Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
The Economic Times

PMC bank not linked with Punjab State Cooperative Bank & District Central Cooperative Banks

CHANDIGARH: The Punjab & Maharashtra Cooperative Bank (PMC), in the news for fraudulently extending loans to Housing Development and Infrastructure Ltd. (HDIL), imperiling deposits of numerous customers, is an urban cooperative bank working in the State of Maharashtra which has no relation with the Punjab State Cooperative Bank and District Central Cooperative Banks working in the State of Punjab.

The managing director of Punjab State Cooperative Bank SK Batish said that the Punjab State Cooperative Bank Ltd., Chandigarh and District Central Cooperative Banks are serving the people of Punjab with its network of more than 800 branches and are in sound financial health. Some District Central Cooperative Banks are more than a century old. These banks are catering to the socio economic needs of more than 9 lakh farmers of the State. He also divulged that around 39 lakh depositors and 16 lakh borrowers are getting banking services from these banks.

Reassuring the customers of the Cooperative Banks of Punjab, Dr. Batish said that the Punjab State Cooperative Bank and the District Central Cooperative Banks are having a total business of Rs. 34000 Crore. Agricultural loans worth Rs. 9200 Crore have been provided to the farmers of the State. The District Central Cooperative Banks are among the biggest agriculture lenders of the State. It is reiterated that the Punjab State Cooperative Bank and all the District Central Cooperative Banks in the State of Punjab adhere to the norms fixed by the regulatrors i.e. RBI and NABARD viz-a-viz CRAR, CRR and SLR etc.

Batish exhorted the depositors and borrowers of the Cooperative Banks of Punjab to transact with the bank in a fearless manner on consistent basis.
Stay on top of business news with The Economic Times App. Download it Now!