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PMC 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.

Punjab & Maharashtra Co-operative Bank

03 Dec 2021

PMC Bank fraud case: SC refuses to entertain bail plea of Rakesh Wadhawan

A bench comprising Chief Justice N V Ramana and Justices Surya Kant and Hima Kohli permitted senior advocate Mukul Rohatgi, appearing for Wadhawan, to withdraw the bail plea to approach the high court.

Punjab & Maharashtra Co-operative Bank

31 Oct 2021

PMC Bank Customers, Alert! You won’t get Rs 5 lakh deposit cover in first lot

PMC is currently under the resolution process. In the first lot, customers of 20 stressed banks will receive the secured amount. PMC customers will have to wait a little more to receive the compensation.

02 Sep 2021

PMC Bank scam: ED attaches HDIL Group’s shares worth Rs 233 crore

ED initiated an investigation under PMLA on the basis of FIR dated 30.09.2019 registered by Economic Offences Wing, Mumbai Police. The developer has given an undertaking to ensure not to sell/transfer/alienate or create any third party rights thereon on completion of the project. There was misconduct on the part of PMC officials as they ignored all the prevailing procedures to facilitate promoters of HDIL by extending unusual credit facility.

31 Aug 2021

Good news! PMC Bank depositors to get up to Rs 5 lakh back from Nov 30

PMC Bank depositors will now get up to Rs 5 lakh back from Nov 30 The govt has notified the amendment to the DICGC Act

29 Dec 2020

Sanjay Raut's wife Varsha will not appear before ED for hearing today

Shiv Sena MP Sanjay Raut's wife Varsha will not appear before the ED for hearing today. Sanjay Raut said that she has asked some time for that.

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.

16 Jan 2020

SC stays release of HDIL directors from Mumbai jail in PMC Bank scam case

The Supreme Court (SC) on Thursday stayed the release of Housing Development Infrastructure Ltd (HDIL) directors, Rakesh Wadhawan and Sarang Wadhawan, from Mumbai jail in Punjab and Maharashtra Cooperative (PMC) Bank scam case. The duo is accused in the case.

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.

15 Dec 2019

Delegation of PMC bank depositors meets Uddhav Thackeray

In September, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The RBI had asked the bank not to grant or renew any loans and advances, make any investment or incur any liability, including borrower of funds and acceptance of fresh deposits.

05 Dec 2019

Maharashtra government suggests merger of crisis hit-PMC Bank with MSC Bank

Jayant Patil said the Udhav Thackeray government is ready to extend financial assistance, besides holding talks with the Reserve Bank of India (RBI) on the issue of merger.

19 Nov 2019

PMC Bank scam: RBI says progressively relaxing withdrawal limit

Referring to the problems of the PMC Bank depositors who have been agitating since the nearly two months, the court observed that while it would not interfere in the matter, advising the depositors to approach and convince the RBI-appointed Administrator for all their special needs

16 Nov 2019

Mumbai: EOW arrests former PMC Bank director

A former director of PMC Bank was arrested by the Economic Offence Wing (EOW) of the Mumbai Police here on Saturday. The arrested director, identified as Rajneet Singh, is the son of former BJP MLA Tara Singh. Earlier on November 11, the EOW had arrested two auditors in connection with the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank scam.

05 Nov 2019

PMC Bank crisis: Withdrawal limit raised to Rs 50,000

Reserve Bank of India (RBI) on Tuesday enhanced withdrawal limit for depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd to Rs 50,000. Earlier on October 14, the central bank had permitted the depositors of PMC Bank to withdraw up to Rs 40,000 of the total balance in their accounts.

02 Nov 2019

Employees' money in UP invested in Mirchi-linked firm of Wadhawans

Uttar Pradesh government has initiated a vigilance probe into the matter. He further said that General Manager of the Power Sector Employees Trust, P.K. Gupta has been suspended, said, Principal Secretary (Energy) Alok Kumar.

31 Oct 2019

Another PMC Bank depositor dies in Mumbai

Sixty-eight -year-old Keshmul Hinduja was admitted to hospital after he complained of chest pain on October 29. He died of a heart attack the next day, his daughter said. She also claimed that Hinduja did not have any ailment and used to run a grocery shop in Mumbai's Mulund area. However, after the PMC Bank scam came into light, he was under stress.

25 Oct 2019

On Dhanteras, women depositors of scam-hit PMC Bank hold protest in Mumbai

Several women depositors of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank on Friday staged a protest in West Mumbai's Andheri. The women protestors raised slogans carrying placards which read "Where is the money on Dhanteras" and "Black Diwali, Thank you RBI".

23 Oct 2019

PMC Bank customers can withdraw up to Rs 1 lakh in case of medical emergency

The PMC Bank account holders have also been allowed to withdraw Rs 50,000 extra for marriage, education and expenses related to senior citizens. BJP Maharashtra unit vice-president Kirit Somaiya also tweeted about the enhanced withdrawal limit on Wednesday.

19 Oct 2019

PMC Bank scam: 80-year-old depositor dies after being unable to withdraw money

The victim, identified as Murlidhar Dhara, was a resident of Mulund Colony in Mumbai. He was suffering from a heart-related ailment for a long time and was to undergo bypass surgery.

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