Page 12 - Pmc Bank

Best of BS Opinion: PMC Bank crisis, stressed financial firms, and more

The lead edit explains why the 25 basis point cut in the policy rate is an appropriate call

Financial sector stability & our cook Lilu-tai

PMC Bank cannot create systemic instability but the triumvirate of banks/UCBs, shadow banks and realty firms can play havoc with the Indian financial system

Waryam Singh, former chairman of PMC Bank, arrested by Mumbai Police

This is a fourth arrest in the case

Joy Thomas in police custody till Oct 17, lawyers say he's the fall guy

Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Saturday remanded in police custody till October 17. His lawyer Rakesh Singh argued that Thomas was just an employee of the bank and not a decision-maker and was being made a scapegoat as the loans turned out to be bad. The Economic Offences Wing (EOW) of Mumbai Police, which had arrested Thomas on Friday, produced him before Additional Chief Metropolitan Magistrate S G Shaikh. The police told the court that they needed his custody to interrogate him as he was part of the conspiracy, adding that the bank provided various credit facilities to the bankrupt Housing Development and Infrastructure (HDIL) group firms, most of it guided or committed by the accused. It appears the funds availed by HDIL from the bank have not been used for the designated purpose, police told court. Thomas deliberately didn't disclose it for a

Top 10 biz headlines: Wilbur Ross on trade war, Wadhawan arrested, and more

From Wilbur Ross talking about India having an opportunity to profit from trade war to the arrest of Wadhawans, here are the top 10 business headlines on Friday

Tycoon in trouble: How Sarang Wadhawan's house of cards at HDIL fell apart

Poor cash collections were at the centre of HDIL's problems, said analysts

Shadow bank woes may continue to haunt stock market after disrupting rally

The S&P BSE Sensex Index posted its third day of losses on Tuesday, ending a surge since the Sept 20 announcement of the tax cuts

What is the way forward for UCBs now? Step back and revisit RBI suggestions

The R Gandhi (former deputy governor of the RBI) Committee's report on UCBs (2015) was prescient, in particular, for the need to set up a board of management (BoM) in UCBs

Caught in the headlights: Here's a look at three big rip-offs in UCBs

Weak governance, poor internal controls, political interference and dual regulation by state governments and the Reserve Bank of India - just about everything which can go wrong at UCBs

The last boarding call: Time running out fast for urban co-operative banks

Coming years will see the sector go through a sea change

High interests driving depositors to co-op banks even amid bankruptcy

Customer service and long-term association spanning generations are also other reasons for the popularity

In NPAs race, Urban Cooperative Banks are no worse than commercial banks

Three UCBs, which reported their FY19 financials, have an average GNPA average ratio of 5.6 per cent last fiscal, down from a high (average) of 5.9 per cent in FY15