Page 3 - Latest Updates on PMC Bank Crisis
PMC crisis calls for board of management in urban cooperative banks
The idea - seconded by the R Gandhi committee on UCBs in 2015 - behind this was to cut through the legal bureaucracy and tap dance around dual regulation
 "PMC crisis calls for board of management in urban cooperative banks")
The mess called cooperative banks
Either co-operative banks or their depositors should be required to buy commercially priced deposit insurance above the level insured by the statutory cover
 "The mess called cooperative banks")
PMC Bank crisis: It's time to massively increase depositor insurance
The PMC crisis has brought to the fore the need to increase the deposit insurance coverage provided by the DICGC.
PMC Bank scam: ED to attach HDIL promoters' plush Alibaug property
The bungalow is spread across 2.5 acres; valuation being assessed
 "PMC Bank scam: ED to attach HDIL promoters' plush Alibaug property")
Best of BS Opinion: PMC Bank crisis, stressed financial firms, and more
The lead edit explains why the 25 basis point cut in the policy rate is an appropriate call
PMC Bank scam: Enforcement Directorate searches Wadhawan's premises
The Wadhawans have 12 cars, including Bentley, Royal Royce, Range Rover, in their name.
 "PMC Bank scam: Enforcement Directorate searches Wadhawan's premises")
Joy Thomas, suspended MD of PMC Bank, arrested in Rs 6,500 crore fraud case
Wadhawans sent to police custody till October 9
 "Joy Thomas, suspended MD of PMC Bank, arrested in Rs 6,500 crore fraud case")
Former MD Joy Thomas arrested as crackdown in PMC Bank scam continues
Joy Thomas was arrested by the Mumbai wing of the Economic Offences Wing after the Reserve Bank of India (RBI) took charge of the bank
Wadhwans sent to police custody till October 9 in PMC Bank scam
They were arrested by the special investigation team (SIT) of the Economic Offences Wing (EOW) of Mumbai Police on Thursday and produced before a local court on Friday
PMC Bank scam: EOW arrests HDIL's Rakesh Wadhawan, Sarang Wadhawan
ED registers money laundering case in PMC Bank loan fraud
 "PMC Bank scam: EOW arrests HDIL's Rakesh Wadhawan, Sarang Wadhawan")
RBI increases PMC bank depositors withdrawal limit to Rs 25,000
This is the second time the regulator has increased the withdrawal limits since its clamped down on the bank on September 23
 "RBI increases PMC bank depositors withdrawal limit to Rs 25,000")
HDIL directors Sarang Wadhawan, Rakesh Wadhawan arrested in PMC Bank case
Properties worth around Rs 3,500 crore, belonging to HDIL, have also been frozen by the EOW
Monetary policy review: PMC fallout adds to RBI's woes ahead of rate cut
The latest trouble in the banking system may further hurt lending in an industry still grappling with the fallout from the collapse of a major shadow lender last year
 "Monetary policy review: PMC fallout adds to RBI's woes ahead of rate cut")
ICAI to check role of auditors in PMC bank financial irregularities
The Institute of Chartered Accountants of India has written to the Vigilance Department of the RBI and the Commissioner of Maharashtra Co-operative Societies
 "ICAI to check role of auditors in PMC bank financial irregularities")
PMC Bank's suspended MD Joy Thomas blames 'superficial auditing' for mess
In the past eight years, PMC had three statutory auditors -- Lakdawal & Co (FY19 and FY18); Ashok Jayesh & Associates (FY17, FY15, and FY11) and DB Ketkar & Co (FY14 and FY12)
PMC Bank crisis: Ministry of Corporate Affairs to inspect books of HDIL
The ministry will study the books of account, related-party transactions and filings of the company
PMC Bank depositors reach RBI gates, seek meeting to lift withdrawal cap
Depositors have also planned silent marches across Mumbai today
 "PMC Bank depositors reach RBI gates, seek meeting to lift withdrawal cap")
DHFL stock declines 20% over HDIL and crisis-hit PMC Bank concerns
DHFL said it has no exposure to HDIL and PMC, and cautioned against misleading reports that can trigger panic
 "DHFL stock declines 20% over HDIL and crisis-hit PMC Bank concerns")
Banking system is safe: RBI tells depositors again as PMC crisis deepens
The RBI statement came on a day when the Nifty Bank index tanked by 1.30 per cent in intra-day trade amid a barrage of negative news from the sector
 "Banking system is safe: RBI tells depositors again as PMC crisis deepens")
Reports of our exposure to HDIL and PMC Bank are misleading: DHFL
The housing financier is supposed to reach a debt resolution plan with its lenders shortly so that new funds start flowing into the company
 "Reports of our exposure to HDIL and PMC Bank are misleading: DHFL")
