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 Rs 50,000 on withdrawal continues, Union Finance Minister Nirmala Sitharaman said in Lok Sabha on Monday. Finance Minister Nirmala Sitharaman in Lok Sabha on Punjab and Maharashtra Corporation bank scam: Nearly 78% of depositors of this bank are now allowed to withdraw their entire account balance. pic.twitter.com/RViOGaXUhs — ANI December 2, 2019 Sitharaman also said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of the Maharashtra-based PMC Bank can withdraw up to Rs 1 lakh by invoking the ‘hardship provisions’ of the Reserve Bank of India.

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History of this topic

Axis Bank manager, 3 others arrested for siphoning Rs 12 crore from Bengaluru firm
Trending News
1 week, 4 days ago

Axis Bank manager, 3 others arrested for siphoning Rs 12 crore from Bengaluru firm

India Today  

Four people, including the manager of a private bank, were arrested for allegedly siphoning off Rs 12.51 crore by stealing sensitive data from a company, police said on Saturday. The matter came to light after the director of Dream Plug Pay Tech Solutions Private Limited approached the police in November, alleging the siphoning of Rs 12.51 crore from the company’s …

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’
4 months, 3 weeks ago

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’

News 18  

Karnataka PNB SBI News: The Karnataka government has ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the State Bank of India and the Punjab National Bank and stop transacting any business with these institutions. The order came after the denial to redeem Rs 12 crore deposited by the Karnataka …

PMLA court remands Priyavrat Mandhana to ED custody in ₹975 cr loan fraud
5 months, 1 week ago

PMLA court remands Priyavrat Mandhana to ED custody in ₹975 cr loan fraud

Hindustan Times  

MUMBAI: A special PMLA court on Tuesday remanded Priyavarat Purshottam Mandhana, booked in connection with the ₹975 crore bank loan fraud case against the Mandhana Industries Limited, to Enforcement Directorate custody till August 2. HT Image The bank loan fraud case came to light based on the complaint filed by Bank of Baroda in Mumbai against MIL, a liquidated textile …

Bank fraud allegations must never be levelled lightly
5 months, 3 weeks ago

Bank fraud allegations must never be levelled lightly

Live Mint  

The Reserve Bank of India’s latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. This revision of instructions follows a recent Supreme Court ruling which said the principles of natural justice demand that the borrower be given a chance and time to respond to a charge …

RBI alarmed at lakhs of bank accounts being used for fraud: Report
5 months, 4 weeks ago

RBI alarmed at lakhs of bank accounts being used for fraud: Report

Live Mint  

The Reserve Bank of India expressed its surprise at some banks having lakhs of accounts that are used for fraudulent transactions and evergreening loans, reported Business Standard. We found certain banks having lakhs of such accounts with apparently no valid reason,” RBI Deputy Governor Swaminathan J said on Tuesday in his address to banks, with chief financial officers and auditors …

Finance Ministry’s Financial Intelligence Unit imposes ₹5.49 crore fine on Paytm Payments Bank for PMLA lapses
10 months, 1 week ago

Finance Ministry’s Financial Intelligence Unit imposes ₹5.49 crore fine on Paytm Payments Bank for PMLA lapses

The Hindu  

The Financial Intelligence Unit-India under the Union Finance Ministry has slapped a ₹5.49 crore penalty on Paytm Payments Bank Limited for violations of the Prevention of Money Laundering Act, after finding substantial proof of money generated from illegal activity being routed through accounts held by some entities with the bank. proceeds of crime were routed and channelled through bank accounts …

₹16,180 crore siphoned off after hacking of payment gateway company account; Thane police register FIR
1 year, 3 months ago

₹16,180 crore siphoned off after hacking of payment gateway company account; Thane police register FIR

The Hindu  

A group of persons allegedly hacked into a payment gateway service provider company’s account and siphoned off funds worth over ₹16,180 crore from different bank accounts over a period of time, the Thane police said. The fraud was taking place since long and came to light following a complaint lodged with Srinagar police station in Maharashtra’s Thane city of hacking …

