Representing the petitioners, advocate Subhash Jha alleged that ED officials “waited till the eleventh hour” and “deliberately delayed filing the charge sheet”
The RBI appointed former Union Bank of India executive, A K Dixit as the new administrator of PMC Bank in the place of the present Administrator J.B. Bhoria who is stepping down on September 22, 2020 due to health reasons.
During investigations, it was found that the bank had been allegedly running fraudulent transactions for several years to facilitate lending to HDIL through fictitious accounts and violating single-party lending rules.
Popular Finance, Fashion Gold, PMC, Yes AT1—the lure of higher returns, loose regulations trap gullible investors. Surprisingly, investors keep returning to such firms, ignoring repeated warnings.
The affidavit was filed in response to an application seeking release of Rs five lakh to PMC bank depositors during COVID-19 to help them address health issues.
PMC Bank scam: HDIL promoters Rakesh Wadhawan and Sarang Wadhawan are the main accused in the alleged Rs 4,335 crore scam.
RBI has taken a number of measures to strengthen co-operative banking system, he added.
Better control over co-operative banks by RBI will work in depositors’ favour
Normalcy returns for Yes Bank's customers, while PMC Bank's depositors continue to languish
An RBI circular dated September 23, 2019, curbed the bank's functions like lending and withdrawals by customers for six months. It has now been extended further by three months.
The fate of depositors in many crisis-ridden cooperative banks remains uncertain. Though a few of them have approached the courts and the RBI seeking resolution, it is a guess at this stage when they will get their money back.
S&P Global Ratings said if Yes Bank's resolution process is prolonged, there is a risk the broader banking environment may take a hit.
ED is in the process of auctioning four properties of the businessman, including three commercial and one residential, the civic body has also written a letter to the agency asking to pay property tax dues as early as possible.
The Reserve Bank of India (RBI) placed lending restrictions on PMC Bank after allegations of fraud.
A bench comprising Chief Justice S A Bobde and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay High Court order.
It is important that the government provides enough power to the RBI to govern rural cooperative banks as well to ensure closer scrutiny and good governance
The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by Registrar of Cooperative, Information and Broadcasting Minister Prakash Javadekar said while briefing media about the Cabinet decisions.
A group of around 25 depositors initially assembled some distance away from the house of the Wadhawans with banners in hands, where they started raising slogans, he added.
An appeal filed by the Enforcement Directorate challenged a Bombay High Court order that allowed the shifting of HDIL promoters Rakesh and Sarang Wadhawan, those accused in the Rs 6,800 crore PMC Bank scam case, from Mumbai's Arthur Road prison to their residence.
A division bench of Justices R V More and S P Tavade said the committee would be headed by retired high court judge S Radhakrishnan.
The PMC Bank has been put under restrictions by the RBI, after a multi-crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors.
SBI notifies clerk recruitment, RBI widens payment options for FASTag
The chargesheet has named former managing director of the bank Joy Thomas, former chairman Waryam Singh, former director of the bank Surjit Singh Arora, along with Housing Development and Infrastructure Limited (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan.
The court also said that the assets of HDIL and Wadhawans must be sold at the earliest in the interest of the PMC Bank and its depositors.
Sarang and his father, HDIL promoter Rakesh Wadhawan are currently in judicial custody after the duo were arrested in connection with an alleged scam at PMC Bank.