PMC-BANK
A sustained campaign by depositors of Punjab and Maharashtra Cooperative Bank (PMC Bank) against the massive fraud that gobbled up their savings has triggered a wider discussion on risks attached to cooperative banks and the need for better deposit insurance cover

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Moneylife Digital Team 31 October 2019
The administrator appointed by Reserve Bank of India (RBI) on scam-hit Punjab & Maharashtra Cooperative (PMC) Bank has asked permission form economic offences wing (EOW) of Mumbai police to sell attached properties of Housing Development Infrastructure Ltd (HDIL) and the company promoters, says a report.

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Moneylife Digital Team 25 October 2019
Fraud-hit Punjab & Maharashtra Co-operative Bank (PMC Bank), although in limbo and under an administrator, will gobble up Rs27 crores a month to just to keep its 137 branches open across six states. This is nearly Rs one crore a day.

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Moneylife Digital Team 24 October 2019
Account holders of Punjab and Maharashtra Co-operative (PMC) Bank can now withdraw additional money of up to Rs60,000 for medical emergencies. This amount is reportedly in addition to the Rs40,000 withdrawal limit set earlier.

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Moneylife Digital Team 18 October 2019
Recently, the Reserve Bank of India (RBI) had enhanced withdrawal limit to Rs40,000 from Rs25,000 for depositors of Punjab and Maharashtra Cooperative Bank Ltd. (PMC Bank).

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The failure of Punjab and Maharashtra Cooperative Bank (PMC Bank)—a relatively small multi-state cooperative bank—is a test for the reformist Narendra Modi government.

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Moneylife Digital Team 16 October 2019
Responding to the plight of distressed customers of scam-hit Punjab & Maharashtra Co-operative (PMC) Bank, Moneylife Foundation has decided to help them in filing writ petition in the Bombay High Court.

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Moneylife Digital Team 15 October 2019
One more depositor, Sanjay Gulati, whose family have about Rs90 lakh stuck in the fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank, died on Monday due to to cardiac arrest soon after returning home from a protest against the bank at Killa Court in Mumbai

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Moneylife Digital Team 14 October 2019
The Reserve Bank of India (RBI) on Monday enhanced withdrawal limit to Rs40,000 from Rs25000 for depositors of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank).

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Moneylife Digital Team 14 October 2019
The Enforcement Directorate (ED) on Monday seized and identified movable and immovable assets worth more than Rs3,830 crores owned by Housing Development and Infrastructure Ltd (HDIL), the company directors and promoters, as well as official of Punjab and Maharashtra Cooperative (PMC) Bank and others related entities in the PMC Bank fraud case.

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Moneylife Digital Team 14 October 2019
Joy Thomas, former managing director (MD) of Punjab and Maharashtra Cooperative (PMC) Bank converted to become Junaid Khan and married to his personal assistant (PA), whom he allegedly gifted some properties in Pune, say reports.

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Moneylife Digital Team 14 October 2019
Seeking urgent action to safeguard depositors of cooperative banks that are witnessing frequent failures, Moneylife Foundation, a Mumbai-based non-profit consumer organisation (NGO), along with knowledgeable consumer activists, former bankers and trade unions have sent a Memorandum to Reserve Bank of India (RBI) governor Shaktikanta Das.

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Moneylife Digital Team 12 October 2019
“Justice for PMC Bank customers,” was the collective voice of hundreds of depositors and customers of scam-hit Punjab & Maharashtra Co-operative (PMC) Bank and experts.

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On Friday, 11th October, Mumbai Mirror, a local tabloid, published an exclusive report claiming that 200 odd ‘big depositors’ of the failed Punjab and Maharashtra Cooperative Bank (PMC Bank), which had stringent regulatory restrictions imposed on it, have come forward with a bizarre proposal.

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Moneylife Digital Team 04 October 2019
The Economic Offences Wing (EOW) of Mumbai police on Friday arrested Joy Thomas, former managing director (MD) of Punjab and Maharashtra Cooperative (PMC) Bank. This is the third arrest in the Rs4355 crore PMC Bank scam.

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Moneylife Digital Team 04 October 2019
Not long after the wounds of the shadow banking crisis from the fallout of Infrastructure Leasing & Finance company, Dewan Housing Finance Ltd (DHFL) and Yes Bank, a new problem emerged in the fixed-income sector

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Whenever there is a financial scandal, a number of foolish solutions emerge. They are often like Band-Aid for a festering wound

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IANS 04 October 2019
The Enforcement Directorate (ED) has filed a money laundering case in the Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank fraud matter, sources in the agency said on Friday. The sleuths of the federal financial investigation agency, are also carrying out raids at six locations in Mumbai.

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Moneylife Digital Team 04 October 2019
The Reserve Bank of India (RBI) has raised withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank) to Rs25,000 from Rs10,000. RBI has also appointed a three member committee to assist the administrator of PMC Bank.

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Moneylife Digital Team 03 October 2019
The economic offences wing (EOW) of Mumbai police has arrested Housing Development and Infrastructure Ltd (HDIL)'s promoters and directors Rakesh Kumar Wadhwan and his son Sarang in the Rs4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank cheating case.

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