PMC Effect: Deposit insurance raised to Rs 5 lakh
4 years, 11 months 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. This comes as a major relief for depositors, as under the DICGC norms each depositor in a bank was insured up to Rs 1 lakh for both the principal and interest amount on deposits held in a particular bank. Even if the total of all the deposits held by an individual in a bank is more than Rs 1 lakh, then the depositor will be able to get only Rs 1 lakh including both principal and interest amount if the bank goes bankrupt.

Bank Pmc Lakh Deposit Rs 5 Lakh Rs 1 Lakh Deposit Insurance  principal  lakh  major  bank  raised  effect  deposits  relief  deposit  pmc  read  insurance  rs

History of this topic

48 crore sign up for ₹2 lakh accident insurance under PMSBY: Finance Ministry
3 weeks, 4 days ago

48 crore sign up for ₹2 lakh accident insurance under PMSBY: Finance Ministry

Hindustan Times  

The Finance Ministry said on Saturday that about 48 crore people had signed up for accident insurance coverage worth ₹2 lakh via the Pradhan Mantri Suraksha Bima Yojana. With over 54 crore beneficiaries, the Pradhan Mantri Jan Dhan Yojana has emerged as a keystone of financial inclusion, enabling unbanked people all around the country, the Ministry continued. In August of …

Put in place frameworks to manage failure of deposit taking institutions: RBI Deputy Governor to deposit insurers
4 months, 3 weeks ago

Put in place frameworks to manage failure of deposit taking institutions: RBI Deputy Governor to deposit insurers

The Hindu  

Reserve Bank of India Deputy Governor Michael Patra on Tuesday asked deposit insurers and other financial safety net participants to put in place frameworks to manage the failure of deposit-taking institutions and prevent potential contagion effects. “With the rapid digitisation of financial transactions, the crisis can propagate quickly requiring emergency liquidity assistance and pre-emptive interventions in troubled institutions,” said Mr. …

Do we need insurance for bank deposits? | The Hindu Parley podcast
3 years ago

Do we need insurance for bank deposits? | The Hindu Parley podcast

The Hindu  

At an event last week to mark the payment of over ₹1,300 crore to depositors in troubled cooperative banks, Prime Minister Narendra Modi flaunted his government’s revamped deposit insurance scheme. The scheme, which was upgraded through the Deposit Insurance and Credit Guarantee Corporation Amendment Bill, 2021, guarantees to compensate depositors up to a limit of ₹5 lakh within a period …

PM Modi Addresses Bank Deposit Insurance Programme, Says ‘New India Focuses On Resolving Problems’
3 years ago

PM Modi Addresses Bank Deposit Insurance Programme, Says ‘New India Focuses On Resolving Problems’

ABP News  

New Delhi: Prime Minister Narendra Modi on Sunday addressed depositors in a bank deposit insurance event titled “Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs. He further stated that “when I was CM, I repeatedly requested Centre to increase bank deposit insurance cover to Rs 5 lakhs from Rs 1 lakh but to no avail. Addressing the gathering, …

Narendra Modi to address bank deposit insurance programme today
3 years ago

Narendra Modi to address bank deposit insurance programme today

Firstpost  

As per an official statement from Prime Minsiter’s Office, Union Finance Minister Nirmala Sitharaman, MoS Finance and RBI Governor will also be present on the occasion New Delhi: Prime Minister Narendra Modi will address the function on ‘Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh’ on Sunday at noon in Vigyan Bhawan, Delhi. As per an …

Stressed PMC Bank customers not to get Rs 5 lakh deposit cover in first lot | Details inside
3 years, 2 months ago

Stressed PMC Bank customers not to get Rs 5 lakh deposit cover in first lot | Details inside

India TV News  

Customers of stressed Punjab & Maharashtra Co-Operative Bank will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation in the first lot will pay customers of 20 stressed banks except PMC Bank. It is to be noted that RBI had …

