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, had died of a heart attack. He died from a heart attack after being unable to withdraw his life savings of Rs 90 lakh from the bank, his friends said. Komal Panjwani, from the Sachkhand Durbar Gurudwara near Punjabi’s residence said that almost 95 per cent of the people residing in Mulund colony have accounts in the PMC bank and were facing troubles due to the RBI curbs on withdrawal.

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History of this topic

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 …

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 …

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 scam: HDIL MD Sarang Wadhawan's wife received Rs 70 lakh salary for working as retainer, finds ED probe
5 years ago

PMC Bank scam: HDIL MD Sarang Wadhawan's wife received Rs 70 lakh salary for working as retainer, finds ED probe

Firstpost  

In her statement to the ED, Anu Wadhawan said that she was not a director on any of the HDIL group companies HDIL promoter and Managing Director and PMC scam accused Sarang Wadhawan’s wife Anu received Rs 70 lakh for working as a retainer in HDIL group firm Privilege Industries since 2016, according to media reports. In her statement to …

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI
5 years, 1 month ago

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI

Live Law  

In a major setback for the aggrieved depositors of Punjab and Maharashtra Co-operative bank, the Bombay High Court on Thursday dismissed a batch of petitions filed by depositors challenging Reserve Bank of India's decision to impose limits on withdrawal of funds from the crisis hit bank. However, state minister Jayant Patil today told reporters that State government has suggested merger …

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says
5 years, 1 month ago

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says

India TV News  

Having more than Rs 1 lakh in a bank account? After Reserve Bank of India put restrictions on PMC Bank depositors, “Is my money safe with banks?, “Is keeping money in the bank in savings/deposit account akin to lending to a bank? "Under the provisions of Section 16 of the DICGC Act, 1961, if a bank fails/gets liquidated, the DICGC …

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money
5 years, 1 month ago

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money

Firstpost  

Sitharaman also said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of PMC Bank can withdraw up to Rs 1 lakh by invoking the ‘hardship provisions’ of RBI. New Delhi: Nearly 78 percent depositors of the scam-hit PMC Bank have been allowed to withdraw their entire deposits even though the ceiling of …

PMC Bank scam: 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: HDIL promoters diverted Rs 160-cr loan to three Delhi-based hotels, reveals ED probe
5 years, 2 months ago

PMC Bank scam: HDIL promoters diverted Rs 160-cr loan to three Delhi-based hotels, reveals ED probe

Firstpost  

The EOW has arrested five persons in the Rs 4,355-crore PMC Bank scam, including HDIL’s Wadhawans and the bank’s former chairman Waryam Singh and former managing director Joy Thomas. Corroborating the previous allegations of fund diversion, the Enforcement Directorate’s investigation reportedly found that the promoters of Housing Development Infrastructure, Rakesh Wadhawan and Sarang Wadhawan, allegedly diverted loan worth Rs 160 …

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 …

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 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 …

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 …

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 …

PMC Bank crisis: Over Rs 10 cr found missing from lender's record, internal investigation team reveals, says report
5 years, 2 months ago

PMC Bank crisis: Over Rs 10 cr found missing from lender's record, internal investigation team reveals, says report

Firstpost  

Multiple cheques were issued by HDIL and its related entites which were never deposited with the bank and yet cash was handed over to them, according to a report A sum of Rs 10.5 crore cash is missing from Punjab and Maharashtra Co-operative Bank’s record, according to the bank’s internal investigation team. Meanwhile, former PMC Bank director S Surjit Singh …

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 Victims: Rs 1 Lakh Insurance in 1993 Should be Rs 1 Cr Today
5 years, 2 months ago

PMC Victims: Rs 1 Lakh Insurance in 1993 Should be Rs 1 Cr Today

The Quint  

Now back to Shahryar’s devastating lines: Ajiib saneha mujh par guzar gaya yaaro Main apney saaey say kal raat dar gaya yaaro Yes, the astonishing PMC Bank Scam was the tragic saneha that terrified Sanjay, Fattomal and Yogita so much that they simply succumbed, dead. A high-living father-son duo, Rakesh and Sarang Wadhawan, had 44 bank accounts in a loosely …

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 …

Another PMC bank depositor dies of heart attack, second death within a day
5 years, 2 months ago

