Page 10 - Pmc Bank

Govt closely monitoring developments at PMC Bank, says Sitharaman

PMC is in bad health allegedly due to its exposure to near-bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances

PMC Bank depositors to file a writ petition in Bombay HC on Tuesday

PMC ex-MD Joy Thomas has accepted that his board helped him in manipulating more than 21000 bogus accounts

DHFL stock declines 20% over HDIL and crisis-hit PMC Bank concerns

DHFL said it has no exposure to HDIL and PMC, and cautioned against misleading reports that can trigger panic

Banking system is safe: RBI tells depositors again as PMC crisis deepens

The RBI statement came on a day when the Nifty Bank index tanked by 1.30 per cent in intra-day trade amid a barrage of negative news from the sector

Reports of our exposure to HDIL and PMC Bank are misleading: DHFL

Debt-laden housing financier DHFL on Tuesday said it has no exposure to HDIL and Punjab & Maharashtra Co-operative Bank, and cautioned against misleading reports that can trigger panic. There have been speculations or rumour mongering about DHFL and possible exposure to Housing Development and Infrastructure Ltd (HDIL)/ PMC Bank, it said in a regulatory filing. "DHFL does not have any exposure to either of them. We would urge everyone to be responsible and not report/state anything incorrect and baseless, which can cause panic amongst the stakeholders in DHFL, especially when the company is in discussions with various stakeholders for finalisation of its debt resolution plan," it said. Also, DHFL's promoter family had separated from HDIL promoters in 2008, and the separation was effected formally by a family-separation agreement in April 2010, it said. "Pursuant to this, the promoters of DHFL & HDIL, and HDIL ceased to be promoters of each other's companies," it added. Earlier

Adequate security cover provided for loans taken from PMC Bank: HDIL

HDIL said it was facing temporary cash flow issues due to the external environment in the real estate sector

Mumbai police file FIR in PMC Bank fraud case; ED may initiate probe soon

Police to set up SIT team, hire forensic auditor

Mumbai Police file FIR against PMC Bank, HDIL officials; SIT formed

As per initial investigations, the bank's losses since 2008 were Rs 4,355.46 crore, police said

Huge cash withdrawals seen at crisis-hit PMC Bank ahead of RBI clampdown

Frenetic large cash withdrawals by a few large depositors of the now crippled Punjab & Maharashtra Cooperative in the third week of September following a whistleblower leak, prompted regulator to strict withdrawal cap from the cooperative last week, say sources. This massive fund erosion began after some of these large depositors reportedly got a whiff of the whistleblower, reportedly a board member, leak to the regulator, which finally undid the bank on September 23, the sources added. It can be noted RBI had put PMC strict restrictions including limiting withdrawals at Rs 10,000 and banning the bank from any lending activities for the next six months. The whistleblower report has detailed the massive misreporting of NPAs by the bank, primarily because of its huge exposure to crippled developer HDIL that owes around Rs 6,500 crore to the bank-as much as 73 percent of its total loan book--as per the whistleblower and also its suspended MD Joy Thomas' admission to ...

RBI relief for PMC Bank depositors, withdrawal limit hiked to Rs 40,000

RBI said it reviewed the bank's liquidity position and, with a view to reducing the hardship of the depositors, it decided to further enhance the limit

Wadhawans, Waryam Singh instructed me to hide bad debt, says Joy Thomas

However, when the accused came face to face, they shifted the onus of their acts onto each other, revealed the remand extension application given by the EOW in a Mumbai court on Monday

Fadnavis assures PMC bank depositors to ease woes with Centre's help

Fadnavis pointed out that the Mumbai police's Economic Offences Wing (EOW) had lodged a complaint and was probing the issue

Mumbai resident who had Rs 90 lakh with PMC Bank dies of heart attack

Sanjay Gulati, the deceased, had lost his job at Jet Airways when the airline was grounded in April, his famly said. He also had a specially-abled child to support

ED summons Praful Patel on Oct 18 for probe in money laundering case

The Enforcement Directorate (ED) is expected to record Patel's statement under the Prevention of Money Laundering Act

Top headlines: Wipro Q2 beats estimates, oil firms put Air India on notice

Also in the news on Tuesday: Reliance Jio blasts telecom regulator for its proposal on call connect charges.

PMC Bank depositor commits suicide, another dies of heart attack

A depositor of scam-hit PMC Bank allegedly committed suicide here, while another died of a heart attack a few hours after taking part in a protest by bank customers seeking their money back. Dr Nivedita Bijlani (39), who allegedly ended life on Monday evening, and Sanjay Gulati (51) who died of a heart attack on the same day, had deposits of over Rs 90 lakh each with the Punjab & Maharashtra Cooperative Bank. The bank has been put under restrictions by the RBI following the discovery of a Rs 4,355 crore scam. Deposit withdrawals have been capped at Rs 40,000 over a six-month period, causing panic and distress among depositors. Bijlani, a post-graduate in medicine, allegedly ended her life by taking overdose of sleeping pills at her residence in suburban Versova late Monday evening, police said, adding that she had deposits of over Rs 1 crore with the bank. However, the police also said that Bijlani, who had remarried recently, suffered from chronic depression, and had

PMC Bank case: Praful Patel used Wadhawans' aircraft eight times, says ED

So far, the ED has attached and identified assets worth Rs 3,830 crore in the PMC money laundering case

Top events today: Ayodhya case hearing may end, Rajya Sabha bypolls, & more

Bypolls to the two Rajya Sabha seats which fell vacant following deaths of former Union ministers Arun Jaitley and Ram Jethmalani will be held today

Reserve Bank board discusses commercial, co-operative banks, NBFCs

The meeting assumes importance after the Punjab and Maharashtra Cooperative Bank scam and the general liquidity deficit in the NBFC sector

PMC Bank scam: RBI board discusses framework for co-operative banks

The Reserve Bank's central board on Friday discussed in detail the regulatory and supervisory architecture of commercial and cooperative banks against the backdrop of Rs 4,500 crore scam at the PMC Bank. The meeting of the central board, held in Chandigarh, came a day after Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks. Besides, the board reviewed the current economic situation, global as well as domestic challenges, and various areas of operation of the Reserve Bank of India (RBI). "In this context, the board also discussed in detail the current state of the financial sector with special focus on the regulatory and supervisory architecture of commercial and cooperative banks as also NBFCs," the central bank said in a statement. The NBFC sector has been facing liquidity woes and other headwinds for many months following the IL&FS fiasco last year. The board, chaired by RBI ...