Page 6 - Pmc Bank

SC refuses to take up PMC depositors' plea to lift withdrawal restrictions

The Supreme court on Friday refused to entertain a plea filed on behalf of scam-hit PMC Bank account holders seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals. A bench headed by Chief Justice of India Ranjan Gogoi said, "We are not inclined to entertain this petition under article 32 (writ jurisdiction). Petitioner can approach the high court concerned for appropriate relief". Solicitor General Tushar Mehta said the government is aware of the seriousness of the situation and the Enforcement Directorate is taking appropriate action against the culprit. Advocate Shashank Sudhi, appearing for petitioner Bejon Kumar Mishra, said he has filed the petition on behalf of 500 Punjab & Maharashtra Co-operative Bank account holders seeking lifting of restrictions imposed by the RBI on cash withdrawals.

Shivalik Mercantile receives approval to become Small Finance Bank

The RBI had come with a scheme on voluntary transition of UCBs into Small Finance Bank (SFB) on September 27, 2018. But there was no taker

RBI revises norms for faster resolution of Urban Co-op Banks' bad assets

The move comes in the backdrop of the scam in Punjab and Maharashtra Cooperative (PMC) Bank causing distress to over 9 lakh depositors

Year in Review: Jet collapse to NBFC mess, biggest business news of 2019

With 2019 drawing to a close, Business Standard looks at the biggest news developments from the world of business that shaped the year

Year in Review: Top 10 corporate events and crises India Inc faced in 2019

From DHFL, PMC and Karvy crises to the suicide of CCD promoter V G Siddhartha and arrest of the Singh brothers, these corporate events and scandals made strong headlines in 2019

Deposit Insurance Corporation sees Rs 14,100-cr claims amid PMC crisis

The Deposit Insurance and Credit Guarantee Corporation has received a total claim of about Rs 14,100 crore in case of defaulting co-operative banks amid massive scam at the now-crippled Punjab & Maharashtra Cooperative Bank, according to the RBI. However, the regulator, the Financial Stability Report said, was quick to add that all the claims may not materialise at the same time and some may even revive. The extent of devolvement on the Deposit Insurance and Credit Guarantee Corporation (DICGC) in the event of all the banks "under direction" or weak banks going into liquidation or ordered to be wound up, would be Rs 14,098 crore as of September-end, said the RBI's Financial Stability Report released recently. Cooperative banks have been under stress for long and the ongoing PMC Bank crisis, which involves a scam of Rs 6,500 crore that is 73 per cent of its total assets of around Rs 9,000 crore, is related to a single entity, the bankrupt HDIL, which has been gaming the bank since .

RBI inspection report of scam-hit PMC Bank yet to be finalised: RTI

The RBI declined to give copies of two complaints received by it regarding 'irregularities' in the bank and the action taken on them

PMC Bank crisis: Administrator to seek valuation of HDIL's aircraft, yacht

These assets belong to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 6,500-crore scam at the cooperative lender

UCBs need to address weak governance, slow tech adoption, says RBI report

The sector faces increasing competition from not only scheduled commercial banks (SCBs) but also from small finance banks and payments banks.

HDIL, its promoters to repay loan to PMC Bank, assets to be sold soon: HC

The court also said that the assets of HDIL and Wadhawans must be sold at the earliest in the interest of the PMC Bank and its depositors

No objection if HDIL properties are sold off: Wadhawan tells High Court

Sarang Wadhawan filed an affidavit on Wednesday in response to a public interest litigation filed by lawyer Sarosh Damania.

BS Banking Annual 2019: Banking is a very long-term biz, says USFB chief

Becoming a bank has given us more strength, says Jana SFB MD & CEO Ajay Kanwal

PMC Bank money-laundering case: ED files chargesheet against HDIL promoters

The Enforcement Directorate on Monday filed a charge sheet against Housing Development Infrastructure Ltd (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan in connection with the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank scam. The agency submitted its charge sheet, running into around 7,000 pages, before a special court set up under the Prevention of Money Laundering Act (PMLA). The Wadhawans have been booked under various provisions of the PMLA. The two were initially arrested by Mumbai Police's Economic Offences Wing (EOW), which was probing the scam, and later taken into custody by the ED in October this year. The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. The bank, over a long period of time, had given more than Rs 6,700 crore in loans to HDIL, which is 73 per cent of its total advances, and which turned sour with a shift in the .

PMC Bank depositors detained for protesting outside CM Thackeray's house

The RBI had asked the bank not to grant or renew any loans and advances, make any investment or incur any liability, including borrower of funds and acceptance of fresh deposits.

50 PMC depositors held for stir outside CM's house; Uddhav assures justice

Over 50 depositors of the Punjab & Maharashtra Cooperative (PMC) Bank were detained by Mumbai Police on Sunday after they protested outside the residence of Chief Minister Uddhav Thackeray here, police said. Later, Thackeray met a delegation of depositors of the troubled lender and assured that his government will take necessary steps to ensure justice to the bank's customers. Nearly 500 depositors of the troubled bank initially gathered outside an office of the RBI in the Bandra-Kurla Complex (BKC) but they later headed towards 'Matoshree', the residence of Thackeray in suburban Bandra, in a bid to meet him, a police official said. They assembled outside the gate of Thackeray's residence, shouted slogans against the RBI and demanded that their delegation be allowed to meet the chief minister, the official said. "More than 50 protesters, including some women, were detained and taken to Kherwadi and BKC police stations," he said, adding they some of them were later ...

Post PMC scam, RBI board discusses functioning of co-operative banks

Following exposure of scam in the PMC Bank, which had over 9.15 lakh depositors, the RBI had imposed restrictions on withdrawals

Maharashtra govt to take up concerns of PMC Bank depositors with RBI

Patil recalled that he had suggested merger of the PMC and MSC banks to the latter's chairman

Bombay HC junks PMC Bank depositors' plea for lifting withdrawal cap

On September 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities

Maharashtra govt suggests troubled PMC Bank's merger with MSC Bank

The Maharashtra government has suggested merger of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank with the MSC Bank in a bid a provide relief to depositors of the troubled lender, state minister Jayant Patil said on Thursday. If the need be, the state government will speak to the Reserve Bank of India (RBI) on the issue of merger of the Maharashtra State Cooperative (MSC) and PMC banks, he said. "I spoke to the MSC Bank chairman day before yesterday. We have suggested the MSC Bank to try to merge the PMC bank with it so that the poorest of its depositors get relief," Patil told reporters here. The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. The withrawal limit has been raised in staggered manner to Rs 50,000. At least eight depositors, who had high quantum of money stuck with the ..

Final report on PMC Bank is expected by Dec-end: RBI guv Shaktikanta Das

A call will be taken on further course of action once the RBI gets the report