Pmc Bank Depositors

The Bill proposes that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation.

Depositors of the crisis-hit Sri Guru Raghavendra Bank and Punjab and Maharashtra Co-operative Bank (PMC) were out protesting on the streets of Bengaluru on Wednesday.

Exactly one year ago, on September 23, 2019, the Reserve Bank of India had superseded the board of the multi-state urban cooperative bank.

A year since India's central bank imposed regulatory restrictions on the PMC Bank, its depositors and those of beleaguered Sri Gururaghavendra Cooperative Bank protested near the RBI (Reserve Bank of India) headquarters in Bengaluru this morning demanding intervention to withdraw all their money, which is stuck in these financial institutions.

Withdrawal cap has left many of PMC's over 900,000 depositors in deep difficulty, with some struggling to clear loans and others depending on friends for their groceries.

The Delhi High Court today asked the Centre and the RBI to respond to a plea seeking release of up to Rs 5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic.

In India, there are 1,482 urban cooperative banks and 58 multi-state co-operative banks with a depositors base of about 8.60 crore

RBI noted that with the relaxation in withdrawal limit, 84% of the depositors of the bank will be able to withdraw their entire account balance.

BJP MP Tejasvi Surya has sought to calm down panicked depositors of a co-operative bank in Bengaluru after the Reserve Bank of India (RBI) restricted the bank from doing business with immediate effect and capped withdrawal limit at Rs 35,000.

A delegation of Punjab and Maharashtra Co-operative (PMC) Bank depositors met Maharashtra Chief Minister Uddhav Thackeray at his residence Matoshree in Maharashtra capital Mumbai on Sunday.

The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative (PMC) Bank's depositors with the RBI in a couple of days, state minister Jayant Patil said on Thursday.

The Maharashtra government has suggested the merger of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank with the MSC Bank in an attempt to provide relief to depositors of the troubled lender, state minister Jayant Patil said on Thursday.

In October, police alleged that Punjab and Maharashtra Co-operative Bank (PMC) had used more than 21,000 fictitious accounts to hide loans it made to a single real estate firm. The Economic Offences Wing (EOW) of Mumbai Police has made a number of arrests in connection with the alleged Rs 4,355-crore PMC Bank scam, including its former chairman War...

Depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank can approach the RBI-appointed administrator for withdrawal up to Rs 1 lakh in case of medical emergencies, the RBI told the Bombay High Court on Tuesday.

The government is considering proposals on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks, Finance Minister Nirmala Sitharaman said on Friday. The new legislations in this regard will be brought during the winter session of Parliament starting Monday, she added. At present, bank depo...

The Bill proposes that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation.

Depositors of the crisis-hit Sri Guru Raghavendra Bank and Punjab and Maharashtra Co-operative Bank (PMC) were out protesting on the streets of Bengaluru on Wednesday.

Exactly one year ago, on September 23, 2019, the Reserve Bank of India had superseded the board of the multi-state urban cooperative bank.

A year since India's central bank imposed regulatory restrictions on the PMC Bank, its depositors and those of beleaguered Sri Gururaghavendra Cooperative Bank protested near the RBI (Reserve Bank of India) headquarters in Bengaluru this morning demanding intervention to withdraw all their money, which is stuck in these financial institutions.

Withdrawal cap has left many of PMC's over 900,000 depositors in deep difficulty, with some struggling to clear loans and others depending on friends for their groceries.

The Delhi High Court today asked the Centre and the RBI to respond to a plea seeking release of up to Rs 5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic.

In India, there are 1,482 urban cooperative banks and 58 multi-state co-operative banks with a depositors base of about 8.60 crore

RBI noted that with the relaxation in withdrawal limit, 84% of the depositors of the bank will be able to withdraw their entire account balance.

BJP MP Tejasvi Surya has sought to calm down panicked depositors of a co-operative bank in Bengaluru after the Reserve Bank of India (RBI) restricted the bank from doing business with immediate effect and capped withdrawal limit at Rs 35,000.

A delegation of Punjab and Maharashtra Co-operative (PMC) Bank depositors met Maharashtra Chief Minister Uddhav Thackeray at his residence Matoshree in Maharashtra capital Mumbai on Sunday.

The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative (PMC) Bank's depositors with the RBI in a couple of days, state minister Jayant Patil said on Thursday.

The Maharashtra government has suggested the merger of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank with the MSC Bank in an attempt to provide relief to depositors of the troubled lender, state minister Jayant Patil said on Thursday.

In October, police alleged that Punjab and Maharashtra Co-operative Bank (PMC) had used more than 21,000 fictitious accounts to hide loans it made to a single real estate firm. The Economic Offences Wing (EOW) of Mumbai Police has made a number of arrests in connection with the alleged Rs 4,355-crore PMC Bank scam, including its former chairman War...

Depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank can approach the RBI-appointed administrator for withdrawal up to Rs 1 lakh in case of medical emergencies, the RBI told the Bombay High Court on Tuesday.

The government is considering proposals on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks, Finance Minister Nirmala Sitharaman said on Friday. The new legislations in this regard will be brought during the winter session of Parliament starting Monday, she added. At present, bank depo...