RBI officers’ credit society has ₹105 crore in PMC Bank
5 years, 3 months ago

RBI officers’ credit society has ₹105 crore in PMC Bank

Live Mint  

Mumbai: The Reserve Bank Officers' Cooperative Credit Society Ltd has fixed deposits totalling ₹105 crore with Punjab and Maharashtra Cooperative Bank which was put under restrictions of the central bank. This deposit is part of the cooperative society’s investments of ₹478.64 crore in fixed deposits, short term deposits and shares of one cooperative bank. The largest of these fixed deposits, as on 31 March, 2019, was in PMC Bank, followed by ₹100 crore in Bharat Cooperative Bank Ltd. It was originally registered under section 9 of Maharashtra Cooperative Societies Act 1960 and is deemed to have been registered under the Multi State Cooperative Credit Society's Act 2002, according to its website.

Mumbai Bank Fixed Deposits Cooperative Crore Deposit Deposits Pmc Bank Credit Society  societys  deposit  officers  crore  bank  rbi  deposits  pmc  105  cooperative  fixed  credit  society  mumbai

History of this topic

Fixed Deposits for senior citizens: Public, private banks providing higher interest in December
2 weeks, 4 days ago

Fixed Deposits for senior citizens: Public, private banks providing higher interest in December

India TV News  

Fix deposit is among the most trusted investment policies for long terms. Most popular among the elder generations, the deposits are most secure and easily manageable through banks and post offices. Although the interest rates in fixed deposits have lowered in the past decade there are schemes offered by both the public sector and private banks which offer a handsome …

Bank FD: ICICI Bank vs PNB vs HDFC Bank; Check Comparison of Latest Interest Rates
1 year, 11 months ago

Bank FD: ICICI Bank vs PNB vs HDFC Bank; Check Comparison of Latest Interest Rates

News 18  

The RBI MPC meeting is going to take place between February 6-8, to decide on the interest rate movement in the country. The central bank in 2022 raised the repo rate five times by 225 basis points in total to 6.25 per cent. Here’s the comparison of the current fixed deposit interest rates offered by three lenders ICICI Bank, PNB …

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

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

Firstpost  

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

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 …

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 …

Centrum-BharatPe to take over PMC Bank
3 years, 6 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 …

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 …

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 …

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 …

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 …

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. …

Bad news for depositors! RBI restricts operations of this bank, caps withdrawals at ₹35,000
4 years, 11 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 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 …

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

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

Firstpost  

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

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

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

The Hindu  

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

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

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

Firstpost  

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

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

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

Firstpost  

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

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

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

Firstpost  

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

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

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

Live Mint  

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

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

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

Live Law  

Delhi High Court has issued directions to the central government, Reserve Bank of India, and others to file replies in a PIL addressing the issue of insurance and safeguards for depositors of Punjab and Maharashtra Cooperative Bank. Filed by social activist Bejon Kumar Misra, the petition demands the following from the court: Issuance of an interim protective measures for insuring …

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

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

India TV News  

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

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

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

Firstpost  

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

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

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

Firstpost  

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

RBI hikes PMC Bank withdrawal limit to ₹40,000
5 years, 2 months ago

RBI hikes PMC Bank withdrawal limit to ₹40,000

Live Mint  

The Reserve Bank of India on Monday increased the withdrawal limit for customers of Punjab and Maharashtra Cooperative Bank to ₹40,000 and said that this is inclusive of the ₹25,000 allowed earlier. “The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to …

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 …

RBI increases withdrawal limit for PMC depositors to Rs 25,000
5 years, 3 months ago

RBI increases withdrawal limit for PMC depositors to Rs 25,000

India TV News  

The Reserve Bank of India has enhanced withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank. PMC Bank withdrawal limit increased to Rs 25,000: Here's what RBI said It may be recalled that the Reserve Bank of India had permitted the depositors of Punjab and Maharashtra Cooperative Bank Ltd to withdraw up to ₹ 10,000/- of the total balance …

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 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: RBI had recommended removal of chairman Waryam Singh in 2018, says report
5 years, 3 months ago

PMC Bank crisis: RBI had recommended removal of chairman Waryam Singh in 2018, says report

Firstpost  

According to the source, of the Rs 8,880-crore loan book that PMC Bank had, more than Rs 6,500 crore or over 73 percent of the assets are with the bankrupt HDIL group only. Mumbai: The RBI Bank had reportedly recommended removal of the now scam-hit Punjab and Maharashtra Cooperative Bank chairman Waryam Singh last year after it had found out …

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. …

For PMC Bank account holders, withdrawal limits relaxed
5 years, 3 months ago

For PMC Bank account holders, withdrawal limits relaxed

Live Mint  

The Reserve Bank of India or RBI has eased withdrawal limit for Punjab and Maharashtra Co-operative Bank account holders, increasing the limit to ₹10,000 from ₹1,000. With this relaxation, more than 60% of the depositors of the Mumbai-based urban cooperative bank will be able to withdraw their entire account balance, the RBI said. PMC Bank account holders can now withdraw …

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 …

Underreporting of bad loans behind RBI restrictions on PMC Bank
5 years, 3 months ago

Underreporting of bad loans behind RBI restrictions on PMC Bank

Live Mint  

Mumbai: Gross underreporting of bad loans is one of the primary reasons behind Reserve Bank of India’s restrictions on Punjab and Maharashtra Cooperative Bank, said two people aware of the development, adding that RBI is currently looking into the books of the bank. While the bank’s gross bad loans, as per its FY19 annual report, was at 3.76% of its …

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 places Mumbai-based PMC Bank under directions for 6 months; depositors cannot withdraw more than Rs 1,000
5 years, 3 months ago

RBI places Mumbai-based PMC Bank under directions for 6 months; depositors cannot withdraw more than Rs 1,000

Firstpost  

PMC cooperatve Bank will not, without prior approval in writing from the Reserve Bank, will be able to grant or renew any loans and advances, make any investment The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank under directions for six months from the close of business of the bank on 23 September, 2019. According to …

RBI puts PMC Bank under watch, customers can't withdraw more than ₹1,000 for 6 months
5 years, 3 months ago

RBI puts PMC Bank under watch, customers can't withdraw more than ₹1,000 for 6 months

India TV News  

The Reserve Bank of India on Tuesday barred Mumbai-based Punjab and Maharashtra Cooperative Bank from carrying out any kind of business transactions and has put limits on the amount that can be withdrawn by depositors from the urban co-operative bank. The RBI has put PMC Bank under Directions for six months from the close of business of the bank on …

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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