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 on January 10, 2020, the bank shall not, without prior approval of the RBI in writing, grant or renew any loans and advances, make any investment, incur any liability.” RBI in its notice said a sum not exceeding Rs 35,000 of the total balance in every savings bank or current account or any other deposit account will only be allowed to be withdrawn. RBI has also restricted the bank from borrowing funds, accept fresh deposits, disbursing any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI directions dated January 2, 2020. The bank will continue to undertake banking business with restrictions till its financial position improves.” Meanwhile, the co-operative bank, which has 10 branches, sent out a message to its customers and shareholders asking them to not to panic over RBI directions.

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History of this topic

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 imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank
3 years, 2 months ago

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank

India TV News  

The Reserve Bank of India has imposed a penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune for non-compliance with certain directions. The penalty has been imposed for non-compliance with specific directions issued by RBI under the Supervisory Action Framework and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism'. The statutory inspection of the …

RBI Alert: Reserve Bank of India changes rules for loan transfer; issues master direction for banks, NBFCs
3 years, 3 months ago

RBI Alert: Reserve Bank of India changes rules for loan transfer; issues master direction for banks, NBFCs

India TV News  

The Reserve Bank on Friday issued Master Direction on loan transfer, requiring banks and other lending institutions to have a comprehensive board-approved policy for such transactions. The Master Direction has also prescribed a minimum holding period for different categories of loans after which they shall become eligible for transfer. As per the direction, "a loan transfer should result in immediate …

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 …

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 …

RBI limits tenure of bank CEOs, MDs to 15 years, rule to be effective from October 1
3 years, 8 months ago

RBI limits tenure of bank CEOs, MDs to 15 years, rule to be effective from October 1

India Today  

The Reserve Bank of India said on Monday chief executive officers and managing directors at Indian private-sector banks will be eligible to hold these posts for up to 15 years, as it unveiled a series of rules on term limits. RBI'S NEW RULE The central bank also said on Monday that a CEO, MD or whole-time director who is a …

After Lakshmi Vilas Bank, RBI imposes withdrawal limit on THIS bank
4 years, 1 month ago

After Lakshmi Vilas Bank, RBI imposes withdrawal limit on THIS bank

India TV News  

Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months. The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020. The bank will continue to undertake banking business with restrictions till its …

Lakshmi Vilas Bank placed under moratorium, withdrawals capped at Rs 25,000; RBI proposes merger with DBS Bank
4 years, 1 month ago

Lakshmi Vilas Bank placed under moratorium, withdrawals capped at Rs 25,000; RBI proposes merger with DBS Bank

Firstpost  

TN Manoharan, former non-executive chairman of Canara Bank, has been appointed as the administrator of the bank Mumbai: The government on Tuesday placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board, and capped withdrawals at Rs 25,000 per depositor. “Accordingly, after considering the Reserve Bank’s request, the Central Government has imposed moratorium for thirty days effective from today,” …

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: 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 …

Budget 2020: India is cruising for a bruising
4 years, 11 months ago

Budget 2020: India is cruising for a bruising

Deccan Chronicle  

The Indian economy is currently in an unenviable condition, and if the Budget were any indication, the government has not even fully absorbed the enormity of the crisis. The Indian economy grew at roughly 3.5 per cent in the pre-liberalisation years, 5.4 per cent when the secular coalitions were in power from 1991 to 1998, 5.7 per cent during the …

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 …

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: 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: 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 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 …

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 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 …

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 …

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 …

RBI increases withdrawal limit for PMC depositors to Rs 25,000
5 years, 3 months ago

RBI increases withdrawal limit for PMC depositors to Rs 25,000

India TV News  

The Reserve Bank of India has enhanced withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank. PMC Bank withdrawal limit increased to Rs 25,000: Here's what RBI said It may be recalled that the Reserve Bank of India had permitted the depositors of Punjab and Maharashtra Cooperative Bank Ltd to withdraw up to ₹ 10,000/- of the total balance …

