Page 8 - Pmc Bank

PMC Bank crisis: Sessions court rejects bail plea of two directors

Opposing their pleas, the Mumbai Police's Economic Offences Wing (EOW) had said that prima facie a nexus between some of the accused and HDIL group companies has been made out by the agency.

400 depositors of scam-hit PMC Bank meet Mumbai police chief Sanjay Barve

Around 400 depositors of fraud- hit Punjab & Maharashtra Co-operative Bank (PMC) on Monday met Mumbai Police Commissioner Sanjay Barve and briefed him about problems being faced by them after the RBI put certain restrictions on the troubled lender. According to Harbans Singh, one of the PMC Bank depositors who met Barve, the meeting lasted for around two hours. "In the meeting, the commissioner assured us that the police will take every possible action to bring the culprits to book and recover the money of depositors," Singh said. The city police's Economic Offences Wing (EOW) is probing the alleged irregularities in grant of loans to certain corporate entities. The EOW has so far arrested five people, including promoters of realty group HDIL and top bank officials, in the alleged Rs 4,355-crore scam. Barve assured the depositors, which included senior citizens, that the police will forward their grievances to the RBI and the bank administrator appointed by it, Singh

Closely monitoring situation at PMC Bank, forensic audit underway, says Das

PMC Bank was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans

Lack of ICA to hit PMC Bank's HDIL exposure

It is not clear as to where PMC Bank stands in the pecking order for recovery of its dues from HDIL, worth Rs 6,500 crore

Confidence in financial sector at stake

IL&FS, DHFL and PMC Bank scandals have left people apprehensive about financial institutions

Assurances, merger & correct information: What PMC depositors want from RBI

The crisis began after an alleged Rs 4,355-crore scam came to light and the RBI capped withdrawals at Rs 1,000 per customer from September 24

HDIL promoters diverted Rs 160-crore PMC loans to 3 Delhi-based hotels: ED

The 3 hotels belong to Rakesh Wadhawan and his family, says ED

Relief for PMC Bank depositors as RBI raises withdrawal limit to Rs 50,000

This marks the fourth revision in withdrawal limit by the RBI since the PMC Bank scam came to the fore

Did not know about loans to HDIL, says PMC Bank director in bail plea

Surjit Singh Narang, one of the directors of scam-hit Punjab & Maharashtra Cooperative Bank, has claimed in his pre-arrest bail plea in a court here that he was not aware of the loans given by the bank to the HDIL group. The Economic Offences Wing (EOW) of Mumbai Police has arrested five persons in the Rs 4,355 crore PMC Bank scam, including promoters of realty group HDIL and top bank officials. Narang (71) has filed an anticipatory bail application before additional sessions judge S T Soor here. The FIR registered by the EOW did not name him, but it was "wide enough" to include him, his plea said. He was one of the promoters and share-holders of the bank, but not involved in its "day-to-day operations", it said. He was not aware of the loans given to HDIL, and there was nothing to show that he was connected with alleged "falsification of records and concealment of information" (to hide these loans), Narang said. As per the EOW, the bank management concealed from the banking ...

RBI enhances withdrawal limit for PMC Bank depositors to Rs 50,000

This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23

PMC Bank: Unable to pay medical bills, Thane man dies; 8th victim so far

The 74-year-old Andrew Lobo died at his home at Kasheli in the neighbouring Thane late Thursday evening

Bombay HC asks RBI what it has done to protect PMC bank depositors

It directed the RBI to file its affidavit and posted the matter for further hearing on November 19

PMC Bank to be 'up & running' in a month's time: EOW assures Sanjay Nirupam

Congress leader Sanjay Nirupam on Thursday said the Economic Offences Wing (EOW) of Mumbai Police has assured that the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank will be "up and running" in a month's time and its current account transactions will start "soon". Taking to Twitter after a meeting with the EOW officials here, the former MP said the current account transactions at the bank will start "soon". "Good news for #PMCBank depositors! Auction of #HDIL property to take place in few weeks under sarfaesi act. In next one month bank will be up & running. Current account transactions to start soon. #EOW chief Rajyawardhan assured us today in our meeting. #PMCBankScam," Nirupam tweeted. The Congress leader was referring to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (Sarfaesi) Act, which allows banks and other financial institutions to auction residential or commercial properties (of defaulters) to ...

In pictures: PMC Bank account holders protest at Mumbai's Azad Maidan

The PMC Bank has been put under restrictions by the RBI after an alleged fraud of Rs 4,355 crore scam came to light

Assure our money is safe, revive PMC Bank: Depositors urge RBI

The PMC Bank has been put under restrictions by the RBI after an alleged fraud of Rs 4,355 crore scam came to light

Customers of Goodwin jewellery chain left high and dry as owners shut shops

The fraud comes close on the heels of the multi-crore scam at Mumbai-based PMC Bank, which has affected thousands of depositors

Lessons from PMC: Why govt is responsible for co-operative bank crises

At no time has it made customers aware of any additional risk in such banks, over scheduled commercial banks

Tax benefit to cooperatives should go

Return to societies from cooperative banks is almost double that from commercial banks

Getting real about real estate

As of now, foreign investors appear to be the only viable source of long-term funds for the sector

FM Sitharaman faces irate PMC Bank depositors, promises legislation

The minister said she will speak to RBI Governor Shaktikanta Das about the interest of the depositors and convey their urgency and distress