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, when Ahmedabad’s Madhavpura Mercantile Cooperative Bank went bust, nearly 210 urban cooperative banks, which had parked their money with the entity, were in trouble and some of them even had to be liquidated. Depositors received their money nearly 17 years after the ₹1,200 crore scam hit the cooperative bank.

Bank Cooperative Pmc Rbi Bhoria  bank  cooperative  assess  administrator  banks  received  money  depositors  loans  urban  rbi  pmc  damage  restrictions  action

History of this topic

Small finance bank to take over PMC Bank: RBI tells Delhi HC
3 years, 5 months ago

Small finance bank to take over PMC Bank: RBI tells Delhi HC

India TV News  

The Reserve Bank of India Monday told the Delhi High Court that it has given in-principle approval for setting up a small finance bank which will take over the scam-hit PMC Bank soon. Senior advocate Jayant Bhushan, representing the RBI, submitted that it has given in-principle approval to Centrum Finance Services Ltd to set up a small finance bank which …

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 …

Fixing the banking mess
4 years ago

Fixing the banking mess

India Today  

India’s banking sector is frequently under the spotlight, and usually for unflattering reasons, from an insupportable pileup of loans gone bad to outright fraud to cronyism or worse. If government-owned banks like Punjab National Bank and State Bank of India have embarrassed themselves, names like YES Bank and ICICI Bank in the private sector have also made headlines for the …

Initial Response Looks 'Positive' for PMC Bank Resolution, Says RBI Governor
4 years, 1 month 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 …

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 …

RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival
4 years, 3 months ago

RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival

News 18  

The Reserve Bank of India on Tuesday said factors like huge losses and erosion of deposits at Punjab and Maharashtra Co-operative Bank continue to cause hindrance in its revival, and appointed a new administrator. RBI appointed AK Dixit, ex-general manager of Union Bank of India, as the new administrator of the bank with effect from September 23, 2020. "While the …

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report
4 years, 3 months ago

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report

News 18  

India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. PMC has “tried to engage with the major banks of the country to request for a merger”, the bank’s …

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC
4 years, 3 months ago

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC

India Today  

India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. PMC has “tried to engage with the major banks of the country to request for a merger”, the bank’s …

No funds available: Depositors at India's PMC Bank survive on loans, charity
4 years, 4 months ago

No funds available: Depositors at India's PMC Bank survive on loans, charity

India Today  

In February, 82-year-old Kishan Lal appealed to India's finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour. Asked about the delay in resolving PMC's problems, Jai Bhagwan Bhoria, an administrator appointed by the RBI to revive …

'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 …

Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC
4 years, 4 months ago

Withdrawal Limit of Rs 1 Lakh on PMC Bank Can't be Increased Due to Lack of Liquidity, RBI tells Delhi HC

News 18  

The Reserve Bank of India on Friday told the Delhi High Court that presently it would not be possible to raise the withdrawal limit of Rs one lakh imposed on scam-hit Punjab and Maharashtra Cooperative Bank Ltd due to its lack of liquidity. RBI has told the high court that against a total deposit liability of approximately Rs 10,000 crore …

PMC Bank: RBI cites liquidity issues for not raising withdrawal limit beyond ₹1 lakh
4 years, 4 months ago

PMC Bank: RBI cites liquidity issues for not raising withdrawal limit beyond ₹1 lakh

Live Mint  

New Delhi: The Reserve Bank of India on Friday told the Delhi High Court that presently it would not be possible to raise the withdrawal limit of ₹one lakh imposed on scam-hit Punjab and Maharashtra Cooperative Bank Ltd due to its lack of liquidity. RBI has told the high court that against a total deposit liability of approximately ₹10,000 crore …

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI
4 years, 5 months ago

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI

Live Mint  

New Delhi: The Delhi High Court Tuesday asked the Centre and the RBI to respond to a plea seeking release of up to ₹5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic. Misra, in the application filed through advocate Shashank Deo Sudhi, has said the …

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 …

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 …

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues
4 years, 11 months ago

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues

India TV News  

The Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against …

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 …

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence
4 years, 11 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 scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence
4 years, 11 months ago

PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence

India TV News  

The Supreme Court Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative Bank scam, from Mumbai's Arthur Road Jail to their residence. The law officer said the other aspects of the high court order such as sale of assets of the accused promoters …

PMC Bank Crisis: Bombay HC Allows Auction Of HDIL Assets
4 years, 11 months ago

PMC Bank Crisis: Bombay HC Allows Auction Of HDIL Assets

Live Law  

In a huge relief for the account holders of crisis-hit Punjab and Maharashtra Co-operative Bank, the Bombay High Court on Wednesday allowed a public interest litigation filed by one Sarosh Damania seeking auction of all Housing Development and Infrastructure Limited assets either mortgaged with the bank or attached by the Economic Offences Wing, Mumbai. In an affidavit in another PIL …

