Page 11 - Pmc Bank

Urban cooperative banks to get umbrella body for liquidity support

The organisation, an NBFC, will have authorised capital of Rs 500 crore

FM Nirmala Sitharaman assures change in cooperative bank laws if required

Tells PMC Bank depositors that government and Reserve Bank working on solving their problems

Shares of HDIL hit lower circuit; have lost over 50% in 17 trading sessions

Stocks hit 52-week low on Wednesday after reports said the auditors of the realty firm may be included in the ongoing PMC bank scam probe

PMC Bank scam: Custody of Wadhawans, Waryam Singh extended till October 14

Police told the court that they need to interrogate the accused further in connection with the scam

PMC Bank scam: ED to attach HDIL promoters' plush Alibaug property

The bungalow is spread across 2.5 acres; valuation being assessed

PMC Bank crisis: It's time to massively increase depositor insurance

The Punjab & Maharashtra Cooperative Bank (PMC) scam points to the urgent need to massively increase the depositor insurance cover from the present Rs 1 lakh, says a report. The Deposit Insurance & Credit Guarantee Corporation (DICGC) insures each depositor in a bank up to a maximum of Rs 1 lakh for both principal and interest as on the date of liquidation/cancellation of the affected bank's licence or from the date of amalgamation/merger. Last month, the Reserve Bank had imposed a slew of restrictions on the urban cooperative bank PMC for six months, after finding serious irregularities, including hiding of bad loans to bankrupt real estate developer HDIL. The curbs included withdrawal limit at Rs 1,000, which was later increased to Rs 25,000 per depositor, ban on lending and accepting fresh deposits. The PMC crisis has brought to the fore the need to increase the deposit insurance coverage provided by the DICGC. It can be noted that there has been repeated call .

The mess called cooperative banks

Either co-operative banks or their depositors should be required to buy commercially priced deposit insurance above the level insured by the statutory cover

PMC crisis calls for board of management in urban cooperative banks

The idea - seconded by the R Gandhi committee on UCBs in 2015 - behind this was to cut through the legal bureaucracy and tap dance around dual regulation

PMC Bank crisis: Financial sector needs governance rehaul, says S&P

The RBI has appointed an administrator and superseded the board of directors at PMC, after the discovery of major financial irregularities

PMC Bank crisis: Ministry of Corporate Affairs to inspect books of HDIL

The ministry will study the books of account, related-party transactions and filings of the company

PMC Bank's suspended MD Joy Thomas blames 'superficial auditing' for mess

The suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, has blamed the auditors for the mess at the bank, accusing them of only "superficially auditing" the books of the now crippled lender due to "time constraints". In a five-page letter to the Reserve Bank of India (RBI) dated September 21 after a board member blew the lid on the fraud at PMC, which is among the top ten urban cooperative banks, Thomas has confessed to the role of the top management, including a few board members, in hiding the actual NPA numbers and also the actual exposure to the bankrupt HDIL, which is stated to be around Rs 6,500 crore or over 73 per cent of its total loan book of Rs 8,880 crore. While Thomas has not named any auditor in the letter to the RBI written two days before the regulatory clamp down which PTI has reviewed, according to its annual report for FY19, the bank had three auditors -- Lakdawal & Co, Ashok Jayesh & Associates and DB Ketkar & Co ...

ICAI to check role of auditors in PMC bank financial irregularities

The Institute of Chartered Accountants of India has written to the Vigilance Department of the RBI and the Commissioner of Maharashtra Co-operative Societies

Monetary policy review: PMC fallout adds to RBI's woes ahead of rate cut

The latest trouble in the banking system may further hurt lending in an industry still grappling with the fallout from the collapse of a major shadow lender last year

HDIL directors Sarang Wadhawan, Rakesh Wadhawan arrested in PMC Bank case

Properties worth around Rs 3,500 crore, belonging to HDIL, have also been frozen by the EOW

RBI increases PMC bank depositors withdrawal limit to Rs 25,000

The Reserve Bank on Thursday enhanced the withdrawal limits for depositors of the scam-hit Punjab & Maharashtra Cooperative Bank to Rs 25,000 from Rs 10,000 per account over the next six month. This is the second time the regulator has increased the withdrawal limits since its clamped down on the bank on September 23 when it had capped it a low Rs 1,000 per customer which led to lot of distress and criticism. Since then PMC, which has among the top 10 cooperative banks with a deposit of over Rs 11,600 crore, is under an administrator appointed by the RBI the past management is being probed by the economic offences wing of the city police. "We again reviewed PMC Bank's liquidity position and with a view to reducing the hardship of depositors, have decided to further enhance the limit for withdrawal to Rs 25,000 (during the pendency of the six months operational restrictions on the bank)," RBI said in a statement. With the above relaxation, more than 70 percent of the .

Wadhwans sent to police custody till October 9 in PMC Bank scam

They were arrested by the special investigation team (SIT) of the Economic Offences Wing (EOW) of Mumbai Police on Thursday and produced before a local court on Friday

PMC Bank scam: EOW arrests HDIL's Rakesh Wadhawan, Sarang Wadhawan

ED registers money laundering case in PMC Bank loan fraud

Former MD Joy Thomas arrested as crackdown in PMC Bank scam continues

Joy Thomas was arrested by the Mumbai wing of the Economic Offences Wing after the Reserve Bank of India (RBI) took charge of the bank

Joy Thomas, suspended MD of PMC Bank, arrested in Rs 6,500 crore fraud case

Wadhawans sent to police custody till October 9

PMC Bank scam: Enforcement Directorate searches Wadhawan's premises

The Wadhawans have 12 cars, including Bentley, Royal Royce, Range Rover, in their name.