Page 5 - Cooperative Banks

PMC Bank helped real estate developer HDIL pay off loans of other PSBs

Assisted promoters to retain control of real estate company

Crisis-hit PMC Bank used dummy accounts to escape RBI's attention

The bank misled auditors of the RBI by replacing legacy accounts of the company with dummy accounts, dating back to 2008

RBI got a whiff of evergreening at Punjab and Maharashtra Co-operative Bank

Central bank had flagged large-scale non-performing advances, but didn't have adequate evidence till September 19

RBI wanted PMC chairman Waryam to be sacked in 2018 for irregularities

PMC was placed under an administrator by the RBI on September 24 and suspended its management led by managing director Joy Thomas

Reserve Bank officers have Rs 105 crore fixed deposit in PMC Bank

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

Depositors' money safe: PMC has enough liquidity, assures suspended MD

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the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India (RBI) superseded its management and placed it under an administrator for the next six months.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 .

Co-operative banks are riskier, park only part of your money with them

The difference in interest rate between State Bank of India and PMC Bank's 5-year deposit is 100 basis points. Do not go for riskier options like co-operative bank only for the higher return

UP co-op banks to lend Rs 3,221 cr to sugar mills ahead of crushing season

Estimated working capital needs of the units rises 20% this season, state govt to stand guarantor for loans

UP cooperative banks' sugar sector exposure stands at Rs 5,700 crore

Total advances included soft loans under Central, state schemes

No income tax exemption to profit-making cooperative banks: Arun Jaitley

Income tax is a tax on profits and there is no rationale for exempting profit-making cooperative banks: Jaitley