the withdrawal limit for account holders in the crisis-hit Mumbai-based Punjab and Maharashtra Cooperative Bank to Rs 10,000 from Rs 1,000 earlier, in a relief to the bank’s harried customers. …

RBI increases withdrawal limit for PMC Bank depositors from 1,000 to 10,000
5 years, 3 months ago

RBI increases withdrawal limit for PMC Bank depositors from 1,000 to 10,000

India TV News  

PMC Bank Row: In a big relief for Punjab and Maharashtra Cooperative Bank depositors, the Reserve Bank of India today has increased the withdrawal limit from Rs 1,000 to Rs10,000. The RBI on September 24 had restricted PMC bank account holders from withdrawing amount more than ₹1,000 for six months that had sparked state of panic among the bank's depositors. …

PMC Bank administrator to assess damage, take action
5 years, 3 months ago

PMC Bank administrator to assess damage, take action

Live Mint  

Mumbai: The Reserve Bank of India -appointed administrator of Punjab and Maharashtra Cooperative Bank Ltd, J.B. Bhoria, on Wednesday said his role will be to find out the extent of damage and take appropriate action. On Tuesday, the RBI capped the withdrawal amount from the cooperative bank at ₹1,000 per account for six months, spreading panic among depositors. In 2001, …

PMC Bank account withdrawal restriction: Key things to know
5 years, 3 months ago

PMC Bank account withdrawal restriction: Key things to know

Live Mint  

The Reserve Bank of India Tuesday announced a restriction on Punjab & Maharashtra Co-operative Bank for six months. "What is at stake is their hard-earned money parked with the bank for regular household requirements, and in many cases even their lifetime savings," AIBDA President Sunil Bhandare said. All you need to know: 1) PMC Bank customers are not allowed to …

RBI enforces restrictions on PMC Bank; customers clamour for their deposits
5 years, 3 months ago

RBI enforces restrictions on PMC Bank; customers clamour for their deposits

Live Mint  

Mumbai: Chaos reigned outside the Sion branch of the Mumbai-based Punjab and Maharashtra Cooperative Bank on Tuesday as depositors thronged to withdraw their money after the Reserve bank of India put restrictions on the bank. Photo: Aniruddha Chowdhury/Mint Watch: Chaos outside Mumbai based PMC bank after RBI imposes restrictions Like Patil, ₹11,000 crore worth of depositors' money is stuck at …

PMC Bank: Chaos in Mumbai, customers left stranded as RBI restricts cash withdrawal | Watch
5 years, 3 months ago

PMC Bank: Chaos in Mumbai, customers left stranded as RBI restricts cash withdrawal | Watch

India TV News  

PMC Bank barred: The Reserve Bank of India barred Punjab & Maharashtra Cooperative Bank Ltd, Mumbai from carrying out any kind of business transactions for six months on Tuesday, sparking state of panic among the bank's depositors and sending shock waves in city trading community. State of panic among depositors, chaos in branches: As soon news of PMC bank been …

RBI bars PMC Bank from doing business for 6 months
5 years, 3 months ago

RBI bars PMC Bank from doing business for 6 months

The Quint  

Mumbai, Sep 24 The Reserve Bank of India has barred the Punjab & Maharashtra Cooperative Bank Ltd, Mumbai from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles on Tuesday. The apex bank's Chief General Manager Yogesh Dayal said …

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