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Three more arrested in PMC Bank scam
According to the plea, the scam impacted the livelihood of thousands of business owners and individual account-holders, and if Waryam Singh, former chairman of the bank, was given bail without hearing them, it will cause "irreparable" harm to their interests. The bank management also concealed from the regulators' scrutiny huge loan defaults by HDIL group firms.
RBI extends regulatory restrictions on PMC Bank by 3 months
"It is hereby notified for the information of the public that the validity of the...
Agenda for small private banks: Bridge the trust deficit
Their faith shaken and fears stirred up by the Yes Bank curbs and PMC’s sudden failu...
Nirmala Sitharaman to move the Banking Regulation (Amendment) Bill, 2020 in Lok Sabha
Union Finance Minister Nirmala Sitharaman will move the Banking Regulation (Amendment) Bill, 2020 for consideration and passage in Lok Sabha on Thursday.
Govt introduces Bill in Lok Sabha for cooperative banks to avoid PMC bank-like crisis
The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of PMC Bank scam, seeks to strengthen cooperative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI. Introducing the bill, Sitharaman said it is the "need of the hour" to avoid a PMC Bank-like crisis in the future.
Yes Bank depositors' money is absolutely safe: RBI governor Shaktikanta Das
RBI Governor Shaktikanta Das dispensed with the usual regulatory formality to assure the man on the street that his deposits at Yes Bank are safe.
RBI extends curbs on PMC Bank for three months
In September, the central bank put the curbs on the cooperative bank for six months after finding financial irregularities such as under-reporting of bad loans.
Maharashtra Co-op Bank pitches for branch merger of PMC Bank
Maharashtra State Co-operative (MSC) Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender.
YES Bank crisis: Why government must fix the vulnerabilities in financial system
Yes Bank is another example of delayed action. It was clear that the bank was going to struggle to raise money.
Yes Bank crisis: 5 important things customers should know
If you are a Yes Bank customer and are alarmed over the situation, here are top five things you should know. (Text: ET Online)Yes Bank crisi...
PMC Bank depositors denied permission for protest in Mumbai
In view of the violence in Delhi and protests against the Citizenship Amendment Act, the Mumbai Police have denied permission to depositors of the troubled Punjab & Maharashtra Cooperative (PMC) Bank for staging a protest outside the RBI Bank's office here on Monday.
Cabinet clears amendment to banking laws to strengthen cooperative banks
The cabinet approval is in line with the Budget announcement made by FM Sitharaman on Saturday. She proposed in the Budget to raise the insurance cover on saving deposits five times to Rs 5 lakh. The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the RBI.
PMC impact? Your deposits get 5 times more cover
“The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage for a depositor, which is now Rs 1L, to Rs 5L per depositor,” said FM. “I wish to inform this august house that the robust mechanism is in place to monitor the health of all scheduled commercial banks & that depositors’ money is safe."
SC stays Bombay HC order directing sale of HDIL assets to repay dues of PMC bank
A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay High Court order.
Inspection report of scam-hit PMC Bank yet to be finalised: RBI
Replying to an RTI query, RBI said preliminary findings indicated large-scale irregularities, warranting supersession of its board of directors and imposition of all inclusive directions of the Banking Regulation Act, 1949. "The report is yet to be finalised as inspection with respect to PMC Bank's financial position as on March 31, 2019, is under progress," RBI said.
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