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  • Analysis | An unfair wait for some PMC Bank depositors? Nov 22, 2021 08:25 PM IST

    Analysis | An unfair wait for some PMC Bank depositors?

    PMC Bank-Unity SFB draft amalgamation scheme suggests long wait for some depositors. Depositors will get their money back, but only over a period of time.

  • RBI announces draft scheme for amalgamation of PMC Bank, Unity Small Finance Bank; PMC depositors to get full amount over 10 years Nov 22, 2021 03:45 PM IST

    RBI announces draft scheme for amalgamation of PMC Bank, Unity Small Finance Bank; PMC depositors to get full amount over 10 years

    The draft envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB.

  • PMC Bank customers not to get Rs 5 lakh deposit cover in first lot Nov 01, 2021 09:58 AM IST

    PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

    In September 2019, the RBI had superseded the board of PMC Bank and placed it under various regulatory restrictions after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.

  • Good News| Depositors of stressed banks, including PMC to get up to Rs 5 lakh back from November 30 Aug 30, 2021 10:50 PM IST

    Good News| Depositors of stressed banks, including PMC to get up to Rs 5 lakh back from November 30

    The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021.

  • Given approval to set up small finance bank to take over PMC Bank: RBI to Delhi HC Jul 12, 2021 03:21 PM IST

    Given approval to set up small finance bank to take over PMC Bank: RBI to Delhi HC

    A bench of Justices D N Patel and Justice Jyoti Singh granted time to the RBI to file an affidavit on the development in the matter and listed the case for further hearing on August 20.

  • Banking Central| From the 'regulator' to the 'regulated', rules are meant to... Jul 12, 2021 12:34 PM IST

    Banking Central| From the 'regulator' to the 'regulated', rules are meant to...

    The Reserve Bank of India is a well-respected institution that cannot afford to dilute rules on after-retirement assignments and make mistakes. It is time for a reset.

  • Who was behind the PMC Bank scam? Jun 30, 2021 04:13 PM IST

    Who was behind the PMC Bank scam?

    After the torrent of bad news, the RBI-orchestrated resolution for PMC Bank finally spells good news for depositors. Yet, it begs the question: how did things come to such a pass? Could the PMC Bank crisis have been averted?

  • Whistleblower’s early alarms to RBI and a dubious audit rating: How the PMC Bank scam festered until it was too late Jun 29, 2021 09:32 AM IST

    Whistleblower’s early alarms to RBI and a dubious audit rating: How the PMC Bank scam festered until it was too late

    Eight years before the PMC Bank scam was unearthed, a whistle-blower warned RBI about a gigantic fraud. What did the RBI do? It asked the then CEO to investigate. That man is in the dock facing charges of fraud.

  • Banking Central | A tough task awaits Centrum-BharatPe at PMC Bank Jun 21, 2021 10:34 AM IST

    Banking Central | A tough task awaits Centrum-BharatPe at PMC Bank

    PMC Bank's failure isn’t just another case of a co-operative bank going bust because inefficient management left finances weak, the problems run deep and are manifold.

  • PMC Bank depositors plan to move Bombay High Court seeking early refund, merger with a running bank Jun 20, 2021 02:19 PM IST

    PMC Bank depositors plan to move Bombay High Court seeking early refund, merger with a running bank

    Several PMC Bank depositors Moneycontrol spoke to also said the RBI move is welcome for the depositors but expressed concerns over the lack of clarity on a time frame to refund the depositors.

  • Exclusive Interview | There’s a trust deficit among PMC Bank depositors, we'll work hard to address it, says Centrum Group’s Jaspal Bindra Jun 20, 2021 12:23 PM IST

    Exclusive Interview | There’s a trust deficit among PMC Bank depositors, we'll work hard to address it, says Centrum Group’s Jaspal Bindra

    Centrum Group Executive Chairman Jaspal Bindra says new promoters may not need 120 days to operationalise the bank, as he shares with Moneycontrol the new management’s plans for PMC Bank, recovering bad loans and more

  • RBI in-principle nod for Centrum: PMC Bank depositors relieved, but ask by when will they get their money back Jun 19, 2021 02:45 PM IST

    RBI in-principle nod for Centrum: PMC Bank depositors relieved, but ask by when will they get their money back

    PMC Bank has faced a trust deficit over the last one-and-a-half years and has been struggling with weak financials. For the new owners, regaining customer trust will be the main challenge.

