Page 7 - Pmc Bank

PMC Bank scam: RBI expects forensic audit report by end of this month

The forensic audit report on the scam-hit Punjab & Maharashtra Co-operative Bank is expected by the end the month, Reserve Bank governor Shaktikanta Das said on Thursday. The multi-state co-operative bank has been under the RBI restriction since September 23, after it had found financial irregularities, including huge under-reporting of loans and non-performing assets to real estate developer HDIL to the tune of Rs 6,500 crore using hundreds of dummy accounts. The central bank also sacked the board of the bank and appointed an administrator. "There is a forensic audit which is underway. The final report of the forensic audit is expected by the end of this month," Das told reporters at the post-policy press conference. In September, PTI had reported that the co-operative lender's actual exposure to HDIL was over Rs 6,500 crore -- which is 73 percent of its entire assets of Rs 8,880 crore. Das said PMC, with the help of professional valuers, is also assessing the ...

India didn't join RCEP as 'offer was not as much as our aspirations': FM

India's decision to not to join the mega deal was announced by Prime Minister Narendra Modi during his speech at the RCEP Summit in Bangkok early this month.

PMC Bank scam: Mumbai Police EOW arrests 3 ex-directors after questioning

The Economic Offences Wing of the Mumbai Police arrested three former directors - two of them women - of the Punjab & Maharashtra Cooperative Bank Ltd in connection with the ongoing probe into the Rs 4,355-crore HDIL scam, a police official said here on Tuesday.

78% PMC bank depositors can withdraw entire deposits: Sitharaman

The Finance Minister said that in case of medical emergencies, marriages and other crisis situations, a depositor of the PMC Bank can withdraw up to Rs 100,000

PMC scam: Court approves sale of two jets, yacht owned by HDIL's Wadhawans

A court here has allowed the RBI- appointed administrator for PMC Bank to sell two airplanes and a yacht belonging to HDIL group promoters Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 4,355-crore scam at the cooperative lender. The administrator had moved the metropolitan court here, seeking its direction to sell movable assets attached by probe agencies in connection with the scam at Punjab & Maharashtra Co-operative Bank (PMC Bank). According to the Mumbai Police's Economic Offences Wing (EOW), the PMC Bank management, in cahoots with the Wadhawans, concealed from the banking regulators' scrutiny huge loan defaults by HDIL group firms. Over 70 per cent of the bank's advances went to HDIL group, which led to a huge crisis when the realty group defaulted on repayment, the EOW had said. The RBI had on September 24 imposed operational curbs on PMC Bank and appointed an administrator following detection of alleged financial irregularities.

PMC Bank disclosed only Rs 439.6 cr exposure to HDIL of Rs 6,226 cr: Report

The Reserve Bank of India has reported that the fraud was perpetrated by the PMC Bank by withholding and falsifying pertinent information about its exposure to HDIL

RCEP offer 'was not as much as our aspirations', says FM Sitharaman

She also said that she held discussions with credit rating agencies on their methodology to assess risk

PMC bank scam: ED consents to disposal of 2 planes, yacht of HDIL group

The EOW has already given its consent to dispose of these properties earlier

PMC Bank scam: In affidavit to Bombay HC, RBI reveals it was 'cheated'

In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India (RBI) has virtually admitted that it was 'fooled' by the management of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank.

Congress seeks PMO's intervention to resolve PMC bank crisis in Maharashtra

The Economic Offences Wing (EOW) of the Mumbai Police is probing the alleged Rs 4355 crore scam in the bank

