In a major development is 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 bank View in Hindi: LIVE TV.
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A court on Wednesday had remanded in police custody till December 11, two directors of the PMC Bank, arrested in connection with the ongoing probe of a Rs 4,355 crore scam at the bank. The Economic Offences Wing (EOW) of the Mumbai Police had arrested three PMC Bank directors- Jagdish Mookhey, Mukti Bavisi and Trupti Bane- on Tuesday.
Back in 1993, PMC Bank co-founder Sardar Gurucharan Singh had blown the lid of a similar scam, but RBI did nothing; then too, disgraced Joy Thomas was at the helm; and then too, the main culprit.
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In September 2019, the RBI discovered the PMC Bank had allegedly created fictitious accounts to mask loans to the tune of Rs 4,355 crore approved for HDIL.
PMC bank depositors protest in Mumbai, want restrictions on cash withdrawal lifted ANI - 19 October, 2019 The bank had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000.
Also Read: PMC Bank only disclosed Rs 439.6 crore as loans to HDIL Also Read: PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief Latest India News.
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 English Hindi.
RBI on PMC Bank: On Thursday, RBI raised withdrawal limit for account holders of the PMC Bank to Rs. 25,000 from earlier withdrawal limit of Rs. 10,000.
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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.
Earlier, news reports mentioned that just one account — HDIL — was the single reason for the PMC Bank’s woes, which was subsequently acknowledged by the bank’s managing director, Joy Thomas. Wadhawan and HDIL took loans from PMC Bank to clear Bank of India’s (BoI’s) dues, which had initiated bankruptcy proceedings against the company for allegedly defaulting on loans of around Rs.
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