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

Underreporting of bad loans behind RBI restrictions on PMC Bank

Live Mint  

Mumbai: Gross underreporting of bad loans is one of the primary reasons behind Reserve Bank of India’s restrictions on Punjab and Maharashtra Cooperative Bank, said two people aware of the development, adding that RBI is currently looking into the books of the bank. While the bank’s gross bad loans, as per its FY19 annual report, was at 3.76% of its advances, the bank has now disclosed that it is much higher, the person added. RBI, in a press release on Tuesday, said it has placed Punjab and Maharashtra Cooperative Bank Ltd, under directions. According to a text message sent by the bank to its customers, its managing director Joy Thomas took responsibility for the “irregularities disclosed to RBI”.

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History of this topic

RBI imposes monetary penalty on five co-operative banks. Details here
1 year ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank of India has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. The co-operative banks that faced the central bank's action are Navsarjan Industrial Co-operative Bank Ltd, Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd, Halol Urban Co-operative Bank Ltd, Stambhadri Co-operative Urban Bank Ltd and Subramanianagar Co-operative Urban Bank Ltd. The Reserve Bank imposed …

RBI Imposes Monetary Penalty On 4 Cooperative Banks For Rule Violations
2 years ago

RBI Imposes Monetary Penalty On 4 Cooperative Banks For Rule Violations

ABP News  

The Reserve Bank of India on Monday imposed a monetary penalty on four cooperative banks for violating rules. These banks are Baghat Urban Co-operative Bank, the Sahebrao Deshmukh Cooperative Bank, Sharad Sahakari Bank and Col. R.D. The RBI imposed Rs 8 lakh penalty on Baghat Urban Co-operative Bank, Solan, Himachal Pradesh, Rs 6 lakh on Sharad Sahakari Bank, Pune, and …

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; …

RBI raises home loan limit for cooperative banks
2 years, 7 months ago

RBI raises home loan limit for cooperative banks

The Hindu  

Reserve Bank of India has decided to increased the existing limits on individual housing loans provided by cooperative banks, taking into account the rise in housing prices since the limits were last revised and considering customers’ needs for larger loans. Accordingly, the limits for tier 1/tier 2 urban cooperative banks stood revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ …

RBI Raises Housing Loan Limits For Cooperative Banks; Urban Coops Allowed Doorstep Services
2 years, 7 months ago

RBI Raises Housing Loan Limits For Cooperative Banks; Urban Coops Allowed Doorstep Services

News 18  

The Reserve Bank of India on Wednesday increased the limits for individual housing loans being extended by urban cooperative banks and rural cooperative banks, by over 100 per cent. Ramesh Nair, CEO and MD of Colliers, said, “The RBI has clearly emphasised on the significant role cooperative banks can play in expanding higher credit flows into the housing sector while …

Centre must ban multi-state credit cooperative societies: Ashok Gehlot
2 years, 8 months ago

Centre must ban multi-state credit cooperative societies: Ashok Gehlot

Hindustan Times  

Jaipur: Rajasthan chief minister Ashok Gehlot on Saturday said the Centre should ban multi-state credit cooperatives to protect the common man from the scams and irregularities of such societies and asked state officials to send a detailed report of scams involving them to the central government. Rajasthan chief minister Ashok Gehlot held a review meeting of the state’s cooperative department …

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

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

Firstpost  

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

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 …

A year after PMC Bank scam, RBI says NPAs rise in urban co-operative banks, losses balloon up
4 years ago

A year after PMC Bank scam, RBI says NPAs rise in urban co-operative banks, losses balloon up

Firstpost  

The Reserve Bank of India said the quantum of gross NPAs in the 1,539 UCBs increased to Rs 33,010 crore at end-FY20 from Rs 22,093 crore a year ago Mumbai: The proportion of gross non-performing assets of urban co-operative banks saw a rise in FY20 to 10.8 percent as against 7.3 percent in the previous year, the Reserve Bank said …

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 …

Parliament Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]
4 years, 3 months ago

Parliament Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]

Live Law  

The Rajya Sabha on Tuesday passed the Banking Regulation Bill, 2020, by voice vote. Salient Features As per the statement and objects annexed to the Bill, "certain amendments were necessary in the parent Act to provide for better management and proper regulation of co-operative banks and to ensure that the affairs of the co-operative banks are conducted in a manner …

