Maharashtra Cooperative Banks

Union Minister Amit Shah on Saturday said the cooperative sector in the country needs to introspect to improve its systems, and would receive full support from the Centre in this exercise. Speaking at the Sahkar Maha Conclave on Banking and Sugar Industry organised by media group Sakal, Shah also pointed to the drop in the number of cooperative sugar mills in Maharashtra and rise in the number of private ones. "As far as credit societies, urban banks and district cooperative banks are concerned, a lot needs to be done. We had a series of meetings with the Reserve Bank of India and I can say about the issues that were brought before me here on this platform, we will ensure all these institutions do not face any injustice," he said. Shah, who is the country's first Union Cooperation minister besides being the minister for Home Affairs, said he was aware of the problems plaguing these institutions, and also understands why they exist. "I will talk about Maharashtra since I am in ...

At present, the bank is returning excess capital to the district banks which are its members

PMC was said to be amongst the better managed co-operative banks. One shudders to think how many such surprises are hidden in other co-operative banks

The RBI has said the depositors of the PMC bank would not be allowed to withdraw more than Rs 1,000 from a savings account, current account, or any other deposit account for six months

In an attempt to allay fears of depositors and customers of Punjab & Maharashtra Cooperative Bank (PMC), its suspended managing director Joy Thomas has claimed that the lender holds enough liquidity to meet all liabilities, and every penny of the public is secure. Asserting that all its loans are fully secured, Thomas stated that one large account - HDIL - was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India (RBI) superseded its management and placed it under an administrator for the next six months. Despite repeated attempts HDIL could not be reached for comments. The regulator has also capped cash withdrawal at Rs 1,000 per customer during this period and banned the bank from any fresh lending during this period. Though Thomas did not disclose the exposure to HDIL, which he described as the largest and one of the oldest customers, he said all other accounts were safe and fully-secured. "All other loans are more than .

While disposing of the petition, the bench observed, that the case involves huge money and investigation cannot be stopped

"We have registered an offence at MRA Marg police station based on the complaint of Economic Offences Wing," an official said

Maharashtra to soon come up with law to protect deposits in urban co-op banks