PMC Bank

Deposits up to Rs 5 lakh are refunded within 90 days from the start of the moratorium when banks go bankrupt

The Delhi High Court has dismissed a petition by depositors of the PMC Bank challenging the restrictions imposed by the Reserve Bank of India (RBI) on withdrawals from their bank accounts. Justice Prateek Jalan said despite sympathising with the petitioners, he was unable to grant relief to them. Despite sympathising with the position in which the petitioners find themselves, I am unable to grant the relief sought in this petition. The petition, along with the pending application, is therefore dismissed, but without any orders as to costs, the court said in its order dated November 30. The court recorded that the PMC Bank was first restrained in 2019 from releasing an amount in excess of Rs 1,000 from the total balance in each savings account or current account or deposit account and this amount was subsequently raised to Rs 40,000 in view of the bank's financial position being substantially impaired due to fraud perpetrated on it by certain persons. The last of the circulars under

The Chennai-based public sector Indian Bank has admitted to a major loan default of Rs 279 crore by the realty group, Housing Development & Infrastructure Ltd (HDIL) Mumbai, and its suspended Directors -- Rakesh Kumar Wadhawan and son Sarang Wadhawan.

The Reserve Bank on Friday issued fresh provisioning norms for urban cooperative banks' inter-bank exposure as well as valuation of their perpetual non-cumulative preference shares and equity warrants, directing them to continue making provisions to the tune of 20 per cent for such exposures. The banking regulator came up with these rules in the wake of the bankruptcy of the corruption-ridden Punjab & Maharashtra Cooperative Bank (PMC) in September 2019 and the subsequent merger of the cooperative bank with Unity Small Finance Bank, which came into effect from January 25, 2022. Earlier, similar directions were issued after the board of the largest cooperative bank was superseded by the RBI and the subsequent circulars on these matters issued on April 20, 2020 and on January 25, 2022. "UCBs shall continue to make provisions on inter-bank exposures arising from outstanding uninsured deposits, as under the April 20, 2020 circular until the actual allotment of PNCPS (Perpetual ...

This is more than two years after PMC went bust and the Reserve Bank of India (RBI) imposed restrictions on the amount the depositors can withdraw

According to the plan approved by the Union government, Unity Small Finance Bank was supposed to pay the insured deposit amount up to Rs 5 lakh received from the DICGC immediately.

Former director of Punjab and Maharashtra Cooperative (PMC) Bank Daljit Singh Bal was apprehended by the Mumbai police's Economic Offences Wing (EOW) in Bihar, an official said on Thursday

Government seeks India-specific standards for 5G spectrum in telecom. More on that story in our top headlines.

Among other haircut terms, depositors have to wait for 10 years to get back their money if the amount is more than Rs 15 lakh

In a Q&A Jaspal Bindra, Chairman of Centrum Group says Unity SFB will take some cash assistance from DICGC to meet the liquidity gap

On January 25, the finance ministry had approved the merger of PMC Bank with Unity SFB, protecting it from liquidation and bringing relief to all stakeholders

Unity SFB, which is a 51:49 joint venture between the Centrum Group and Bharat Pe, is making necessary arrangements to implement the provisions of the scheme of amalgamation, says RBI

Crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank's takeover by the Unity Small Finance Bank (USFBL) came into effect on Tuesday, with the government notifying the scheme of amalgamation.

The proposed merger of debt-ridden Punjab and Maharashtra Cooperative Bank with Unity Small Finance Bank is being examined and the process of amalgamation will start after the government approval

Sahar Bharati requests finance minister's intervention for a better deal

The RBI has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process

Repay PMC depositors' money in 5 years and pay at least 6% interest per annum, the umbrella body of co-operative organisations tells RBI

The Court asks him to approach High Court

PMC assets sufficient to meet liabilities of all retail depositors, says Depositors Association

Five-year interest holiday and final settlement at end of 10 years unfair to depositors