Former prime minister Dr Manmohan Singh on Thursday appealed to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and Maharashtra Chief Minister Devendra Fadnavis to look into the Punjab and Maharashtra Co-operative (PMC) Bank matter and resolve the grievances of the "affected 16 lakh people." "It is very unfortunate what has happened in the case of this bank. I appeal to the Maharashtra Chief Minister, the Prime Minister and the Finance Minister to look into this matter and resolve the grievances of the affected 16 lakh people," Singh told media here.
The report showed that while banks expect mobility, advanced analytics and open-banking APIs to impact their business the most in the coming year, most are not ready to apply these technologies to create expected business outcomes.
The PMC Bank crisis saw a substantial portion of depositors’ money getting blocked with the bank. Many fear the worse is yet to come if the bank goes in for liquidation. So, how safe is your deposit in such a situation
The Wadhawans, who are the promoters of HDIL, have been accused of orchestrating the fraud at the Punjab and Maharashtra Cooperative Bank along with the bank's top management. The scam at the PMC Bank is worth Rs 4,355 crore.
Depositors could be tagged as defaulters if they fail to make repayments on loans.
A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) at its Indian operations, and it was observed that it failed to comply with certain provisions, the RBI said.
Slowdown in credit offtake is an indication of a “ We believe though the sharp decline in credit flow to commercial sector do indicate heightened risk aversion in the system”, said S K Ghosh, group chief economist, SBI in a note.
In a regulatory filing BOB said, the functions of MD, CEO will be performed by executive directors till the time govt appoints someone for the post. It is also to be noted that top posts are also vacant at PNB, Canara Bank and Bank of India.
Credit growth by banks had nearly halved to 8.8% at the end-September from the start of the year.
PMC Bank's administrator meeting with Shaktikanta Das came after police authorities confirmed the death of one more depositor after Sanjay Gulati's death. The bank also assured of recasting its balance sheet to present a true and fair picture.
Finance Minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and RBI Governor Raghuram Rajan.Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs here on Tuesday, Sitharaman said that giving all the public sector banks a “lifeline” is today her primary duty.
Arundhati Bhattacharya's comments come at a time when banks' lending practices have been repeatedly put to question in many alleged scams, an increased attention from the regulator and investigating agencies and very high quantum of dud loans.
The Finance Minister while delivering a lecture at Columbia University's SIPA said that she respects former RBI governor Raghuram Rajan for his work but pointed out that loans were given based on phone calls during his tenure.
Lack of coordination is causing hurdles, SBI feels. The bank is worried about systemic risk if efforts to finalise the resolution plan do not go through. While NBFCs have taken a hit on their advances, banks have yet to mark such credit as NPAs.
Probe agencies should keep off the company which is under the insolvency process, the SBI chairman has said.
The All India Bank Employees' Association (AIBEA) has written to Finance Minister Nirmala Sitharaman stating that the Central government does not want its representatives on the boards of public sector banks.
Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service