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 …

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

Over 50 PMC Bank depositors detained by Mumbai Police after protest; Uddhav Thackeray meets delegation, assures all help
5 years ago

Over 50 PMC Bank depositors detained by Mumbai Police after protest; Uddhav Thackeray meets delegation, assures all help

Firstpost  

Over 50 depositors of the Punjab and Maharashtra Cooperative Bank were detained by Mumbai Police on Sunday after they protested outside the residence of Chief Minister Uddhav Thackeray in Mumbai, police said. Mumbai: Over 50 depositors of the Punjab and Maharashtra Cooperative Bank were detained by Mumbai Police on Sunday after they protested outside the residence of Chief Minister Uddhav …

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 …

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions
5 years, 1 month 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, 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 …

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

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

Firstpost  

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

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi
5 years, 1 month ago

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi

Firstpost  

Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest New Delhi: Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest. Delhi resident Rajinder Singh, who says …

RBI affidavit details how it was ’cheated’ by scam-hit PMC Bank
5 years, 1 month 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 Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions
5 years, 1 month ago

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions

Live Law  

As hundreds of aggrieved depositors of the Punjab and Maharashtra Co-operative Bank protested outside the Bombay High Court, Reserve Bank of India on Tuesday filed a detailed affidavit listing out the reasons why the financial irregularities at Punjab and Maharashtra Co-operative Bank were not detected earlier by the Central Bank and steps being taken to ease the financial stress that …

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 …

Betrayed by a bank: How the collapse of Punjab and Maharashtra Cooperative Bank left thousands in distress
5 years, 1 month ago

Betrayed by a bank: How the collapse of Punjab and Maharashtra Cooperative Bank left thousands in distress

The Hindu  

It was late September when Andrew Lobo, 71, was brought home from a hospital in Mumbai after undergoing treatment for lung infection. Addressing a press conference soon after the RBI barred the bank from carrying out its routine transactions, the suspended Managing Director of PMC Bank, Joy Thomas, admitted that ₹2,500 crore of exposure to the Housing Development and Infrastructure …

PMC Bank scam: Economic Offences Wing arrests two auditors
5 years, 1 month ago

PMC Bank scam: Economic Offences Wing arrests two auditors

India TV News  

Two auditors were arrested on Monday night in connection with the Rs 4,355-crore alleged Punjab and Maharashtra Cooperative Bank scam by the Economic Offences Wing of the Mumbai Police, an official said. The arrested duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed and suspected to have played a key role in covering …

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief
5 years, 1 month ago

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief

India TV News  

Around 400 depositors of fraud-hit Punjab & Maharashtra Co-operative Bank on Monday met Mumbai Police Commissioner Sanjay Barve and briefed him about problems being faced by them after the RBI put certain restrictions on the troubled lender. According to Harbans Singh, one of the PMC Bank depositors who met Barve, the meeting lasted for around two hours. "In the meeting, …

PMC Bank scam: Maharashtra Sikhs unable to go on Kartarpur pilgrimage
5 years, 1 month ago

PMC Bank scam: Maharashtra Sikhs unable to go on Kartarpur pilgrimage

India TV News  

At least 1,950 Sikhs from Maharashtra could not go to Gurudwara Darbar Sahib in Pakistan after opening of the Kartarpur corridor as they are facing financial crunch due to a scam at the Punjab and Maharashtra Cooperative Bank, a senior community leader claimed. The PMC Bank has been put under restrictions by the RBI since September after an alleged Rs …

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

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

Firstpost  

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

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

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

Firstpost  

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

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

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

Firstpost  

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

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered
5 years, 2 months ago

PMC Bank scam: RBI increases withdrawal limit to Rs 50,000 per account; over 78% of depositors covered

Firstpost  

The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account The Reserve Bank on Tuesday increased the withdrawal limits for depositors of the scam-hit Punjab and Maharashtra Cooperative Bank to Rs 50,000 from Rs 40,000 per account. #JustIn | @RBI to allow PMC …

What steps taken to help PMC Bank depositors, Bombay HC asks RBI
5 years, 2 months ago

What steps taken to help PMC Bank depositors, Bombay HC asks RBI

Live Mint  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank. A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed …

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November
5 years, 2 months ago

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November

Firstpost  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank Mumbai: The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of …

PIL 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 protest seeking payback; police detains three agitators
5 years, 2 months ago

PMC Bank scam: Depositors continue protest seeking payback; police detains three agitators

Firstpost  

Depositors of the PMC Bank on Wednesday protested in the financial capital, seeking an immediate payback of their dues from the troubled cooperative Mumbai: Depositors of the PMC Bank on Wednesday protested in the financial capital, seeking an immediate payback of their dues from the troubled cooperative. The Wednesday’s protest at the Azad Maidan, the designated protest ground in the …

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 …

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