Police register FIR after Rs 16,180 crore hacked from payment gateway company account
1 year, 3 months ago

Police register FIR after Rs 16,180 crore hacked from payment gateway company account

India TV News  

At least Rs 16,180 crore was taken from different bank accounts over a period of time after a group of persons allegedly hacked into a payment gateway service provider company's account, Thane Police said on Sunday. The fraud was taking place since long and came to light following a complaint lodged with Srinagar police station in Maharashtra's Thane city of …

Bank manager draws over ₹1 crore of customers' cash
1 year, 5 months ago

Bank manager draws over ₹1 crore of customers' cash

Deccan Chronicle  

ANANTAPUR: The branch manager of the State Bank of India, Rayadurgam branch, has allegedly withdrawn more than ₹1 crore from the accounts of different customers. Sources said the manager Phani Kumar identified customers with huge deposits in the bank, whose mobile phones had not been linked with their accounts. It is stated Phani Kumar started withdrawing amounts from accounts of …

CBI registers case against IL&FS subsidiary for defrauding 19 banks of Rs 6,524 cr
1 year, 7 months ago

CBI registers case against IL&FS subsidiary for defrauding 19 banks of Rs 6,524 cr

India TV News  

New Delhi: The Central Bureau of Investigation has filed a case against IL&FS Transportation Network Ltd and its directors for allegedly defrauding 19 banks of Rs 6,524 crore between 2016 and 2018, officials said on Friday. The accused persons are white colour criminals and very well know the intricacies of the law and know to save themselves from the clutches …

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders
2 years, 4 months ago

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders

News 18  

The Enforcement Directorate recently attached assets worth Rs 415 crore of Maharashtra’s two builders in relation to the Yes Bank-DHFL bank loan fraud-linked money laundering case. The DHFL scam is India’s biggest financial fraud involving Rs 34,000 crore, in which a total of 17 banks have been defrauded by this home loan provider. Here’re four biggest financial scams in India: …

DHFL Scam: CBI Seizes AgustaWestland Helicopter from Pune Premises of Builder Avinash Bhosale
2 years, 5 months ago

DHFL Scam: CBI Seizes AgustaWestland Helicopter from Pune Premises of Builder Avinash Bhosale

News 18  

The CBI has seized an AgustaWestland helicopter from the premises of builder Avinash Bhosale in Pune in connection with the Rs 34,615-crore bank fraud case involving DHFL, officials said Saturday. The federal probe agency had booked Dewan Housing Finance Ltd, its former CMD Kapil Wadhawan, Director Deepak Wadhawan and others on June 20 in the bank fraud case worth Rs …

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country
2 years, 6 months ago

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country

Firstpost  

Former promoters of Dewan Housing Finance Ltd are among 13 accused who have been arrested for defrauding a consortium of 17 banks of Rs 34,615 crore The CBI has booked former CMD Kapil Wadhawan and director Dheeraj Wadhawan of Dewan Housing Finance Ltd in the “biggest” banking fraud in India. The audit of DHFL account books showed that the company …

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 …

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 …

Explained | Will the money recovered from Vijay Mallya, Nirav Modi and Mehul Choksi help banks?
3 years, 6 months ago

Explained | Will the money recovered from Vijay Mallya, Nirav Modi and Mehul Choksi help banks?

