Money stuck for nearly a month, PMC Bank depositors stare at uncertain future
5 years, 2 months ago

Money stuck for nearly a month, PMC Bank depositors stare at uncertain future

Live Mint  

Nearly a month after the RBI clamped down on the operations of scam-hit PMC Bank, the depositors say their woes have only worsened, with some unable to pay school fees of their wards, while others finding it difficult to meet medical expenses. Businessmen like M A Chaudhary complained that they were unable to either pay salaries to their workers, nor pay taxes or even the electricity bills after the cheques issued by the PMC Bank bounced. Tek Chand, a retired government servant and a resident of Janakpuri in west Delhi, said his family has over ₹18 lakh deposited in the Tilak Nagar branch of the bank. He said he has ₹32 lakh deposits in his PMC Bank account but cannot access them.

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History of this topic

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: 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 …

PMC Bank row: Mumbai man who lost money in scam-hit bank and job at Jet Airways dies of cardiac arrest
5 years, 2 months ago

PMC Bank row: Mumbai man who lost money in scam-hit bank and job at Jet Airways dies of cardiac arrest

Firstpost  

The man’s father said they had a deposit of over Rs 90 lakh with the PMC Bank, and also a recurring deposit account for the children. Mumbai: A 51-year-old Mumbai resident whose deposit of over Rs 90 lakh was stuck with the scam-hit PMC Bank died of a cardiac arrest, hours after taking part in a protest by bank customers …

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 …

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: 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 …

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