Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction
4 years, 4 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 said in an Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said. As of March 31, 2020, the PMC Bank's total deposits stood at Rs 10,727.12 crore and total advances at Rs 4,472.78 crore. The bank may also approach DICGC for its support for payment up to Rs 5 lakh to depositors under the provisions of the DICGC Act, 1961, it said.

Bank Investors Crore Pmc Rbi Eoi Dixit Pmc Bank Hdil  cooperative  banks  total  expression  invites  rbi  crore  potential  scamhit  investors  pmc  reconstruction  2020  bank  interest  rs

History of this topic

Video: Chaos at New India Co-operative Bank branches after RBI restrictions
1 month, 2 weeks ago

Video: Chaos at New India Co-operative Bank branches after RBI restrictions

India Today  

The Reserve Bank of India on Thursday barred Mumbai-based New India Co-operative Bank Limited from issuing new loans, accepting fresh deposits and suspended deposit withdrawals for the next six months, citing supervisory concerns and the bank’s liquidity position. The restrictions have led to panic among account holders, with customers lining up outside bank branches in Mumbai and Thane, demanding access …

RBI issues notice to halt all financial operations of New India Co-operative Bank
1 month, 2 weeks ago

RBI issues notice to halt all financial operations of New India Co-operative Bank

India Today  

The Reserve Bank of India has issued a notice to New India Co-operative Bank Limited, Mumbai, restricting it from issuing new loans, accepting fresh deposits, or allowing withdrawals for the next six months. has issued certain Directions to New India Co-operative Bank Limited, Mumbai, whereby, as from the close of business on February 13, 2025, the bank shall not, without …

The anatomy of a co-operative bank scam
1 year, 2 months ago

The anatomy of a co-operative bank scam

Live Mint  

Thrissur: In the quaint town of Thrissur, Kerala, where the rustle of paddy leaves and the scent of spices hang in the air, the Karuvannur Service Cooperative Bank stood as a symbol of trust and financial stability. Sailakshmi also knocked on the doors of the cooperative bank vigilance wing, but officials there said they couldn’t act without a police case. …

PNB HF recovers NPA account of ₹784 crore, resolved through ARC sale: Report
1 year, 7 months ago

PNB HF recovers NPA account of ₹784 crore, resolved through ARC sale: Report

Live Mint  

Punjab National Bank Housing Finance has resolved and fully recovered a corporate non-performing account of ₹784 crore on August 19. PNB Housing Finance Ltd on Monday reported an 47.8 per cent year-on-year rise in its consolidated net profit after tax for the fiscal's first quarter ended June to ₹347.32 crore. The housing finance company's consolidated total revenue from operations rose …

Banks write off loans worth Rs 11.17 lakh crore in last 6 years
2 years, 3 months ago

Banks write off loans worth Rs 11.17 lakh crore in last 6 years

Deccan Chronicle  

NEW DELHI: Banks have written off Rs 11.17 lakh crore bad loans from their books in the last six years till financial year 2021-22, Parliament was informed on Tuesday. "As per RBI data, public sector banks and scheduled commercial banks wrote off an aggregate amount of Rs 8,16,421 crore and Rs 11,17,883 crore respectively during the last six financial years," …

Unity Small Finance Bank returns Rs 3,800 crore to PMC Bank depositors
2 years, 11 months ago

Unity Small Finance Bank returns Rs 3,800 crore to PMC Bank depositors

Op India  

Unity Small Finance Bank paid approximately Rs 3,800 crore to depositors of the scam-hit Punjab and Maharashtra Co-operative Bank on Thursday, 31st March, after the Deposit Insurance and Credit Guarantee Corporation certified approximately 850,000 such valid accounts earlier in the day. #techtwitter & #IndianStartups media should talk more about such development rather than gossips about @Ashneer_Grover — Abhinav Khare April …

No PSB bank employees found involved in Rs 14,349-crore ABG Shipyard fraud case, says Nirmala Sitharaman
3 years ago

No PSB bank employees found involved in Rs 14,349-crore ABG Shipyard fraud case, says Nirmala Sitharaman

Firstpost  

ABG Shipyard was granted a loan under consortium arrangement led by ICICI Bank, and the account was declared as a non-performing asset by the lender banks in August 2013 New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said no public sector bank employees were found to be involved in the Rs 14,349 crore bank fraud by ABG Shipyard Ltd, and …

DICGC asks 21 stressed cooperative banks to prepare list of account holders
3 years, 6 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 …

Depositors of THESE banks to get up to Rs 5 lakh back
3 years, 6 months ago

Depositors of THESE banks to get up to Rs 5 lakh back

India TV News  

Depositors of some stressed banks including Punjab and Maharashtra Cooperative Bank will get up to Rs 5 lakh back from Novembr 30, according to a government notification. Earlier this year, the Parliament had passed the Deposit Insurance and Credit Guarantee Corporation Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing …

