Out of PMC Bank's 1,800 employees, only about 25 of them could access the loans accounts of the now bankrupt real estate developer HDIL and its group entities, the RBI told the Bombay High Court.
The RBI has already created a unified department of supervision and a unified department of regulation from November 1 this year, which will strengthen the oversight of commercial banks, cooperative banks and NBFCs, Das has said.
The Reserve Bank of India, Enforcement Directorate, the Economic Offences Wing of the Mumbai Police and administrators of PMC Bank have formed a coordination team to expedite action in the PMC Bank case.
Rajneet Singh was taken into custody in evening at the Economic Offences Wing (EOW) office
The arrested duo, Jayesh Sanghani and Ketan Lakdawala, served as statutory auditors when the scam was committed.
Prime Minister Narendra Modi on Saturday inaugurated the Kartarpur corridor and flagged off the first batch of over 500 Indian pilgrims, including former prime minister Manmohan Singh and Union minister Harsimrat Kaur Badal.
"PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) here.
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.
A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed by the RBI on withdrawals.
Kuldeep Kaur Vig (64) is the seventh PMC Bank depositor to have died after the alleged Rs 4,355 crore scam at the bank came to light and the RBI imposed restrictions on withdrawal of funds.
Several customers of PMC Bank have been protesting outside the Reserve Bank of India (RBI) office with the last protest on October 30
A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC bank directing them to indicate their stand on the plea which has sought 100 per cent insurance cover for customers' money deposited in the bank.
The administrator appointed by the central bank will receive the asset hand over to further the liquidation process.
The protest, which came a day after a similar agitation, also exposed cracks within the depositors, where two groups of leaders seem to have emerged.
The administrator put by RBI to oversee the bank's operations is presently restating the books to present a fair picture of its financial strength.
The PMC Bank has been put under restrictions by the RBI after an alleged fraud of Rs 4,355 crore scam came to light following which the deposit withdrawal was initially capped at Rs 1000, causing panic and distress among depositors.
The court remanded the duo in judicial custody after the central agency did not seek their further custody.
This will help take pressure off sound cooperative banks and instil confidence among small depositors
The Enforcement Directorate has already attached assets of HDIL that are worth 3,800 crore. These include high end cars, lavish bungalows and jewelry.
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 account for six months.
"When the RSS/BJP govt waives off unpaid loans of the rich and gives super-rich tax bonanzas, it destroys banks and this has real consequences on ordinary lives. Another example of misery: PMC Bank depositors, some are dead, others in dire straits. RSS/BJP govt does not care," Yechury tweeted.
Depositors can withdraw more money for needs such as marriage, medical emergencies and education expenses
The crisis at the bank is being attributed to loans given to realty player HDIL, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.
While the principal loan on these 40 properties is around Rs 2,200 crore, PMC Bank has been accused of fraudulently extending Rs 4,500 crore to HDIL on the back of security of these properties.