MONEY & BANKING


IANS 20 November 2019
The Kingfisher House -- the erstwhile headquarters of the defunct Kingfisher Airlines Ltd. (KAL) - owned by absconding liquor baron Vijay Mallya, will be up for auction again. The 8th time in barely three years.   The Debts Recovery Tribunal (DRT), Bengaluru, has announced a new...

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Moneylife Digital Team 20 November 2019
The Reserve Bank of India (RBI) has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank.   Especially, RBI says PMC Bank had submitted fraudulently manipulated data to the central bank for sample checks, but the sample...

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Moneylife Digital Team 19 November 2019
The Reserve Bank of India (RBI) on Tuesday informed the Bombay High Court that it has been progressively relaxing withdrawal limits for depositors of Punjab and Maharashtra Cooperative Bank (PMC Bank), and those having medical emergencies, marriages and other hardships, can approach the...

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Moneylife Digital Team 19 November 2019
Even as the finance minister has announced plans to increase deposit insurance and bring in a Bill to re-introduce the ‘bail-in’ clause, the All India Bank Employees' Association (AIBEA) has demanded scrapping of such insurance cover for public sector bank (PSB) deposits.   CH...

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Moneylife Digital Team 18 November 2019
The preliminary forensic audit report of Punjab and Maharashtra Cooperative Bank (PMC Bank) submitted by Grant Thornton, a leading auditor firm commissioned by the Reserve Bank of India (RBI), exposes rampant violation of loan sanctioning norms by the Bank. The economic offences wing (EOW) of...

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IANS 18 November 2019
After Assam, suspected cybercriminals from Turkey have stolen huge amounts of cash from ATMs through ATM-cloning devices installed in Tripura's capital Agartala, police said on Monday.   According to the police, banks and other sources, over 60 bank customers of different banks mostly...

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Moneylife Digital Team 18 November 2019
The Economic Offences Wing (EOW) of Mumbai police is conducting a search at the residence of Rajneet Singh, former director of Punjab and Maharashtra Cooperative (PMC) Bank. On Sunday, the Esplanade Court granted the police his custody till 25th November, following which the EOW carried out...

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Moneylife Digital Team 15 November 2019
The Ministry of Corporate Affairs (MCA) on Friday notified Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules for financial service providers (FSP). The rules provide a generic framework for...

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Moneylife Digital Team 15 November 2019
Ruling on the long pending Essar Steel insolvency issue, the Supreme Court on Friday set aside a controversial order passed by National Company Law Appellate Tribunal (NCLAT) that had put unsecured creditors on par with secured creditors. The SC ruled that the Tribunal cannot interfere in a...

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Moneylife Digital Team 15 November 2019
The management of fraud-hit Punjab and Maharashtra Cooperative Bank (PMC Bank) is seeking consent from credit societies, cooperative housing societies (CHS) and other institutions from the cooperative sector that they will not withdraw their bank deposits for next three years. This follows a...

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Moneylife Digital Team 14 November 2019
The Mumbai police has finally registered a first information report (FIR) against The Hongkong and Shanghai Banking Corp Ltd (HSBC) India, its former chief executive officer (CEO) Stuart P Milne, Priya Paul, relationship manager and several top officials of the Bank and its subsidiary,...

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Moneylife Digital Team 13 November 2019
On the very day that the Reserve Bank of India (RBI) has to file an affidavit in response to a notice by the Bombay High Court, the management of fraud-hit Punjab and Maharashtra Cooperative Bank (PMC Bank) has sent emails to staff depositors seeking a declaration that they will not withdraw...

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Last week, I wrote about how the Reserve Bank of India’s (RBI’s) inspection reports, procured by Girish Mittal under the Right to Information (RTI) Act, had all but identified the fraud that led to PMC Bank’s (Punjab and Maharashtra Cooperative Bank) eventual failure way back in 2014-15; but...

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Moneylife Digital Team 12 November 2019
The economic offences wing (EOW) of Mumbai police has arrested Jayesh Sanghani and Ketan Lakdawala, the two auditors who did the statutory audit of fraud-hit Punjab and Maharashtra Cooperative Bank (PMC Bank).    In a statement, the police says, "Jayesh Dhirajlal Sanghani and Ketan...

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The proposal of the high level advisory group (HLAG), set up by the minister of commerce, for an amnesty scheme to bring black money back into India via the issuance of elephant bonds has drawn very few responses. This is not the first time such an effort has been made; but this proposal needs...

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Moneylife Digital Team 11 November 2019
The administrator appointed to look after scam-hit Punjab and Maharashtra Cooperative Bank (PMC Bank) should initiate the process to auction assets seized under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, and,...

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Moneylife Digital Team 08 November 2019
Inter-Creditor Agreements: Will Problems Worsen?   On 7th November 2019, the Business Standard reported that PMC Bank’s woes might worsen as urban co-operative banks have not been made part of inter-creditor agreements (ICA). This might lead to questions as to where PMC Bank stands...

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Colonisation of politics by economics has long been acknowledged since the time of Kautilya. As a corollary to this rule, geopolitics also changes with time, with geo-economics being the catalyst for change. Over the last 200 odd year economics has shaped geopolitics many times. At first came...

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Moneylife Digital Team 08 November 2019
It has been three years since the Rs500 and Rs1,000 currency notes were demonetised to curb black money and fresh notes of Rs500 and Rs2,000 were released.   After that, the Government has taken several measures to promote digital transactions but according to feedback from people via...

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IANS 08 November 2019
RBI Governor Shaktikanta Das on Thursday said there is a forensic audit underway in PMC Bank and that it is closely monitoring the situation and has already given inputs for the proposed amendments in the Cooperative Societies Act to the Finance Ministry to strengthen regulatory control over...

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