PMC BANK DEPOSITS
Pawar meets Anurag Thakur to discuss revival of scam-hit PMC Bank
The PMC Bank has been put under restrictions by the RBI, after a multi-crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. The withdrawal limit was increased gradually to Rs 50,000.
Deposit Insurance Corporation faces claim of around ₹14,000 crore
DICGC came into limelight since RBI imposed deposit withdrawal restrictions...
Deposit Insurance Corporation sees Rs 14,100-cr claims amid PMC crisis
The Financial Stability Report said that all the claims may not materi...
‘PMC Bank didn’t properly classify Wadhawan account’
Only 21 loan accounts of HDIL Group with dues of ₹333.14 cr were reported to the RBI.
Umbrella unit to shore up urban co-operative banks
UCBs caught media attention in Sep this year when RBI put curbs on PMC bank
PMC Bank didn’t properly classify Wadhawan account: Economic Offences Wing
PMC Bank showed 59,675 accounts with outstanding dues of Rs 5,528.38 crore.
DICGC faces a claim of Rs 14,000 crore from co-operative banks including PMC: RBI
The extent of devolvement on DICGC in the event of all the banks ‘under direction’ or weak banks going into liquidation/ordered to be wound up, would be Rs 14098 crore as of end September, 2019, RBI said. The break-up would be Rs 3,414 crore in the case of state cooperative banks, district central cooperative banks and ₹10,684 crore in the case of UCBs including PMC Bank.
78% depositors of PMC Bank can withdraw entire deposits: Government
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.
Cooperative banks' assets nearly halve to 10.6% in FY19 from FY 05: RBI
September saw one of the biggest cooperatives, the city-based PMC, going belly up after a massive scam.
PMC Bank depositors' worries to be taken up with RBI: Minister
Punjab and Maharashtra Cooperative (PMC) Bank, over a long period of time, had given more than Rs 6,700 crore in loans to the Housing Development and Infrastructure Ltd, which is 73% of its total advances, and which turned sour with the bankruptcy of the company. Its total loans stand at around 9,000 crore and the deposits at over Rs 11,610 crore.
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.
ET Explains: Inside RBI's plan to avert PMC Bank-like embarrassments
New policy measures were announced on Thursday to strengthen the regulatory framework at the UCBs.
ET Awards 2019: India can be the oasis of growth amid global turmoil, says Piyush Goyal
The Narendra Modi government is determined to take policy initiatives, the minister said at the ET Awards.
Co-op banks’ body proposes Rs 5 lakh cover for deposits, risk-based premium
In a letter to FM Nirmala Sitharaman, representatives of Sahakar Bharati, which is associated with more than 20,000 co-operatives across India, have suggested raising the deposit insurance limit for individual account holders to Rs 5 lakh from Rs 1 lakh while that for institutional customers to Rs 25 lakh.
RBI unions want govt to hike deposit insurance cover 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 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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