PMC Bank: Relief for customers, RBI increases withdrawal limit to Rs 25,000
5 years, 3 months ago

PMC Bank: Relief for customers, RBI increases withdrawal limit to Rs 25,000

India Today  

In a major relief to the hapless customers of the crippled Punjab & Maharashtra Cooperative Bank, the Reserve Bank on Thursday increased the cash withdrawal limit to Rs 25,000 per account-holder from Rs 10,000 set earlier, but retained the six-months curbs. The regulator also said the relaxation in withdrawals will take care of over 70 per cent of the customers …

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 hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount
5 years, 3 months ago

PMC Bank crisis: RBI hikes withdrawal limit from Rs 1,000 to Rs 10,000; over 60% depositors will be able to withdraw full amount

Firstpost  

With this relaxation, more than 60 percent of the depositors of the PMC Bank will be able to withdraw their entire account balance. The Reserve Bank of India has increased the withdrawal limit for account holders in the crisis-hit Mumbai-based Punjab and Maharashtra Cooperative Bank to Rs 10,000 from Rs 1,000 earlier, in a relief to the bank’s harried customers. …

For PMC Bank account holders, withdrawal limits relaxed
5 years, 3 months ago

For PMC Bank account holders, withdrawal limits relaxed

Live Mint  

The Reserve Bank of India or RBI has eased withdrawal limit for Punjab and Maharashtra Co-operative Bank account holders, increasing the limit to ₹10,000 from ₹1,000. With this relaxation, more than 60% of the depositors of the Mumbai-based urban cooperative bank will be able to withdraw their entire account balance, the RBI said. PMC Bank account holders can now withdraw …

RBI increases withdrawal limit for PMC Bank depositors from 1,000 to 10,000
5 years, 3 months ago

RBI increases withdrawal limit for PMC Bank depositors from 1,000 to 10,000

India TV News  

PMC Bank Row: In a big relief for Punjab and Maharashtra Cooperative Bank depositors, the Reserve Bank of India today has increased the withdrawal limit from Rs 1,000 to Rs10,000. The RBI on September 24 had restricted PMC bank account holders from withdrawing amount more than ₹1,000 for six months that had sparked state of panic among the bank's depositors. …

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, …

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 cracks whip on PMC Bank for 6 months, sets Rs 1000 withdrawal limit. Here's what it means
5 years, 3 months ago

RBI cracks whip on PMC Bank for 6 months, sets Rs 1000 withdrawal limit. Here's what it means

India TV News  

PMC Bank Restricted: The Reserve Bank of India on Tuesday barred Mumbai-based Punjab and Maharashtra Cooperative Bank from carrying out "any kind of business transactions" for six months for violating of various regulations. Image Source : PMC Bank barred from doing business for 6 months The Central bank imposed restrictions on the Urban co-operative PMC Bank under Sub-section of Section …

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 …

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 puts PMC Bank under watch, customers can't withdraw more than ₹1,000 for 6 months
5 years, 3 months ago

RBI puts PMC Bank under watch, customers can't withdraw more than ₹1,000 for 6 months

India TV News  

The Reserve Bank of India on Tuesday barred Mumbai-based Punjab and Maharashtra Cooperative Bank from carrying out any kind of business transactions and has put limits on the amount that can be withdrawn by depositors from the urban co-operative bank. The RBI has put PMC Bank under Directions for six months from the close of business of the bank on …

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 …

Government considering giving more powers to RBI to regulate NBFCs: Sitharaman
5 years, 6 months ago

Government considering giving more powers to RBI to regulate NBFCs: Sitharaman

India TV News  

The government is considering strengthening the Reserve Bank's regulatory and supervisory powers over the non-banking finance companies, Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. The central bank, she added, has also informed that with a view to strengthen the NBFCs and maintain the stability of the financial system, it has been taking necessary regulatory and supervisory …

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