Small finance bank to take over PMC Bank: RBI tells Delhi HC
3 years, 8 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 extends restrictions on PMC Bank till December 31
3 years, 9 months ago

RBI extends restrictions on PMC Bank till December 31

India TV News  

The Reserve Bank of India has extended the timeline for restrictions on Punjab and Maharashtra Cooperative Bank till December 31, 2021 after taking into account the prospective time required for the restructuring process of the bank. The decision came a week after the RBI granted an "in principle" approval to Centrum Financial Services for setting up a small finance bank, …

RBI Paves Way for Takeover of Crisis-hit PMC Bank, Allows Centrum to Set Up Small Finance Bank
3 years, 9 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, 9 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 …

Shiv Sena leader Sanjay Raut wife to miss ED summons for third time in PMC Bank Scam
4 years, 3 months ago

Shiv Sena leader Sanjay Raut wife to miss ED summons for third time in PMC Bank Scam

Op India  

According to various media reports, Varsha Raut, the wife of Shiv Sena leader Sanjay Raut will not be attending the Enforcement Directorate summons today that was issued to her in the PMC Bank Scam worth over Rs. Maharashtra: Shiv Sena MP Sanjay Raut's wife Varsha will not appear before Enforcement Directorate today in PMC Bank scam case. What is the …

Initial Response Looks 'Positive' for PMC Bank Resolution, Says RBI Governor
4 years, 3 months 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 …

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report
4 years, 6 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, 6 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, 7 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, 7 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, 7 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, 8 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 …

Why PMC Bank, Yes Bank depositors in different circumstances: HC asks RBI, govt
4 years, 9 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, 9 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, 9 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 …

Finance Minister Nirmala Sitharaman postpones meet with PSB chiefs to later this week
4 years, 10 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 …

Bandhan Bank to invest Rs 300 crore in Yes Bank as part of reconstruction plan
5 years ago

Bandhan Bank to invest Rs 300 crore in Yes Bank as part of reconstruction plan

India TV News  

As part of Yes Bank's reconstruction plan, private sector Bandhan Bank said it will invest Rs 300 crore in Yes Bank reconstruction plan for the crisis-hit lender. 300 crore for acquiring upto 30 crore equity shares of Rs 2 each of YES Bank Limited, for cash, at a premium of Rs 8 per equity share, under the proposed Scheme of …

PMC Bank fallout: Cabinet clears amendment to banking laws to strengthen cooperative banks; RBI nod to be made mandatory for appointments
5 years, 1 month 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
5 years, 1 month 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 …

Maharashtra Co-op Bank pitches for branch merger of PMC Bank
5 years, 1 month 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 …

PMC Effect: Deposit insurance raised to Rs 5 lakh
5 years, 1 month ago

PMC Effect: Deposit insurance raised to Rs 5 lakh

India TV News  

In a major relief to the common man, the Finance Minister on Saturday announced to raise the insurance cover on bank deposits to Rs 5 lakh from the current Rs 1 lakh. As per the guidelines of the Reserve Bank of India, deposits with all commercial banks and cooperative banks are insured under the Deposit Insurance and Credit Guarantee Corporation. …

PMC Bank scam: Restrictions on cash withdrawal from lender based on ability to pay depositors, RBI tells Delhi HC
5 years, 2 months ago

PMC Bank scam: Restrictions on cash withdrawal from lender based on ability to pay depositors, RBI tells Delhi HC

Firstpost  

New Delhi: Restrictions on cash withdrawals from the scam-hit Punjab and Maharashtra Cooperative Bank Ltd were based on the bank’s liquidity position and ability to pay its depositors, RBI told the Delhi High Court on Tuesday. Justifying its action on putting cap on withdrawals, Reserve Bank of India said restrictions were placed due to liquidity and solvency issues but that …

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence
5 years, 2 months ago

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence

India TV News  

Around a dozen depositors of the scam-hit Punjab and Maharashtra Cooperative Bank were detained on Sunday for allegedly trying to stage a protest outside the Khar residence of HDIL promoters Rakesh Wadhawan and his son Sarang, who are accused in the bank fraud case, police said. "Around 12 depositors of the PMC Bank were detained as they tried to hold …

PMC Bank impact: RBI revises norms for urban cooperative banks; to place them under supervision if net NPAs exceed 6%
5 years, 2 months 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 …

To avoid PMC-like scams, RBI proposes to tighten lending norms for urban co-operative banks
5 years, 2 months ago

To avoid PMC-like scams, RBI proposes to tighten lending norms for urban co-operative banks

Live Mint  

Mumbai: The RBI on Monday proposed reduction in loan amount an urban co-operative bank can lend to a single entity and a group of borrowers to 10 per cent and 25 per cent, respectively, with an aim to prevent PMC Bank like scams caused by large exposure to one group. Currently, primary co-operative banks are permitted to have exposures up …

