Pmc Bank
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RBI issues draft scheme for takeover of PMC Bank by Unity Small Finance Bank
Business | Nov 22, 2021, 05:00 PM ISTThe draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the USFB, thus giving a greater degree of protection for the depositors, the Reserve Bank of India said.
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Stressed PMC Bank customers not to get Rs 5 lakh deposit cover in first lot | Details inside
Business | Oct 31, 2021, 02:38 PM ISTDeposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
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Small finance bank to take over PMC Bank: RBI tells Delhi HC
Business | Jul 12, 2021, 02:35 PM ISTEarlier, RBI stated that depositors are already allowed to withdraw up to ₹5 lakh on hardship grounds for treatment of terminal illnesses, including treatment of Covid-19
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RBI extends restrictions on PMC Bank till December 31
Business | Jun 26, 2021, 09:19 AM ISTThe decision came a week after the RBI granted an "in principle" approval to Centrum Financial Services for setting up a small finance bank, thereby clearing the decks for the takeover of th crisis-hit PMC Bank by Centrum and BharatPe as equal partners.
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Centrum, BharatPe set to take over PMC Bank
Business | Jun 19, 2021, 08:41 AM ISTThe RBI on Friday gave an in-principle approval to Centrum Financial Services Ltd (Centrum), the established NBFC arm of the Centrum Group, to establish a SFB. Resilient Innovations Private Ltd (BharatPe), a fintech major, will be an equal partner, said a joint statement by both the companies.
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Govt may table amendment to DICGC Act in monsoon session
Business | May 16, 2021, 01:44 PM ISTThe amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 is the budget announcement made by the Finance Minister and the Bill is almost ready, sources said.
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ED's summons to Sanjay Raut's wife: MVA allies stand solid
India | Dec 28, 2020, 02:05 PM ISTThe ruling Maha Vikas Aghadi allies joined forces against the Bharatiya Janata Party at the Centre a day after the Enforcement Directorate (ED) slapped summons on Varsha Raut, the wife of Shiv Sena Chief Spokesperson Sanjay Raut, in Mumbai on Monday.
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Plea to release Rs 5L to PMC bank depositors during COVID-19; HC seeks Centre, RBI stand
Business | Jul 21, 2020, 01:25 PM ISTThe Delhi High Court Tuesday asked the Centre and the RBI to respond to a plea seeking the release of up to Rs 5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic.
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RBI raises PMC Bank withdrawal limit to Rs 1 lakh; extends regulatory restrictions by 6 months
Business | Jun 19, 2020, 07:51 PM ISTThe Reserve Bank of India on Friday raised the withdrawal limit for the depositors of crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank to Rs 1 lakh.
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RBI extends regulatory restrictions on PMC Bank by 3 months
India | Mar 21, 2020, 06:33 PM ISTThe Reserve Bank of India (RBI) on Saturday said it has extended regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for three more months till June 22, 2020.
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PMC Bank depositors denied permission for protest in Mumbai
India | Mar 02, 2020, 02:23 PM ISTIn view of the violence in Delhi and protests against the Citizenship Amendment Act, the Mumbai Police have denied permission to depositors of the troubled Punjab & Maharashtra Cooperative (PMC) Bank for staging a protest outside the RBI Bank's office here on Monday.
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PMC Bank scam: Auditor got junkets, high fees to keep shut
India | Feb 12, 2020, 08:57 PM ISTThe scam-hit Punjab & Maharashtra Cooperative Bank Ltd had allegedly tried to influence its auditors by sending them on junkets to Goa and other places in order to keep them tight-lipped about the murky goings-on in the bank, official sources said in Mumbai.
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PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues
India | Feb 07, 2020, 01:57 PM ISTThe Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank.
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Maharashtra Co-op Bank pitches for branch merger of PMC Bank
Business | Feb 04, 2020, 05:19 PM ISTMaharashtra State Co-operative (MSC) 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. Any progress on such a scheme can only happen once the exact extent of the fraud and the liabilities arising are ascertained through a forensic audit, MSC Bank Chairman Vidyadhar Anaskar made it clear.
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PMC Effect: Deposit insurance raised to Rs 5 lakh
Business | Feb 01, 2020, 01:31 PM ISTIn 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.
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PMC Bank scam: Depositors detained for holding protest at HDIL promoter's residence
India | Jan 19, 2020, 07:53 PM ISTAround a dozen depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) 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.
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Bad news for depositors! RBI restricts operations of this bank, caps withdrawals at ₹35,000
Business | Jan 14, 2020, 03:44 PM ISTRBI alert: The Reserve Bank of India (RBI) issued a notice restricting the banking operations of Sri Gururaghavendra Sahakara Bank Niyamitha (SGRSBN) bank and has put restrictions on cash withdrawals for the account holders of the bank. The maximum cash withdrawal limit for SGRSBN Bank now stands at Rs 35,000.
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PMC Bank crisis: Uddhav Thackeray meets depositors; assures all help
India | Dec 15, 2019, 03:03 PM ISTMumbai Police detained over 50 depositors of the Punjab and Maharashtra Cooperative (PMC) Bank on Sunday after they protested outside the residence of Chief Minister Uddhav Thackeray.
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PMC Bank depositors' worries to be taken up with RBI: Minister
Business | Dec 12, 2019, 03:53 PM ISTThe Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative (PMC) Bank's depositors with the RBI in a couple of days, state minister Jayant Patil said on Thursday.
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PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions
India | Dec 05, 2019, 07:40 PM ISTIn their pleas, the petitioners alleged that the RBI's decision (to put restrictions on cash withdrawal) was irrational, arbitrary and violative of the fundamental rights of common public.