The Hindu  

The story so far: The Enforcement Directorate on June 23 came out with a statement saying that it has seized assets worth ₹18,170.02 crore belonging to three fugitive businessmen. The seized assets belong to liquor baron Vijay Mallya and diamond traders Nirav Modi and Mehul Choksi — all three left India before law enforcement agencies could nab them for fraud. …

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 …

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 …

ED arrests two in PMC Bank fraud case
3 years, 11 months ago

ED arrests two in PMC Bank fraud case

The Hindu  

The Enforcement Directorate has arrested two people following raids on the premises of a firm promoted by a Maharashtra MLA for alleged “illegal diversion of bank funds” in the Rs 4,300-crore PMC Bank fraud and money laundering case, official sources said on Saturday. On Friday, the agency searched five residential and business premises linked to the Viva Group, promoted by …

JK Bank’s executive manager among 6 booked by CBI for depositing ₹12.84 cr. in banned currency
3 years, 11 months ago

JK Bank’s executive manager among 6 booked by CBI for depositing ₹12.84 cr. in banned currency

The Hindu  

Over four years after the demonetisation exercise, the CBI has booked the executive manager of a bank, three firm proprietors and two persons for depositing ₹12.84 crore in banned currency which was later transferred to different accounts through net banking as legitimate money, officials said. Based on “source information” received on December 10 last year, the CBI filed an FIR …

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 …

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 …

'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 …

Lakshmi Vilas Bank placed under moratorium, withdrawals capped at Rs 25,000; RBI proposes merger with DBS Bank
4 years, 1 month ago

Lakshmi Vilas Bank placed under moratorium, withdrawals capped at Rs 25,000; RBI proposes merger with DBS Bank

Firstpost  

TN Manoharan, former non-executive chairman of Canara Bank, has been appointed as the administrator of the bank Mumbai: The government on Tuesday placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board, and capped withdrawals at Rs 25,000 per depositor. “Accordingly, after considering the Reserve Bank’s request, the Central Government has imposed moratorium for thirty days effective from today,” …

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 …

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 …

SBI complains to CBI after ₹411 crore loan defaulters flee country
4 years, 8 months ago

SBI complains to CBI after ₹411 crore loan defaulters flee country

The Hindu  

Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of ₹411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday. The CBI had recently booked the company engaged in export of Basmati rice to …

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 …

ED continues questioning of Yes Bank founder Rana Kapoor in connection with money laundering case
4 years, 10 months ago

ED continues questioning of Yes Bank founder Rana Kapoor in connection with money laundering case

Firstpost  

The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said Mumbai: The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said. The central agency is also probing Kapoor’s role in …

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?" …

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 …

Yes Bank crisis: Amit Malviya hits back at Rahul Gandhi, says Chidambaram responsible for mess
4 years, 10 months ago

Yes Bank crisis: Amit Malviya hits back at Rahul Gandhi, says Chidambaram responsible for mess

India Today  

Moments after former Congress president Rahul Gandhi attacked the Narendra Modi government and held it responsible for "destroying Indian economy" by citing the latest Yes Bank crisis, BJP leader and the party's national IT in-charge Amit Maviya said it is the Congress that is responsible for this current crisis. #NoBank Rahul Gandhi March 6, 2020 Hitting back at Rahul Gandhi, …

Sharp decline in PSB fraud amount, Centre tells Lok Sabha
4 years, 10 months ago

Sharp decline in PSB fraud amount, Centre tells Lok Sabha

The Hindu  

Comprehensive steps taken to curb fraud in public sector banks have resulted in a sharp decline in the amount involved, from ₹50,329 crore in 2013-14 to just ₹3,781 crore in the first three quarters of 2019-20, according to the Finance Ministry. An online searchable database of frauds reported by banks, in the form of Central Fraud Registry, has been set …

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 …

PMC Bank scam: 12,000-page second charge sheet filed
4 years, 11 months ago

PMC Bank scam: 12,000-page second charge sheet filed

The Hindu  

The Economic Offences Wing of the Mumbai Police on Wednesday filed a second charge sheet into the ₹6,670 crore Punjab and Maharashtra Cooperative Bank fraud case. The charge sheet, which goes beyond 12,000 pages, names seven former directors and auditors, including Rajneet Singh, the son of former Bharatiya Janata Party MLA Sardar Tara Singh. The EOW in its first charge …

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