Page 9 - Pmc Bank

PMC case: ED initiates proceedings to attach Wadhawan's UK, UAE properties

PMC's exposure to HDIL is over Rs 6,000 crore

Will protect depositors' interests, PMC chief assures RBI governor

The meeting with Das, deputy governor and other senior officials of the Central bank came after police authorities confirmed the death of one more depositor, Fattomal Punjabi (61) due to natural cause

SC to hear PIL seeking interim protection for PMC Bank customers on Friday

PIL seeks comprehensive guidelines to avoid another crisis like that of PMC Bank, seeks 100 per cent insurance of deposits

Will safeguard depositors' interests, PMC Bank management assures RBI

Administrator J B Bhoria and his team met Shaktikanta Das and other senior officials on Wednesday to apprise them of the position of the bank after relaxation of the withdrawal limit to Rs 40,000

PMC Bank scam: Ex-director sent in police custody till October 22

The court also remanded the bank's former managing director Joy Thomas in 14-day judicial custody, after his police remand ended on Thursday

Fourth incident of PMC depositor death, 'had no funds for surgery'

An 83-year-old depositor of the troubled PMC Bank died on Friday, with his family claiming that it could not raise money for his heart surgery after restrictions were imposed on fund withdrawals. This is a fourth incident of the death of a depositor of the Punjab & Maharashtra Cooperative Bank after the RBI appointed administrator on the city-headquartered lender. Two of the depositors had died of cardiac arrest, while another, a woman doctor, allegedly committed suicide. Murlidhar Dharra (83) died at his home in suburban Mulund on Friday, his son Prem Dharra told PTI. The family had a total of Rs 80 lakh in deposits with tbe bank (which was placed under restrictions since September 24), he said. Doctors had recommended heart surgery for his father, but they could not arrange the money as the deposits are stuck at the bank, Prem said. It can be noted that under the RBI directions, exceptions can be made for medical emergencies. It was not known immediately whether th

HDIL's Wadhawans sent to ED custody till October 22 in PMC Bank scam case

The duo had been arrested by the Economic Offences Wing (EOW) of Mumbai Police in connection with the case earlier this month

PMC Bank depositors hold protest outside RBI headquarters in Mumbai

The depositors gathered outside the RBI around 11.45 am and held protests by showing placards and chanting slogans against PMC Bank and the RBI, a police official said

PMC Bank depositors in dire straits; govt does not care: Sitaram Yechury

Accusing the government of lying about the economic situation, Yechury alleged that public money was being used for PR

How to defuse the co-operative bomb

The minimum capital requirement for a co-operative bank is Rs 1 lakh - an amount that has remained unchanged since 1949

FRDI Bill should focus on speedy resolution of stressed financial firms

Most legal experts believe had the FRDI Bill been enacted alongside the Insolvency and Bankruptcy Code, it would have helped the government deal with the crisis better

Medicines, school fees, fear of future: Life of depositors after PMC crash

So far, three depositors have lost their lives, apparently due to the crisis

Uncertainity of one case does not reflect true efficiency of IBC: FM

Sitharaman was responding to a question on a particular recent case which many allege reflects some major loopholes in the IBC

Regulator, auditor should be held responsible for frauds in banks: Thakur

The regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or other banks, Minister of State for Finance Anurag Thakur said on Thursday. Thakur said that in case of PMC Bank, the Reserve Bank of India has allowed withdrawal of Rs 40,000, which covers around 77 per cent of the affected people and they have been assured of up to Rs 1 lakh. "As far as the PMC Bank or any other bank is concerned, it is the job of the regulators first to look into those issues. It is the auditor, who should be held responsible. It is the management of the bank who are dealing on a day to day basis and if any one is involved in fraud, ED has taken action. People have been arrested. Their properties have been attached," Thakur said at Times Network India Economic Conclave event. He was responding to queries on crisis at PMC Bank and depositors under stress. Thakur said the BJP government has brought in reforms to make balance sheet of banks healt

Sell our assets to pay off bank's dues, Wadhawans write to RBI, agencies

The Wadhawans, in a letter to the ED, Union finance ministry and RBI, requested that they be allowed to sell off 18 of their attached assets. The letter was released by a spokesperson of the Wadhawan

Will discuss PMC Bank issue with PM Modi: Fadnavis tells depositors

Fadnavis said he would be meeting Modi on October 13, and he had already prepared a brief on the PMC Bank issue for the meeting

Spoken to RBI guv, concerns of PMC Bank's customers will be addressed: FM

Assuring account holders of troubled Punjab and Maharashtra Co-operative Bank of support, Finance Minister Nirmala Sitharaman on Saturday said that she has spoken to the RBI governor, who assured that customers' concerns will be taken on top priority. The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000. "Spoken to governor @RBI on the #PMCBank matter. He assured me that clients & their concerns will be kept on top priority. I wish to reiterate that @FinMinIndia will ensure that customers concerns are comprehensively addressed. We understand the justified worries of the customers," she said in a tweet. PMC is in bad health allegedly due to its exposure to near-bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances. Earlier this week during a media interaction, she had said, ''Finance Ministry may have ...

How to fix the PMC Bank crisis

What we need is a simple principle to be applied here: All deposit-taking organisations should come under the sole supervision of the RBI

Assets worth Rs 3,830 cr seized, identified in PMC Bank case: ED

The identified assets will soon be attached under the Prevention of Money Laundering Act (PMLA).

RBI raises withdrawal limit to Rs 40,000 for account holders at PMC Bank

For the third time since its punitive actions, the Reserve Bank on Monday increased withdrawal limits at the crippled cooperative PMC Bank to Rs 40,000 from the present Rs 25,000 per accountholder. The move follows the weekend assurance by finance minister Nirmala Sitharaman to urge the Reserve Bank to look into the woes of the depositors of the cooperative bank with urgency, after irate depositors met her. Punjab & Maharashtra Cooperative Bank, which is among the top 10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. The regulator also capped deposit withdrawals first at Rs 1,000, which was subsequently increased to Rs 10,000 and Rs 25,000. "The financial position of the bank has been substantially impaired due to fraud perpetrated on it by certain persons. As soon as the matter came to the notice of the Reserve Bank, action was taken in appointing an administrator and ...