PUNJAB & MAHARASHTRA COOPERATIVE BANK
Maharashtra govt working on merging PMC and MSC Banks: Jayant Patil
Speaking on the issue of PMC bank depositors, Nationalist Congress Party ...
ET Explains: Inside RBI's plan to avert PMC Bank-like embarrassments
New policy measures were announced on Thursday to strengthen the regulat...
Bombay High Court junks PMC Bank depositors' plea for lifting of restrictions
In their pleas, the petitioners alleged that the RBI's decision...
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.
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.
Police shares findings on PMC’s arrested auditors with ICAI
According to the police, Rakesh and Sarang Wadhawan of real estate firm HDIL, who are among the accused in the case, had allegedly tampered with the bank’s core banking solution to operate 44 password-protected accounts. Overdrafts disbursed by the bank to these accounts eventually made it to the accounts held by HDIL or its promoters, the police had alleged.
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.
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.
Haryana extends Cooperative loan repayment scheme for farmers
Haryana Chief Minister Manohar Lal Khattar has extended the last date of lump-sum payment scheme for loanee members and farmers of cooperative banks upto December 31, 2019. About seven lakh eligible farmers, 1,98,561 farmers have been provided full interest relief under this scheme till 30 November 2019.
EOW probe: 23 PMC bankers, clients took out Rs 70 crore before curbs
As per Mumbai Police, 23 PMC bankers and clients took Rs 70 crore a week before RBI's clampdown.
PMC Bank scam: EOW conducts search at Rajneet Singh's flat
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.
Government mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman
FM said the government will bring legislations on raising bank deposit cover from the current Rs 1 lakh.
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.
EOW arrests two auditors in connection with PMC Bank scam
The Economic Offences Wing (EOW) on Monday arrested two auditors in connection with PMC Bank scam and will produce them in Court today seeking their police remand.
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 this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the monetary policy.
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