'Protect Cooperative Banks': Sharad Pawar Writes to PM Modi
4 years, 4 months ago

'Protect Cooperative Banks': Sharad Pawar Writes to PM Modi

News 18  

NCP chief Sharad Pawar has written to Prime Minister Narendra Modi, saying that the "existence" of cooperative banks and their "cooperative character" should be protected. "However, at the same time, I honestly feel that the existence of cooperative banks and their 'cooperative' character shall be preserved," Pawar said. "Sir, though I agree with you that there should be financial discipline …

Union Cabinet Approves Ordinance To Bring Urban & Multi-State Cooperative Banks Under RBI Supervision
4 years, 6 months ago

Union Cabinet Approves Ordinance To Bring Urban & Multi-State Cooperative Banks Under RBI Supervision

Live Law  

The Union Cabinet on Wednesday approved an Ordinance to bring urban cooperative banks and multi-state cooperative banks under the supervision of Reserve Bank of India.This was announced by Union Minister Prakash Javadekar in a media briefing about the cabinet decisions. The Union Cabinet on Wednesday approved an Ordinance to bring urban cooperative banks and multi-state cooperative banks under the supervision …

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 …

Cooperative Banks Must Comply With Banking Regulation Act And Other Laws Related To Banking: SC [Read Judgment]
4 years, 8 months ago

Cooperative Banks Must Comply With Banking Regulation Act And Other Laws Related To Banking: SC [Read Judgment]

Live Law  

The Supreme Court has held that the co­operative banks cannot carry on any activity without compliance of the provisions of the Banking Regulation Act, 1949 and any other legislation applicable to such banks relatable to 'Banking' One of the issues considered by the Constitution bench in Pandurang Ganpati Chaugule and others vs Vishwasrao Patil Murgud Sahakari Bank Limited was whether. …

Bill to bring cooperative banks under RBI regulation to get Parliament nod during Budget session
4 years, 10 months ago

Bill to bring cooperative banks under RBI regulation to get Parliament nod during Budget session

India TV News  

In a bid to address weaknesses in cooperative banking sector, the Parliament is likely to clear a Bill to amend Banking Regulation Act to bring multi-state cooperative banks under effective regulation of RBI during the Budget session. The Union Cabinet headed by Prime Minister Narendra Modi last month gave approval to amend Banking Regulation Act. Having undertaken a slew 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 …

Maharashtra Co-op Bank pitches for branch merger of PMC Bank
4 years, 11 months ago

Maharashtra Co-op Bank pitches for branch merger of PMC Bank

India TV News  

Maharashtra State Co-operative Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday. In support of his argument, Anaskar reminisced over six years ago, there was a similar proposal for a branch merger of the troubled Rupee Cooperative bank …

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 …

A Kerala model in banking sector
5 years ago

A Kerala model in banking sector

The Hindu  

One of the most ambitious projects of the Left Democratic Front government in Kerala, a bank with a local focus, a common IT infrastructure and brand identity, and which retains the people-oriented character of the robust cooperative movement in the State, has finally come into being after some delay. “Kerala Bank”, formed by the amalgamation by transfer of assets and …

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 …

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank
5 years, 1 month ago

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank

India TV News  

In a bid to provide relief to depositors of the troubled lender, the Maharashtra government has suggested the scam-hit Punjab and Maharashtra Cooperative Bank be merged with the MSC Bank. The state government will also speak to the Reserve Bank of India on the issue of merger of the Maharashtra State Cooperative and PMC banks, if the need arises, Patil …

'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 …

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

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

The Hindu  

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

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

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

Firstpost  

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

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

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

Firstpost  

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

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 …

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

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

Firstpost  

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

Lesson from PMC Bank scam: Forensic, active supervision needed; RBI and govt must work to help whistleblowers, protect depositors
5 years, 2 months ago

Lesson from PMC Bank scam: Forensic, active supervision needed; RBI and govt must work to help whistleblowers, protect depositors