What deposit cover overhaul means for you
3 years, 2 months ago

What deposit cover overhaul means for you

The Hindu  

As interest rates have plunged to new lows in the last couple of years, depositors seeking regular income have been caught between a rock and a hard place. Seeking higher rates with new private sector banks, cooperative banks or less-known NBFCs means exposing their principal to risks, with defaults by Dewan Housing Finance and RBI restrictions on depositors of PMC …

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 …

Depositors of THESE banks to get up to Rs 5 lakh back
3 years, 4 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 …

Bank FD Holders: Cabinet Clears Amendments To Deposit Insurance Act, Know What It Means For Investors
3 years, 5 months ago

Bank FD Holders: Cabinet Clears Amendments To Deposit Insurance Act, Know What It Means For Investors

ABP News  

New Delhi: If you are worried about your money in troubled banks, then here’s some relief! The Union Cabinet on Wednesday cleared amendments to the Deposit Insurance and Credit Guarantee Corporation Act, which will allow account holders to access up to Rs5 lakh deposits within 90 days of a bank coming under moratorium. "Deposit Insurance Credit Guarantee Corporation was created …

RBI Doubles Payments Bank Balance Limit To Rs 2 Lakh. Know What It Means For Customers
3 years, 9 months ago

RBI Doubles Payments Bank Balance Limit To Rs 2 Lakh. Know What It Means For Customers

ABP News  

In major push to payments banks, the Reserve Bank of India went ahead and raised the maximum balance at the end of the day to Rs 2 lakh per customer soon after the governor Shaktikanta Das announced the decision to enhance the limit. The decision to increase the limit of maximum balance at the end of the day from Rs …

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 …

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 …

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 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 …

Insurance cover on bank deposits raised to Rs 5 lakh effective today; move to help boost confidence of people in banking system
4 years, 11 months ago

Insurance cover on bank deposits raised to Rs 5 lakh effective today; move to help boost confidence of people in banking system

Firstpost  

This, the RBI said, has been done with a view to providing a greater measure of protection to depositors. New Delhi: Insurance cover on bank deposits has been increased to Rs 5 lakh from Rs 1 lakh effective Tuesday, the Reserve Bank of India said in a statement. On Saturday, Finance Minister Nirmala Sitharaman had made the announcement regarding increasing …

Good News! RBI hikes insurance cover on bank deposits to Rs 5 Lakh
4 years, 11 months ago

Good News! RBI hikes insurance cover on bank deposits to Rs 5 Lakh

India TV News  

Soon after the Budget announcement, insurance cover on bank deposits has been increased from Rs 1 lakh to Rs 5 lakh effective Tuesday, the Reserve Bank of India said. On Saturday, Finance Minister Nirmala Sitharaman had announced the increase of insurance cover to Rs 5 lakh in her Budget Speech. As the insurance cover stands increased, the banks will pay …

Relief for customers as RBI hikes insurance on bank deposits to Rs 5 lakh
4 years, 11 months ago

Relief for customers as RBI hikes insurance on bank deposits to Rs 5 lakh

India Today  

Soon after the Budget announcement, insurance cover on bank deposits has been increased from Rs 1 lakh to Rs 5 lakh effective Tuesday, the Reserve Bank of India said. On Saturday, Finance Minister Nirmala Sitharaman had announced the increase of insurance cover to Rs 5 lakh in her Budget Speech. As the insurance cover stands increased, the banks will pay …

Budget 2020 | Deposit insurance cover raised to ₹5 lakh
4 years, 11 months ago

Budget 2020 | Deposit insurance cover raised to ₹5 lakh

The Hindu  

The government has decided to increase the insurance cover for bank deposits to ₹5 lakh from ₹1 lakh, Finance Minister Nirmala Sitharaman said in her Budget speech. “The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase Deposit Insurance Coverage for a depositor, which is now ₹1 lakh to ₹5 lakh per depositor,” she said. “Raising deposit insurance …

Budget 2020: BIG relief for bank depositors! Insurance cover hiked from ₹ 1 lakh to ₹ 5 lakh, says Sitharaman
4 years, 11 months ago

