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.
Forensic audit on PMC scam expected by month-end: Shaktikanta Das
"There is a forensic audit underway. We will get the report by the end of t...
Net banking & card frauds up 50%, Delhi is ATM con capital
The numbers of ATM frauds in public sector banks were, however, more revealing. Wh...
Panel to assess value of assets mortgaged by PMC borrowers
The bank is currently undergoing a forensic audit the report for which will be finalised by the end of this month. But simultaneously, other assets and mortgages are also being identified by investigation agencies and the banking regulator to get back the bank’s dues.
Bank auditors have to be more vigilant
Under the new framework, statutory auditors, in verifying whether an NPA has been correctly identified by the bank, should not confine to the objective tests laid down but “display a greater degree of scepticism and independence” in scrutinising banks’ exposure to big borrowers.
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.
Maharashtra government wants PMC Bank to merge with MSC Bank
"The government stands behind the PMC Bank depositors. I have spoken with the MSC Bank director and asked him to consider a merger of the two banks to provide relief to the depositors," Patil told mediapersons here this afternoon. He assured that the state's apex cooperative banking entity.
RBI expects forensic audit report on PMC Bank by month-end
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.
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.
Maharashtra govt working on merging PMC and MSC Banks: Jayant Patil
Speaking on the issue of PMC bank depositors, Nationalist Congress Party (NCP) leader Jayant Patil said, “Depositors of Punjab and Maharasht...
Govt should work with regulators to fix problems in Karvy, DHFL fraud cases: Congress
The Congress in Rajya Sabha on Tuesday said steps being taken by multiple regulatory authorities in cases related to alleged fraud at Karvy Stock Broking (KSBL) and DHFL could be "legally questionable" and the government should work with regulators to fix the problem.
Bombay High Court junks PMC Bank depositors' plea for lifting of restrictions
In their pleas, the petitioners alleged that the RBI's decision (to put restrictions on cash withdrawal) was irrational, arbitrary and violative of the fundamental rights of common public.
SFIO begins probe against CG Power and Industrial Solutions, 15 group firms
The company had in August said that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors".
Facebook sues Chinese company over ad fraud
Facebook blamed ILikeAd Media International Company and two individuals associated with the company — Chen Xiao Cong and Huang Tao — for the fraud. The defendants deceived people into installing malware available on the Internet. This malware then enabled the defendants to compromise people’s Facebook accounts and run deceptive ads promoting items.
Two directors of PMC Bank sent to police custody till December 11
The Economic Offences Wing (EOW) of the Mumbai Police had arrested three PMC Bank directors- Jagdish Mookhey, Mukti Bavisi and TruBane- on Tuesday. Of them, Mookhey and Bane were produced before chief metropolitan magistrate court, which remanded them in police custody till December 11.
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