78% of PMC a/c holders can withdraw full deposit: FM



Nirmala Sitharaman said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of the Maharashtra-based PMC Bank can withdraw up to Rs 1 lakh by invoking the ‘hardship provisions’ of the RBI.



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PMC scam: Bank deposit insurance cover to be hiked



At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.



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HC asks RBI about steps taken to help PMC depositors



The crisis at the bank is attributed to loans made to realty player Housing Development Infrastructure Ltd, which were allegedly hidden from regulators’ scrutiny, turning non-performing assets.



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Ex-MD of PMC Bank arrested; ED conducts raids



Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.



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HDIL says enough assets to cover loans from PMC Bank



Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.



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FIR against PMC Bank, HDIL officials filed



Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank’s Bhandup branch. Despite non-payment, the bank officials did not classify the loans as NPA and intentionally hid the information about the same from RBI.



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RBI officers have FD of Rs 105 cr in PMC Bank



The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.



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PMC Bank account-holders go to cops against top brass



A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank on which the RBI has imposed operational restrictions. The delegation in its complaint alleged that at least 14 people, including the PMC Bank’s chairman and all its directors, were involved in misappropriation of funds of the account-holders.



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