PMC Bank fallout: RBI proposes to tighten lending norms for UCBs, says exposure to single borrowers leads to credit concentration risk
5 years, 2 months ago

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

Firstpost  

Earlier this month, the RBI Central Board had reviewed functioning of the urban cooperative banks and the enforcement framework. Mumbai: The RBI on Monday proposed reduction in loan amount an urban co-operative bank can lend to a single entity and a group of borrowers to 10 percent and 25 percent, respectively, with an aim to prevent PMC Bank like scams …

PMC Bank scam: EOW may file its first chargesheet against promoters of HDIL today; Wadhawans booked under PMLA in over Rs 6,300 cr fraud
5 years, 3 months ago

PMC Bank scam: EOW may file its first chargesheet against promoters of HDIL today; Wadhawans booked under PMLA in over Rs 6,300 cr fraud

Firstpost  

The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on 23 September for six months due to massive under-reporting of dud loans After the Enforcement Directorate filed a chargesheet on 16 December against Housing Development Infrastructure Ltd promoters Rakesh Wadhawan and Sarang Wadhawan in connection with the multi-crore Punjab and Maharashtra Cooperative Bank scam …

Key policy steps taken by NDA govt this year to revive a sagging economy
5 years, 3 months ago

Key policy steps taken by NDA govt this year to revive a sagging economy

Business Standard  

There is little doubt that the Indian economy is going through a rough patch, earning the government a great deal of flak. On August 23, she announced an upfront capital infusion of Rs 70,000 crore into public sector banks in a move aimed at generating additional lending capacity and liquidity in the financial system to the extent of Rs 5 …

PMC Bank scam: Enforcement Directorate files 7,000-page chargesheet against HDIL promoters Rakesh Wadhawan, son Sarang
5 years, 3 months ago

PMC Bank scam: Enforcement Directorate files 7,000-page chargesheet against HDIL promoters Rakesh Wadhawan, son Sarang

Firstpost  

The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on 23 September for six months due to massive under-reporting of dud loans. Mumbai: The Enforcement Directorate on Monday filed a charge sheet against Housing Development Infrastructure Ltd promoters Rakesh Wadhawan and Sarang Wadhawan in connection with the multi-crore Punjab & Maharashtra Cooperative Bank scam. …

PMC Bank depositors' worries to be taken up with RBI: Minister
5 years, 3 months ago

PMC Bank depositors' worries to be taken up with RBI: Minister

India TV News  

PMC Bank depositors' worries to be taken up with RBI: Minister The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative Bank's depositors with the RBI in a couple of days, state minister Jayant Patil said on Thursday. The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative Bank's depositors with the …

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI
5 years, 3 months ago

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

Live Law  

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

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions
5 years, 3 months ago

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions

India TV News  

The Bombay High Court on Thursday dismissed pleas of the depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank, seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals. On September 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The Mumbai police's Economic Offences Wing, which …

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank
5 years, 3 months 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 …

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money
5 years, 3 months 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: Court allows RBI-appointed administrator to sell two jets, yacht of promoters of HDIL group
5 years, 4 months ago

PMC Bank scam: Court allows RBI-appointed administrator to sell two jets, yacht of promoters of HDIL group

Firstpost  

Mumbai: A court here has allowed the RBI-appointed administrator for the PMC Bank to sell two airplanes and a yacht belonging to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 4,355-crore scam at the cooperative lender. The administrator had moved the court, seeking its direction to sell the movable assets attached …

Seeking their money, PMC Bank depositors protest again
5 years, 4 months ago

Seeking their money, PMC Bank depositors protest again

India TV News  

Seeking their money, PMC Bank depositors protest again The protest, announced last weekend after a round of sit-ins outside the RBI headquarters, was held at the Azad Maidan, the designated agitating place located not far off from the central bank headquarters. The protest, announced last weekend after a round of sit-ins outside the RBI headquarters, was held at the Azad …

PMC Bank only disclosed Rs 439.6 crore as loans to HDIL
5 years, 4 months ago

PMC Bank only disclosed Rs 439.6 crore as loans to HDIL

India TV News  

PMC Bank only disclosed Rs 439.6 crore as loans to HDIL During the current inspection, PMC Bank has admitted to having a total exposure of Rs 6,226.01 crore as on March 31, 2019 to the HDIL group. The Punjab and Maharashtra Cooperative Bank had disclosed an exposure of only Rs 439.6 crore to the HDIL Group out of Rs 6,226 …

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi
5 years, 4 months 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 …

RBI affidavit details how it was ’cheated’ by scam-hit PMC Bank
5 years, 4 months ago

RBI affidavit details how it was ’cheated’ by scam-hit PMC Bank

Live Mint  

In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab & Maharashtra Cooperative Bank. The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that PMC Bank had submitted fraudulently manipulated data to …

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief
5 years, 4 months 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, …

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