Budget 2020: BIG relief for bank depositors! Insurance cover hiked from ₹ 1 lakh to ₹ 5 lakh, says Sitharaman

India TV News  

Bank deposit insurance cover hiked: Finance Minister Nirmala Sitharaman on February 1, 2020, announced a hike in insurance cover for bank depositors and said depositors' money is absolutely safe. Deposit Insurance and Credit Guarantee Corporation, a wholly-owned subsidiary of the Reserve Bank of India, provides insurance cover on bank deposits. At present, bank depositors get an insurance cover of Rs …

Budget 2020: Bank deposit insurance hiked to Rs 5 lakh per depositor
4 years, 11 months ago

Budget 2020: Bank deposit insurance hiked to Rs 5 lakh per depositor

India Today  

The Deposit Insurance and Credit Guarantee Corporation has been allowed to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh, Finance Minister Nirmala Sitharaman said Saturday in her budget speech. A robust mechanism is in place to monitor the health of all scheduled commercial banks, Nirmala Sitharaman said. Depositors are currently "insured upto a maximum …

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: 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 scam: RBI employees unions want govt to hike deposit insurance cover to Rs 10 lakh
5 years, 1 month ago

PMC Bank scam: RBI employees unions want govt to hike deposit insurance cover to Rs 10 lakh

Firstpost  

The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh Mumbai: The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh. The demand for …

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 …

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 …

PMC Bank crisis impact: Odisha govt cautions departments against depositing money in banks
5 years, 2 months ago

PMC Bank crisis impact: Odisha govt cautions departments against depositing money in banks

Firstpost  

The Odisha Finance Secretary has written the letter to departments asking them to keep in mind the norm that in the eventuality of closure of any bank the deposits are insured only up to Rs 1 lakh and not beyond that, said reports. In a letter titled, Precaution to be taken when depositing government funds in banks, sent on 22 …

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 …

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 …

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 crisis shows depositors are sitting ducks if their bank goes bust; why shouldn’t savers get cover for full amount?
5 years, 3 months ago

PMC crisis shows depositors are sitting ducks if their bank goes bust; why shouldn’t savers get cover for full amount?

Firstpost  

The deposit insurance guarantee scheme was set up in 1961 to ensure depositors are guaranteed at least some amount in the event of a bank collapse What happens if a bank goes bust in India? The other escape route is deposit insurance scheme provided by Deposit Insurance and Credit Guarantee Corporation, which will pay Rs one lakh per bank account …

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 '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's exposure to HDIL over Rs 6,500 crore, 73% of total assets
5 years, 3 months ago

PMC bank's exposure to HDIL over Rs 6,500 crore, 73% of total assets

India Today  

The Punjab and Maharashtra Co-operative Bank's exposure to bankrupt Housing Development and Infrastructure Limited has been pegged over Rs 6,500 crore or 73 per cent of its total assets worth Rs 8,880 crore. In a four-and-a-half page letter to the central bank, Suspended managing director Thomas gave details of how he and six key people including board members and chairman …

PMC Bank Crisis: How RBI's restrictions hurt lakhs of depositors
5 years, 3 months ago

PMC Bank Crisis: How RBI's restrictions hurt lakhs of depositors

India TV News  

PMC Bank Crisis: The Reserve Bank of India's banking restrictions on Punjab and Maharashtra Cooperative Bank has left lakhs of depositors into a huge snag. However, the question remains intact: How RBI's restrictions hurt the lakhs of PMC Bank depositors and why it is a matter of concern? Image Source : PMC Bank Crisis: How RBI's restrictions hurt lakhs of …

PMC Bank customers do sit-ins at branches, HDIL headquarters
5 years, 3 months ago

PMC Bank customers do sit-ins at branches, HDIL headquarters

India TV News  

A group of irate customers of crisis-hit Punjab & Maharashtra Cooperative Bank Thursday held sit-ins at bank headquarters and at various branches, demanding action against its chairman and board members. A set of customers also filed a police complaint against the senior officials of the bank with the Sion police station. Earlier in the day, a group of 14 account-holders …

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, …

Discover Related