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PMC Bank Crisis

Dec 15, 2019, 08.10 AM IST

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PMC BANK CRISIS

Maha govt suggests merger of troubled PMC Bank with MSC Bank

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. At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who committed suicide.

Bombay High Court junks PMC Bank depositors' plea for lifting of restrictions

In their pleas, the petitioners alleged that the RBI's decision...

Two directors of PMC Bank sent to police custody till December 11

The Economic Offences Wing (EOW) of the Mumbai Police had arrested three PM...

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  • Many investors, recently, were concerned about the news around DHFL FDs being kept on hold and the PMC Bank crisis.

    The minister said steps are being taken to seize properties of promoters of the PMC Bank, auction such properties and repay depositors with the money obtained. Sitharaman said the Rs 50,000 withdrawal ceiling for depositors continues but for scenarios like marriage, education, livelihood and other "hardships", the withdrawal limit if Rs 1 lakh.

    A court 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 PMC Bank crisis has brought safety of bank deposits into focus, but does that fear warrant a bank change?

    Reserve Bank Governor Shaktikanta Das on Thursday said it is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is u...

    This is the eighth arrest in the case. Anita Kirdat (35), a 'concorrent auditor' of the bank, was arrested on Tuesday. Her responsibility was to ensure a "systematic and timely examination" of the bank's financial transactions. Kirdat audited the bank's transactions monthly, but allegedly could not or did not point out irregularities in its processes.

    68-year-old Keshumalbhai Hinduja, who had an account with the scam-hit PMC Bank died in suburban Mulund, his relatives said on Thursday. They, however, did not the blame the crisis at the bank for his death. He is the sixth known PMC Bank depositor who died after restrictions were imposed on withdrawal of funds from the bank.

    The EOW suspects a nexus between some of the accused and the realty group HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of an administrator by the RBI and restrictions on withdrawal of funds.

    he RBI considers deposits over Rs 2 crore as bulk deposits and smaller amounts as retail.

    The results of the polls indicate that, despite all the protests from Bandra to Borivali , the Aarey factor didn’t play a role and the Sena-BJP combine won all seats from the western suburbs.

    In an affidavit filed in the HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal ceiling at Rs 50,000 for scenarios like marriage, education, livelihood and "other hardships". On Sept 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.

    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 PMC Bank. Over the weekend,Nirmala Sitharaman had said govt 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.

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