PMC case: Depositors can contact RBI admin during emergency, says Bombay HC

The RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities

PMC Bank case: Depositors protest as HC refuses to interfere with RBI order

The protestors raised slogans against the court, the RBI and PMC Bank

RBI unions want govt to raise deposit insurance cover to Rs 10 lakh

The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh. The demand for increasing bank deposit insurance cover, which was last revised in May 1993, has come to the fore after the ongoing crisis at Punjab & Maharashtra Cooperative Bank. Over the weekend, finance minister Nirmala Sitharaman had said government would bring in a legislation during the ongoing Winter session to increase the deposit insurance cover from Rs 1, but did not specify a number. "We had earlier suggested hiking the insured deposit cover to at least Rs 10 lakh, covering all types of deposits of an individual, which we reiterate and urge the government to consider," the All-India Reserve Bank Employees Association said in a statement. In dollar terms, the proposed cover at around USD 14,000 is much lower than in many other countries, it added. At present, the Deposit Insurance and Credit Guarantee ...

RBI plans 'college of supervisors' to prevent 'PMC Bank-like crisis'

The Reserve Bank is in the process of setting up a 'college of supervisors' to augment the supervisory skills of its key personnel, governor Shaktikanta Das has said. The development can be attributed as a response to the massive scam at Punjab & Maharashtra Cooperative (PMC) Bank, which for three years hoodwinked the regulator with cooked up books-something the annual inspection by the RBI supervisors could not notice and take preventive action. The RBI has already created a unified department of supervision and a unified department of regulation from November 1 this year, which will strengthen the oversight of commercial banks, cooperative banks and NBFCs, Das has said. The governor was addressing a closed-door conference on '50 years of bank nationalisation' organised by Ahmedabad University over the weekend. "It is our endeavour to update the knowledge and skill levels of supervisors on a continuous basis. We are adopting a multi-pronged approach in this aspect. .

All you wanted to know about banking frauds

Bankers feel inhibited talking about frauds for fear of loss of reputation. Large frauds usually come to light after 54 months

PMC Bank scam: EOW conducts search at Rajneet Singh's residence

Besides being a director, Rajneet Singh is a member of the loan recovery committee of the bank

Financial reforms like regulating co-op banks coming in winter session: FM

At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation

PMC Bank scam: Mumbai Police Economic Offences Wing arrests another auditor

The Economic Offences Wing (EOW) of Mumbai Police has arrested an auditor in connection with the alleged Rs 4,355 crore scam at the Punjab & Maharashtra Cooperative (PMC) Bank, an official said on Wednesday. This is the eighth arrest in the case. Anita Kirdat (35), a 'concorrent auditor' of the bank, was arrested on Tuesday, a senior police official said. Her responsibility was to ensure a "systematic and timely examination" of the bank's financial transactions, he said. Kirdat audited the bank's transactions monthly, but allegedly could not or did not point out irregularities in its processes. She was called for questioning and later arrested, the official said, adding that she was remanded in EOW custody by a local court till November 18. On Monday, the EOW had arrested two statutory auditors, Jayesh Sanghani and Ketan Lakdawala, in connection with the scam. They are suspected to have played a key role in covering up the irregularities in the bank. The EOW suspect

PMC Bank scam: 2,000 Sikhs from Maharashtra can't go to Kartarpur

Ravindra Kaur Saini, who has three accounts in the PMC Bank, said she was disappointed at not being able to be a part of the historic pilgrimage

PMC scam: Mumbai police EOW arrests 2 auditors for covering irregularities

Two auditors were arrested on Monday night in connection with the Rs 4,355-crore alleged Punjab and Maharashtra Cooperative (PMC) Bank scam by the Economic Offences Wing (EOW) of the Mumbai Police, an official said. The arrested duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed and suspected to have played a key role in covering up the irregularities involving some top officials of the bank, he said. Police had earlier called Sanghani and Lakdawala, the proprietors of Ashok Jayesh & Associates and Lakdawala & co, respectively, for questionning. "They failed to give convincing replies regarding their role as the statutory auditors of the PMC Bank. They were arrested on Monday evening and booked under relevant sections of the Indian Penal Code," he said. Probing the scam, the EOW suspects a nexus between some of the accused and HDIL group companies. According to investigators, a deep-rooted conspiracy caused ...