Customers across other financial entities, be it public, private, cooperative as well as non-bank categories are now questioning the stability of their banks.
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The Finance Ministry and the Reserve Bank of India are waiting for a formal nod to begin the process.
A group of protesters gathered at the Bandra Kurla Complex (BKC) at 11 am and started raising slogans demanding they be allowed to withdraw money from their accounts above the limit prescribed by the RBI, an official said.
Surjit Singh Narang (71) has filed an anticipatory bail application before additional sessions judge ST Soor.
RBI has also decided to allow depositors to withdraw cash from the bank's own ATMs within the relaxed limit of Rs 50,000.
Several customers of PMC Bank have been protesting outside the Reserve Bank of India (RBI) office with the last protest on October 30
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Five persons including HDIL promoters have been arrested in the case.
The bank clarified that the passbooks have been stamped in order to ensure full compliance with the latest RBI guidelines in this direction.
The deceased, Murlidhar Dharra, ironically had around Rs 80 lakh in deposits at the PMC Bank . However, his family was unable to access the money due to the curbs placed by the RBI on withdrawals from the bank.
In the second episode of the series, we will talk about the EU and UK agreeing to a Brexit deal on October 17, along with the latest developments surrounding Punjab and Maharashtra Co-operative Bank.
According to HDIL, the company has securitised enough assets to the PMC banks as compared to the loan taken. They have securitised 40 assets with clear titles with the bank.
While one of them, with deposits worth more than Rs 1 crore with the bank, committed suicide, the other two died of a heart attack
On October 14, Sanjay Gulati, another distressed depositor of the PMC bank, succumbed to a heart attack.
Forensic Auditors, appointed by the bank’s Administrator, are also looking into the related transactions, the RBI said.
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The RBI had put restrictions on PMC withdrawals on September 23, after it learned that the bank had been involved in financial irregularities
In this episode of Digging Deeper, we’re taking a closer look at the PMC Bank scam.
The EOW has already arrested former managing director of the bank Joy Thomas, and promoters of Housing Development and Infrastructure Limited (HDIL) group Rakesh and Sarang Wadhawan
The Wadhawans were arrested in connection with the Punjab and Maharashtra Co-operative (PMC) Bank scam by the Economic Offenses Wing (EOW) of the Mumbai police on October 3.
Thomas was summoned to the EOW office at the city police headquarters and arrested after questioning.
The RBI acted "swiftly and promptly" once the issue came to notice, Das said, referring to the actions taken by the regulator in the PMC Bank case.
The EOW also searched the residence of PMC Bank Chairman Waryam Singh on October 3, while also freezing his demat account that is worth Rs 100 crore.
This is the latest in worrying news for stakeholders of PMC which was brought under Direction by the Reserve Bank of India (RBI) for undisclosed reasons