Firstpost  

The PMC Bank episode compares in scale with the Rs 7,855-crore Satyam Computer Services scandal, which has been dubbed as India’s biggest accounting fraud. Industrialist-banker nexus The PMC Bank episode compares in scale with the Rs 7,855-crore Satyam Computer Services scandal, which has been dubbed as India’s biggest accounting fraud. Besides PMC Bank, 12 other co-operative banks are also under …

Will speak to RBI Governor, Nirmala Sitharaman assures PMC bank depositors
5 years, 2 months ago

Will speak to RBI Governor, Nirmala Sitharaman assures PMC bank depositors

The Hindu  

Finance Minister Nirmala Sitharaman assured the depositors of Punjab and Maharashtra Cooperative Bank that she would once again raise the issue of their distress to the RBI governor on Wednesday. Ms. Sitharaman, who was in Mumbai to campaign for the BJP-Shiv Sena alliance for the upcoming Maharashtra Assembly elections was greeted by agitated depositors of Punjab and Maharashtra Bank. Stating …

Withdrawal limit on PMC Bank hits Mumbai’s Gurdwaras
5 years, 3 months ago

Withdrawal limit on PMC Bank hits Mumbai’s Gurdwaras

Live Mint  

Mumbai: The withdrawal limit imposed on the Punjab and Maharashtra Co-operative bank by RBI has hit the functioning of Gurdwaras here in Mumbai, adversely effecting organisation of 'Langar', extending medical facilities to poor and other charitable and day-to-day routine works by them. Seghal said that the common man was in a lurch since he would be not able to bear …

PMC Bank crisis: RBI governor Shaktikanta Das says banking system, including co-operatives safe and sound
5 years, 3 months ago

PMC Bank crisis: RBI governor Shaktikanta Das says banking system, including co-operatives safe and sound

Firstpost  

Mumbai: Reserve Bank governor Shaktikanta Das on Friday said the banking system is sound and stable, and one incident at a cooperative bank should be used to generalise the health of the entire financial system. On 23 September, the RBI had put restrictions on Punjab & Maharashtra Cooperative Bank after it had found out financial irregularities, and under-reporting of loans …

Nothing to panic about banking system, to review coop banks regulations soon: RBI Guv
5 years, 3 months ago

Nothing to panic about banking system, to review coop banks regulations soon: RBI Guv

India Today  

Allaying fears of any threat to the banking system, Reserve Bank governor Shaktikanta Das on Friday asked the public not to panic as the entire banking system, including cooperative ones, continue to remain sound and stable. Shaktikanta Das also said in the wake of the crisis at Punjab & Maharashtra Cooperative Bank, the RBI is reviewing the existing regulatory framework …

Lessons from the Punjab & Maharashtra Co-operative Bank scam
5 years, 3 months ago

Lessons from the Punjab & Maharashtra Co-operative Bank scam

India Today  

Hundreds of thousands of depositors have been left in the lurch by the scam that surfaced at the Punjab & Maharashtra Co-operative Bank. In PMCB's case, it had an exposure of over Rs 6,500 crore to HDIL, four times the mandatory cap fixed by RBI, amounting to over 70 per cent of the bank's entire assets. In the case of …

PMC Bank crisis 'eye opener', RBI looking into lapses: Anurag Thakur
5 years, 3 months ago

PMC Bank crisis 'eye opener', RBI looking into lapses: Anurag Thakur

India TV News  

Terming the Punjab and Maharashtra Cooperative Bank crisis as an "eye-opener", Minister of State for Finance Anurag Thakur on Monday said the banking sector regulator RBI is looking into various aspects, including lapses on part of auditors. It also raises question mark on role of various people whether it is regulator, auditors, directors and other officials," he said on the …

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

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

Firstpost  

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

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

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

Live Mint  

Mumbai: The Reserve Bank Officers' Cooperative Credit Society Ltd has fixed deposits totalling ₹105 crore with Punjab and Maharashtra Cooperative Bank which was put under restrictions of the central bank. This deposit is part of the cooperative society’s investments of ₹478.64 crore in fixed deposits, short term deposits and shares of one cooperative bank. The largest of these fixed deposits, …

RBI clampdown on PMC Bank: Central bank's action will have cascading effect on other co-op banks, erode customer confidence
5 years, 3 months ago

