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. The Reserve Bank of India has barred Mumbai-based Punjab and Maharashtra Cooperative Bank from carrying out "any kind of business transactions" for six months for violating of various regulations. In a statement on Tuesday, the PMC Bank's Managing Director Joy Thomas said RBI has put the bank under regulatory restrictions to irregularities disclosed to the apex bank.

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History of this topic

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM
1 year, 4 months ago

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM

The Hindu  

Finance Minister Nirmala Sitharaman on August 28 said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing ₹2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana, which is one of the biggest …

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore
1 year, 4 months ago

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore

The Hindu  

The number of bank accounts under the PM Jan Dhan Yojana, which completes nine years on Monday, has crossed 50 crore this month with total deposits exceeding ₹2 lakh crore, Financial Services Secretary Vivek Joshi said on Saturday. As of August 16, 50.09 crore PMJDY accounts had been opened with total deposits at ₹2,03,505 crore, up from 48.65 crore accounts …

₹2,000 notes withdrawn: most city residents not bothered; a few peeved
1 year, 7 months ago

₹2,000 notes withdrawn: most city residents not bothered; a few peeved

The Hindu  

Residents of the Capital seem unaffected by the Reserve Bank of India’s decisions to pull out ₹2,000 notes from circulation, as many of them have not seen the currency in a while. Vijay Rajput, a grocery shop owner at Laxmi Nagar, said, “Small business owners like us don’t have ₹2,000 currency. People with big businesses and transactions in crores might …

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details
2 years, 6 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, 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 …

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 …

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 …

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 …

Security tightened at Yes Bank branches, ATMs in Mumbai as depositors rush to withdraw money
4 years, 10 months ago

Security tightened at Yes Bank branches, ATMs in Mumbai as depositors rush to withdraw money

India TV News  

As Yes Bank depositors rush to ATMs on Friday to withdraw cash a day after it was put under a moratorium, security at its branches, ATMs, headquarters across Mumbai was tightened to avert any untoward incident. The RBI has capped a withdrawal limit of Rs 50,000 as Yes Bank's faces capital crunch. During the day, account-holders rushed to branches of …

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 …

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 fallout: RBI proposes to tighten lending norms for UCBs, says exposure to single borrowers leads to credit concentration risk
5 years ago

PMC Bank fallout: RBI proposes to tighten lending norms for UCBs, says exposure to single borrowers leads to credit concentration risk

Firstpost  

Earlier this month, the RBI Central Board had reviewed functioning of the urban cooperative banks and the enforcement framework. 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 percent and 25 percent, respectively, with an aim to prevent PMC Bank like scams …

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 …

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions
5 years, 1 month 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 …

'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: 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 …

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief
5 years, 1 month ago

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief

India TV News  

Around 400 depositors of fraud-hit Punjab & Maharashtra Co-operative Bank on Monday met Mumbai Police Commissioner Sanjay Barve and briefed him about problems being faced by them after the RBI put certain restrictions on the troubled lender. According to Harbans Singh, one of the PMC Bank depositors who met Barve, the meeting lasted for around two hours. "In the meeting, …

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: 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 …

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November
5 years, 2 months ago

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November

Firstpost  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank Mumbai: The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of …

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

PMC Bank Issue : SC Refuses To Admit PIL Against Withdrawal Limits
5 years, 2 months ago

PMC Bank Issue : SC Refuses To Admit PIL Against Withdrawal Limits

Live Law  

The Supreme Court bench headed by Chief Justice of India Ranjan Gogoi on Friday refused to admit a Public Interest Litigation on Punjab and Maharashtra Co-operative bank issue. The bench headed by CJI Ranjan Gogoi asked petitioner Bejon Misra, a Delhi based consumer activist who sought for a court order quashing the Reserve Bank of India's notification. The bench headed …

Around 50 PMC bank customers stage protest outside RBI
5 years, 2 months ago

Around 50 PMC bank customers stage protest outside RBI

India TV News  

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

PMC Bank Scam : SC To Hear Plea Seeking Protective Measures For Depositors
5 years, 2 months ago

PMC Bank Scam : SC To Hear Plea Seeking Protective Measures For Depositors

Live Law  

A day after the reported death of a Punjab and Maharashtra Co-operative bank account holder over uncertainty of their savings, a PIL was filed in the Supreme Court seeking a direction to provide 100 percent security and protection to the savings of large number of customers. The PIL was filed by Delhi-based consumer activist Bejon Kumar Misra seeking protection to …

PMC Bank crisis: Unable to withdraw Rs 90 lakh savings, second customer dies in under 24 hours
5 years, 2 months ago

PMC Bank crisis: Unable to withdraw Rs 90 lakh savings, second customer dies in under 24 hours

New Indian Express  

Punjabi is survived by son Vikas and daughter Geeta Sunil Vishwani. Punjabi had taken part in protests in the last few days as he was facing financial troubles because of the curbs placed on withdrawals by the Reserve Bank of India, Deepak said. On Monday, Sanjay Gulati, a resident of Taporewala Gardens of Oshiwara in Mumbai and customer of the …

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 customers can now withdraw up to Rs 40,000 as RBI enhances limit
5 years, 2 months ago

PMC Bank customers can now withdraw up to Rs 40,000 as RBI enhances limit

India Today  

The Reserve Bank of India has enhanced the withdrawal limit for customers for the beleaguered Punjab & Maharashtra Co-operative Bank to Rs 40,000, a move the central bank said will allow 77 per cent of the bank's customers to withdraw their entire account balance. The RBI on Monday said after reviewing the bank's liquidity position and its ability to pay …

80% of PMC customers will get money back: Amit Shah
5 years, 2 months ago

80% of PMC customers will get money back: Amit Shah

India Today  

Around 80 per cent of Punjab & Maharashtra Co-operative Bank's customers will likely get all their money back once legal proceedings are over, Home Minister Amit Shah said, as he sought to assuage concerns over the scandal-hit bank's ability to pay its depositors. Speaking to India Today TV, Amit Shah said, "As far as PMC scam is concerned, only legal …

Will discuss PMC Bank issue with PM: Fadnavis tells depositors
5 years, 2 months ago

Will discuss PMC Bank issue with PM: Fadnavis tells depositors

India Today  

Maharashtra Chief Minister Devendra Fadnavis has told the depositors of the scam-hit PMC Bank that he would discuss the issue of their distress with Prime Minister Narendra Modi when he meets the latter on October 13. Fadnavis said he would be meeting Modi on October 13, and he had already prepared a brief on the PMC Bank issue for the …

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 …

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: ED raids 6 locations in Mumbai, slaps money-laundering charge
5 years, 3 months ago

PMC Bank crisis: ED raids 6 locations in Mumbai, slaps money-laundering charge

India TV News  

The Enforcement Directorate on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative Bank case, officials said. The Enforcement Directorate case is based on an FIR filed by the Economic Offences Wing of Mumbai police. The ED and Mumbai Police case is against former bank …

PMC Bank officials deposited money directly into HDIL bosses' personal accounts: Mumbai Police
5 years, 3 months ago

PMC Bank officials deposited money directly into HDIL bosses' personal accounts: Mumbai Police

India Today  

The Mumbai Police probing the Punjab and Maharashtra Cooperative Bank case found bank officials to have helped the HDIL bosses by depositing money in their personal accounts. PMC Bank officials had allegedly deposited around Rs 2,000 crores directly into the HDIL bosses' personal accounts while loans were sanctioned to the company. DCP Pranay Ashok from Mumbai police said, The two …

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