Mumbai (Maharashtra): A former director of PMC Bank was arrested by the Economic Offence Wing (EOW) of the Mumbai Police here on Saturday. The arrested director, identified as Rajneet Singh, is the son of former BJP MLA Tara Singh. Earlier on November 11, the EOW had arrested two auditors in connection with the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank scam.
Three more persons, including a director of the Punjab and Maharashtra Co-operative (PMC) Bank, were arrested on Thursday in connection with the alleged Rs 4,355-crore fraud.
PMC bank crisis effect: Deposit insurance raised from Rs 1 lakh to Rs 5 lakh in Budget 2020 As per RBI guidelines, deposits with all commercial and cooperative banks are insured under the Deposit.
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The PMC Bank has been put under restrictions by the RBI after an alleged fraud came to the light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress.
The PMC Bank scam came to light in September last year after RBI discovered that the bank had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to almost-bankrupt.
January 13, 2020 12:55 PM IST NCP chief Sharad Pawar meets Anurag Thakur to discuss revival of scam-hit PMC Bank. The PMC Bank has been put under restrictions by the RBI, after a multi-crore scam.
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After the scam was unearthed in the bank, which has deposits of over Rs 11,000 crore, the Reserve Bank of India appointed an administrator over it, and capped its withdrawals at Rs 40,000 per.
In a major development in the PMC Bank crisis, the Reserve Bank of India on Tuesday, is mulling at a potential merger of the debt-ridden PMC Bank with any willing bank, according to a statement released by the RBI to protestors. The central bank has assured depositors who are still protesting, that their money is safe and the RBI is contemplating a potential merger. The central bank also urged.
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A number of PMC bank depositors today staged a protest as a Mumbai court extended custody of three accused in the bank fraud case.
PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to residence. January 16, 2020 1:14 pm. A bench comprising Chief Justice S A Bobde and justices B R Gavai and Surya Kant took note of the submissions of Solicitor General Tushar Mehta that the high court order to the extent of allowing their release from prison needed to be stayed.The PMC Bank has been put under restrictions by the RBI, after an alleged R4,355 crore scam came to light following which the deposit withdrawal was initially capped at R1,000, causing panic and.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.