RBI clampdown on PMC Bank: Central bank's action will have cascading effect on other co-op banks, erode customer confidence

Firstpost  

PMC Bank, which is a multi-state co-operative bank with operation in at least six states, has also been barred from taking fresh liabilities and issuing loans without the RBI permission. According to data from NABARD, state cooperative banks across the country have deposits to the tune of Rs 1,23,534 crore as on 31 March 2018 as against Rs 1,22,039 crore …

PMC Bank administrator to assess damage, take action
5 years, 3 months ago

PMC Bank administrator to assess damage, take action

Live Mint  

Mumbai: The Reserve Bank of India -appointed administrator of Punjab and Maharashtra Cooperative Bank Ltd, J.B. Bhoria, on Wednesday said his role will be to find out the extent of damage and take appropriate action. On Tuesday, the RBI capped the withdrawal amount from the cooperative bank at ₹1,000 per account for six months, spreading panic among depositors. In 2001, …

PMC Bank account withdrawal restriction: Key things to know
5 years, 3 months ago

PMC Bank account withdrawal restriction: Key things to know

Live Mint  

The Reserve Bank of India Tuesday announced a restriction on Punjab & Maharashtra Co-operative Bank for six months. "What is at stake is their hard-earned money parked with the bank for regular household requirements, and in many cases even their lifetime savings," AIBDA President Sunil Bhandare said. All you need to know: 1) PMC Bank customers are not allowed to …

RBI enforces restrictions on PMC Bank; customers clamour for their deposits
5 years, 3 months ago

RBI enforces restrictions on PMC Bank; customers clamour for their deposits

Live Mint  

Mumbai: Chaos reigned outside the Sion branch of the Mumbai-based Punjab and Maharashtra Cooperative Bank on Tuesday as depositors thronged to withdraw their money after the Reserve bank of India put restrictions on the bank. Photo: Aniruddha Chowdhury/Mint Watch: Chaos outside Mumbai based PMC bank after RBI imposes restrictions Like Patil, ₹11,000 crore worth of depositors' money is stuck at …

PMC Bank: Chaos in Mumbai, customers left stranded as RBI restricts cash withdrawal | Watch
5 years, 3 months ago

PMC Bank: Chaos in Mumbai, customers left stranded as RBI restricts cash withdrawal | Watch

India TV News  

PMC Bank barred: The Reserve Bank of India barred Punjab & Maharashtra Cooperative Bank Ltd, Mumbai from carrying out any kind of business transactions for six months on Tuesday, sparking state of panic among the bank's depositors and sending shock waves in city trading community. State of panic among depositors, chaos in branches: As soon news of PMC bank been …

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

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

Firstpost  

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

RBI bars PMC Bank from doing business for 6 months
5 years, 3 months ago

RBI bars PMC Bank from doing business for 6 months

The Quint  

Mumbai, Sep 24 The Reserve Bank of India has barred the Punjab & Maharashtra Cooperative Bank Ltd, Mumbai from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles on Tuesday. The apex bank's Chief General Manager Yogesh Dayal said …

Maharashtra State Co-operative Bank eyes to expand borrower profile; plans to enter infrastructure, retail lending
5 years, 7 months ago

Maharashtra State Co-operative Bank eyes to expand borrower profile; plans to enter infrastructure, retail lending

Firstpost  

The bank continues to be under a Reserve Bank of India-appointed administrator, after its elected board was alleged to have mismanaged the bank. Mumbai: Maharashtra State Co-operative Bank is looking to enter infrastructure and retail lending segments, to broaden its borrower profile, a senior bank official said on Thursday. Anaskar said MSC Bank will focus on automobile, home and personal …

RBI decides to raise criteria for 'bulk deposits' for banks to Rs 2 crore from current Rs 1 crore
5 years, 11 months ago

RBI decides to raise criteria for 'bulk deposits' for banks to Rs 2 crore from current Rs 1 crore

Firstpost  

RBI also proposed that banks would maintain their bulk deposit interest rate cards in the core banking system for supervisory review Mumbai: The Reserve Bank of India Thursday decided to raise the criteria for ‘bulk deposits’ for banks to Rs 2 crore from the current Rs 1 crore, to provide more operational freedom to lenders to raise funds. In a …

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