Pmc bank latest news

Here are the latest news updates on PMC Bank:

Latest Updates (as of March 2023)

  1. PMC Bank's revival plan approved: The Reserve Bank of India (RBI) has approved the revival plan of Punjab and Maharashtra Cooperative (PMC) Bank, which was placed under moratorium in 2019. The bank will now be rebranded as 'HDFC Bank - PMC Bank' and will operate as a subsidiary of HDFC Bank. (Source: Business Standard)
  2. HDFC Bank to acquire PMC Bank: HDFC Bank has agreed to acquire PMC Bank, which will help the latter to recover from its financial crisis. The acquisition is subject to regulatory approvals. (Source: The Hindu BusinessLine)
  3. PMC Bank's depositors to get 50% of their deposits: The RBI has allowed PMC Bank to pay 50% of the deposits to its depositors, with the remaining amount to be paid after the bank's revival. (Source: Livemint)
  4. PMC Bank's former MD arrested: The Enforcement Directorate (ED) has arrested PMC Bank's former Managing Director, Joy Thomas, in connection with a money laundering case. (Source: The Indian Express)

Previous Updates

  1. PMC Bank's financial crisis: PMC Bank was placed under moratorium in September 2019 after it was found to have a huge amount of bad loans and irregularities in its operations. (Source: The Hindu)
  2. RBI's intervention: The RBI took control of PMC Bank and appointed an administrator to manage its affairs. (Source: Business Standard)
  3. Depositors' concerns: PMC Bank's depositors were worried about the safety of their deposits, with many of them unable to withdraw their money. (Source: The Times of India)
  4. Investigation and probe: The RBI, ED, and other regulatory agencies launched an investigation into PMC Bank's financial irregularities and money laundering allegations. (Source: The Economic Times)

Please note that the news updates may not be exhaustive, and the situation may have changed since the last update. It's always a good idea to check with reliable sources for the latest information.