PMC WITHDRAWAL LIMIT
78% depositors of PMC Bank can withdraw entire deposits: Government
The minister said steps are being taken to seize properties of promoters of the PMC Bank, auction such properties and repay depositors with the money obtained. Sitharaman said the Rs 50,000 withdrawal ceiling for depositors continues but for scenarios like marriage, education, livelihood and other "hardships", the withdrawal limit if Rs 1 lakh.
78% depositors of PMC Bank can withdraw their entire account balance: FM Sitharaman
New Delhi, Dec 02 (ANI): Finance Minister Nirmala Sithara...
ET Explains: Inside RBI's plan to avert PMC Bank-like embarrassments
New policy measures were announced on Thursday to strengthen the regulat...
Bombay High Court junks PMC Bank depositors' plea for lifting of restrictions
In their pleas, the petitioners alleged that the RBI's decision (to put restrictions on cash withdrawal) was irrational, arbitrary and violative of the fundamental rights of common public.
Maha govt suggests merger of troubled PMC Bank with MSC Bank
The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who committed suicide.
Forensic audit on PMC scam expected by month-end: Shaktikanta Das
"There is a forensic audit underway. We will get the report by the end of this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the monetary policy.
Two directors of PMC Bank sent to police custody till December 11
The Economic Offences Wing (EOW) of the Mumbai Police had arrested three PMC Bank directors- Jagdish Mookhey, Mukti Bavisi and TruBane- on Tuesday. Of them, Mookhey and Bane were produced before chief metropolitan magistrate court, which remanded them in police custody till December 11.
Police shares findings on PMC’s arrested auditors with ICAI
According to the police, Rakesh and Sarang Wadhawan of real estate firm HDIL, who are among the accused in the case, had allegedly tampered with the bank’s core banking solution to operate 44 password-protected accounts. Overdrafts disbursed by the bank to these accounts eventually made it to the accounts held by HDIL or its promoters, the police had alleged.
Systematic Withdrawal Plan - A smart technique for regular income
SWPs allow you to withdraw a fixed amount of money at periodic intervals from a fund a fixed date every month, once every two months, or even quarterly . SW...
PMC case: RBI files affidavit in Bombay HC, states restrictions to safeguard depositors
The Reserve Bank of India (RBI) on Tuesday filed a detailed affidavit in the Bombay High Court on a batch of petitions filed by the deposito...
EOW probe: 23 PMC bankers, clients took out Rs 70 crore before curbs
As per Mumbai Police, 23 PMC bankers and clients took Rs 70 crore a week before RBI's clampdown.
PMC case: 'Depositors can approach RBI admin for emergency withdrawals'
In an affidavit filed in the HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal ceiling at Rs 50,000 for scenarios like marriage, education, livelihood and "other hardships". On Sept 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.
In big relief to depositors, RBI enhances PMC Bank withdrawal limit to Rs 50,000
Following a review of the crisis-ridden Punjab and Maharashtra Cooperative Bank's (PMC's) liquidity position, the Reserve Bank of India (RBI...
In huge relief to PMC Bank depositors, RBI increases withdrawal limit to Rs 50,000
The Reserve Bank of India has increased the withdrawal limit to Rs 50,000.
What is the maximum age limit to open a PPF account?
The lock-in period for PPF account holder remains at 15 years irrespective of the age at which you open the account. On maturity, the account can be extended by blocks of 5 years any number of times. Banks cannot deny the extension based on your age.
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