  • RBI grants 'in-principle' approval to Centrum Financial Services Limited to take over PMC Bank Jun 18, 2021 03:58 PM IST

    RBI grants 'in-principle' approval to Centrum Financial Services Limited to take over PMC Bank

    The approval is under the general “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” dated December 5, 2019, the RBI said.

  • Decks cleared for PMC Bank resolution; RBI grants 'in-principle' nod to Centrum Financial Services to set up small finance bank Jun 18, 2021 03:39 PM IST

    Decks cleared for PMC Bank resolution; RBI grants 'in-principle' nod to Centrum Financial Services to set up small finance bank

    The approval is under the general “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” dated December 5, 2019, the RBI said.

  • PMC Bank depositors may have to wait for more time for resolution, talks with suitors on, says RBI Mar 26, 2021 06:51 PM IST

    PMC Bank depositors may have to wait for more time for resolution, talks with suitors on, says RBI

    The RBI had superseded PMC Bank board in September, 2019 and appointed an administrator to take care of daily operations of the lender.

  • RBI extends restrictions on scam-hit PMC Bank till June 30 Mar 26, 2021 05:58 PM IST

    RBI extends restrictions on scam-hit PMC Bank till June 30

    The restrictions were set to expire on March 31, 2021, but the Reserve Bank has decided to extend the curbs by at least another three months.

  • RBI developing three-pronged strategy to revive PMC Bank: Report Feb 05, 2021 03:53 PM IST

    RBI developing three-pronged strategy to revive PMC Bank: Report

    The directions/restrictions placed on PMC Bank were in December extended for another three months, till March 31, 2021.

  • PMC Bank gets three final bids; evaluation to decide winner underway, says RBI Governor Shaktikanta Das Feb 05, 2021 02:44 PM IST

    PMC Bank gets three final bids; evaluation to decide winner underway, says RBI Governor Shaktikanta Das

    PMC Bank was superseded by the RBI in September 2019 due to poor finances and major corporate governance violations.

  • Enforcement Directorate raids Viva group in connection with PMC bank Jan 22, 2021 11:18 AM IST

    Enforcement Directorate raids Viva group in connection with PMC bank

    Viva group is mainly into real estate, hotel, education, and owns Tab Cab.

  • BharatPe confirms it is looking to acquire PMC Bank: Report Jan 18, 2021 07:11 PM IST

    BharatPe confirms it is looking to acquire PMC Bank: Report

    In an interview to CNBC-TV18, BharatPe said it was bidding for the lender with Centrum.

  • In offer for PMC Bank, Bharat Pe may pay 100% to retail depositors: Report Jan 16, 2021 10:58 AM IST

    In offer for PMC Bank, Bharat Pe may pay 100% to retail depositors: Report

    The RBI on December 18 said PMC Bank received four expressions of interest and also extended the restrictions on the lender to March 31, 2021.

  • PMC Bank: ED attaches Rs 72-crore assets of man whose wife transferred funds to Sena leader's spouse Jan 01, 2021 09:24 PM IST

    PMC Bank: ED attaches Rs 72-crore assets of man whose wife transferred funds to Sena leader's spouse

    The ED said it has provisionally attached Rs 72 crore worth of assets of Pravin Raut under the Prevention of Money Laundering Act (PMLA) as it explained in a statement the alleged financial links between him his wife and that of Sanjay Raut's spouse.

  • PMC Bank scam: ED summons Shiv Sena MP Sanjay Raut's wife for questioning on December 29 Dec 27, 2020 08:15 PM IST

    PMC Bank scam: ED summons Shiv Sena MP Sanjay Raut's wife for questioning on December 29

    The fraud at PMC Bank came to light in September last year.

  • Centrum-BharatPe, Liberty Group express interest in PMC Bank: Report Dec 21, 2020 09:21 AM IST

    Centrum-BharatPe, Liberty Group express interest in PMC Bank: Report

    The Reserve Bank of India (RBI) on December 18 said PMC Bank has received four Expressions of Interest (EoI), but did not specify the suitors.

  • PMC Bank receives four proposals for investment; restrictions extended till March 31, 2021 Dec 18, 2020 05:42 PM IST

    PMC Bank receives four proposals for investment; restrictions extended till March 31, 2021

    The restrictions placed on PMC Bank have been extended further till March 31, 2021, as it needs more time to study the proposals.

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