Another PMC bank depositor dies of heart attack, second death within a day

Op India  

A depositor of troubled Punjab and Maharashtra Co-operative Bank, Fattomal Punjabi has died of a heart attack on Tuesday, making it two deaths of depositors with the bank within the span of a day. Punjabi’s death comes just a day after another depositor named Sanjay Gulati had died of a heart attack in Mumbai after failing to withdraw his life …

PMC Bank scam: Will not spare anyone, Mumbai Police chief tells protesters
5 years, 2 months ago

PMC Bank scam: Will not spare anyone, Mumbai Police chief tells protesters

India Today  

Mumbai Police Commissioner Sanjay Barve has assured the depositors affected by the Punjab and Maharashtra Cooperative Bank scam that the police will not spare anyone found guilty in the case. Barve said the police will try to get the money back and complete investigation in the PMC Bank case in 90 days. Barve said he was also a banker while …

Doctor with account in scam-hit PMC Bank kills self; cops deny link
5 years, 2 months ago

Doctor with account in scam-hit PMC Bank kills self; cops deny link

India TV News  

A 39-year-old doctor having an account with scam-hit Punjab and Maharashtra Bank allegedly committed suicide at her residence in the metropolis' Versova area, police said on Tuesday. An official, however, said police "did not think" the suicide was related to the crisis at PMC Bank and financial woes it had subjected thousands of depositors to. Some officials of the bank …

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 …

With ₹90 lakh stuck in PMC Bank after losing Jet Airways job, Mumbai man dies
5 years, 2 months ago

With ₹90 lakh stuck in PMC Bank after losing Jet Airways job, Mumbai man dies

Live Mint  

Hit by a double blow of losing a job in Jet Airways and withdrawal restrictions in Punjab & Maharashtra Cooperative Bank where he had kept his lifelong savings of ₹90 lakh, a stressed Mumbaikar died of cardiac arrest on Monday. The PMC Bank customer is survived by a specially-abled son for whose treatment he needed regular cash in hand which …

Rs 90 lakh stuck in PMC Bank, ex-Jet Airways staffer dies of cardiac arrest after protest
5 years, 2 months ago

Rs 90 lakh stuck in PMC Bank, ex-Jet Airways staffer dies of cardiac arrest after protest

India Today  

The Punjab and Maharashtra Cooperative Bank crisis has claimed another life. A 51-year-old man, identified as Sanjay Gulati, died from a cardiac arrest after returning home from a protest against the PMC Bank scam. Sanjay Gulati, a resident of Taporewala Gardens in Mumbai's Oshiwara, was an account holder in the disgraced PMC Bank. Around 200 PMC Bank account holders on …

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 Crisis: Former chairman, HDIL directors sent to police custody till October 16
5 years, 2 months ago

PMC Bank Crisis: Former chairman, HDIL directors sent to police custody till October 16

India TV News  

Mumbai's Esplanade court on Monday extended the police custody of former PMC Bank chairman and Housing Development and Infrastructure Limited directors, till October 16. HDIL directors Rakesh Wadhawan and Sarang Wadhwan's police custody was extended again along with former PMC Bank chairman Waryam Singh by Mumbai's Esplanade court. The defence counsel also mentioned that a list of all the properties …

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 …

PMC Bank case: Former chairman, HDIL directors sent to police custody till 14th October
5 years, 3 months ago

PMC Bank case: Former chairman, HDIL directors sent to police custody till 14th October

Live Mint  

Mumbai: Mumbai's Esplanade Court has sent former chairman of the Punjab and Maharashtra Co-operative Bank, Waryam Singh and Housing Development Infrastructure Limited directors, Sarang Wadhawan and Rakesh Wadhwan, to police custody till October 14. Scores of PMC Bank account holders on Wednesday staged a protest in front of the Esplanade Court in Mumbai. We want them to get jail and …

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 seizes another plane, cars, speed boat from Wadhawans' Alibaugh bungalow
5 years, 3 months ago

PMC Bank crisis: ED seizes another plane, cars, speed boat from Wadhawans' Alibaugh bungalow

India Today  

The Enforcement Directorate on Monday continued its crackdown on the top officials of Housing Development and Infrastructure Ltd, the company which is linked with the crash of Punjab and Maharashtra Cooperative Bank. The ED officials have found around Rs 10 crore in fixed deposits and saving accounts of Waryam Singh, former Chairman of PMC Bank, while Rs 100 crore worth …

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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