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Punjab and Maharashtra Cooperative Bank News

28 Dec 2021

RBI extends restrictions on PMC Bank for 3 months till March 2022

The restrictions have been extended several times since then. The directions were last extended in June this year and are in place till December 31.

21 Jul 2020

PMC Bank: HC seeks response of Centre, RBI on release of Rs 5L to depositors

PMC Bank has been put under restrictions by the RBI, following the unearthing of a Rs 4,355-crore scam.

14 Jul 2020

Special PMLA court rejects bail pleas of Wadhawans in PMC Bank scam

PMC bank officials allegedly gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans. Out of the 44 bank accounts responsible for not paying back the huge loans taken from PMC Bank, 10 belonged to HDIL and the Wadhawans. Out of the 10 bank accounts, Sarang and Rakesh had one personal account each.

19 Jun 2020

RBI increases PMC account withdrawal limit to Rs 1 lakh, extends restrictions

In a big relief for hundreds of its account holders, the Reserve Bank of India on Friday increased the withdrawal limit for depositors at the crisis-hit Punjab and Maharashtra Cooperative Bank (PMC Bank) to Rs 1 lakh from Rs 50,000.

Reserve Bank of India

30 Dec 2019

RBI's draft norms on prudential exposure limits for cooperative banks issued

The Reserve Bank of India (RBI) on Monday (December 30) released a draft circular on limits on exposure to single and group borrowers/parties, large exposures and revision in priority sector lending targets for primary (urban) co-operative banks (UCBs) for feedback and suggestions.

Punjab and Maharashtra Cooperative Bank

16 Dec 2019

ED files chargesheet in PMC Bank scam, names HDIL promoters as accused

The Enforcement Directorate (ED) has also named former Managing Director of PMC Bank, Joy Thomas, and former PMC Bank Chairman Waryam Singh as accused in multi-crore PMC Bank scam.

Punjab and Maharashtra Cooperative Bank

16 Oct 2019

Former PMC Bank director Surjit Singh Arora arrested by Mumbai Police

Surjit Singh Arora is the owner of Mini Punjab and he was associated with PMC Bank for over 10 years.

Punjab and Maharashtra Cooperative Bank

14 Oct 2019

PMC Bank scam: Ex-chairman Wariyam Singh owns properties worth several crores

Former chairman of PMC Bank Wariyam Singh, who is currently in police custody, has bought a plot of land worth Rs 2,500 in Mumbai's posh Juhu area using depositor's money.

04 Oct 2019

Joy Thomas, former MD of PMC bank, arrested by Mumbai Police's EOW

The Mumbai Police's Economic Offence Wing (EOW) on Friday arrested Joy Thomas, the former managing director (MD) of the Punjab and Maharashtra Cooperative (PMC) Bank, in the ongoing scam case. On September 28, the suspended MD had admitted that the bank did not report the financial exposure to the Reserve Bank of India (RBI) for over six years.

03 Oct 2019

PMC Bank account holder can withdraw Rs 25,000 in six months

RBI Chief General Manager Yogesh Dayal in a press release stated that the decision has been taken after reviewing PMC Bank's liquidity position and in order to reduce the hardships faced by the depositors.

03 Oct 2019

HDIL's Sarang Wadhawan, Rakesh Wadhawan arrested in PMC Bank scam

Out of the 44 bank accounts responsible for not paying back the huge loans taken from PMC Bank, 10 belonged to HDIL and the Wadhawans. Out of the 10 bank accounts, Sarang and Rakesh had one personal account each.

Nirmala Sitharaman

01 Oct 2019

PMC Bank crisis: Sitharaman urges account holder to not say 'extreme things'

On September 23, the Reserve Bank of India had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.

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