Pmc bank news
Here are some recent news updates about PMC Bank:
PMC Bank Crisis:
- Latest Update: The Reserve Bank of India (RBI) has imposed a moratorium on Punjab and Maharashtra Cooperative (PMC) Bank for six months, effective September 23, 2020. The bank's operations will be restricted, and depositors will not be able to withdraw more than ₹50,000.
- Background: PMC Bank was placed under a moratorium in September 2019 after it was found that the bank had allegedly diverted ₹4,355 crore (approximately $600 million) of its depositors' money to real estate developer HDIL, which was facing financial difficulties.
- Investigation: The Enforcement Directorate (ED) has launched an investigation into the matter, and several PMC Bank officials have been arrested and charged with fraud and money laundering.
Recent Developments:
- RBI's Action Plan: The RBI has appointed a administrator to manage PMC Bank's affairs and has asked the bank to submit a revival plan. The RBI has also asked depositors to approach the administrator with their grievances.
- Depositors' Protest: Depositors of PMC Bank have been protesting outside the RBI's Mumbai office, demanding that the bank be allowed to function normally and that their deposits be returned.
- Government Intervention: The Maharashtra government has announced that it will provide financial assistance to PMC Bank depositors who are facing difficulties due to the moratorium.
Other News:
- HDIL's Assets: The ED has attached assets worth ₹3,500 crore (approximately $480 million) of HDIL, including properties and shares, in connection with the PMC Bank scam.
- PMC Bank's Financials: PMC Bank's financials have been in trouble for some time, with the bank reporting a loss of ₹1,200 crore (approximately $160 million) in 2018-19.
- Depositor Relief: The RBI has announced that it will provide relief to PMC Bank depositors by allowing them to withdraw a portion of their deposits, subject to certain conditions.
These are some of the recent news updates about PMC Bank. The situation is still evolving, and we will continue to monitor the developments and provide updates as more information becomes available.