MONEY & BANKING


Moneylife Digital Team 31 October 2019
The administrator appointed by Reserve Bank of India (RBI) on scam-hit Punjab & Maharashtra Cooperative (PMC) Bank has asked permission form economic offences wing (EOW) of Mumbai police to sell attached properties of Housing Development Infrastructure Ltd (HDIL) and the company promoters,...

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Financial institutions are in disarray due to a serial fraud perpetration, whether commercial banks or cooperative banks. Serious fraud investigations have invariably taken such long time that makes the system forget about the result and consequence of investigation with impunity. Thanks to...

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Moneylife Digital Team 25 October 2019
The Odisha government on Monday had asked all departments, public sector units and state agencies to be careful while depositing money in any bank without proper enquiry. The government notification to this effect went viral on social media after it was reported by a news agency and caused...

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Moneylife Digital Team 25 October 2019
Fraud-hit Punjab & Maharashtra Co-operative Bank (PMC Bank), although in limbo and  under an administrator, will gobble up Rs27 crores a month to just to keep its 137 branches open across six states. This is nearly Rs one crore a day. One the eve of Diwali, it is important for people to...

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IANS 24 October 2019
Global ratings agency Fitch Ratings on Thursday said that it expects India's economic growth to be at 5.5 per cent in 2019-20, due to the large squeeze in credit availability emanating from non-bank financial companies (NBFCs).   Accordingly, the global ratings agency expects economic...

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Moneylife Digital Team 24 October 2019
Account holders of Punjab and Maharashtra Co-operative (PMC) Bank can now withdraw additional money of up to Rs60,000 for medical emergencies. This amount is reportedly in addition to the Rs40,000 withdrawal limit set earlier.   Hence, a depositor facing medical emergency would now be...

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Moneylife Digital Team 23 October 2019
Indian banks would face a capital shortfall of about $50 billion in the event of a systemic crisis in the non-banking financial company (NBFC) sector, as these entities have thin buffers against such stress, says Fitch Ratings.    In a note, the ratings agency says, "Systemic stress...

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IANS 23 October 2019
The aggrieved depositors of the scam-hit Punjab & Maharashtra Cooperative Bank Ltd found no solution at a meeting with Reserve Bank of India (RBI) officials as the apex bank Governor Shaktikanta Das is currently touring abroad, representatives said here on Tuesday.   A delegation of...

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IANS 22 October 2019
Nobel laureate Abhijit Banerjee on Tuesday called for reducing the government equity in public sector banks to below 51 per cent to remove the fear psychosis among bankers.   Addressing a press conference here, Banerjee said that fear of investigation by the Central Vigilance...

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IANS 22 October 2019
The Economic Offences Wing FIR against the Singh Brothers in the Religare Group fraud case shows their chicanery and duplicity. It points out to how Modland, Platinum, Prius and ANR -- entities controlled by Shivinder Mohan Singh (SMS) and Malvinder Mohan Singh (MMS) -- acted as a single...

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IANS 21 October 2019
Banking operations across the country will be affected on Tuesday as about 3.5 lakh bank employees will be on strike to protest mergers of government banks, said a top leader of All India Bank Employees' Association (AIBEA).   "Members of AIBEA and BEFI (Bank Employees Federation of...

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Moneylife Digital Team 18 October 2019
Recently, the Reserve Bank of India (RBI) had enhanced withdrawal limit to Rs40,000 from Rs25,000 for depositors of Punjab and Maharashtra Cooperative Bank Ltd. (PMC Bank).    However, this amount might still not be sufficient for those who are facing hardships such as medical...

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IANS 18 October 2019
The Supreme Court on Friday refused to entertain plea seeking directions for redressal of certain aspects, including insuring around 15 lakh people whose money is blocked in the scam-hit Punjab & Maharashtra Co-operative Bank (PMC Bank).   A bench headed by Chief Justice Ranjan Gogoi...

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Moneylife Digital Team 17 October 2019
Shares of Yes Bank surged in intra-day trade by as much as 17% even as reports emerged that industrialists Sunil Munjal and Sunil Mittal have expressed interest in buying a stake in the private bank. However, Mr Mittal denied the reports later on. A spokesperson for Bharti Enterprises denied...

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The failure of Punjab and Maharashtra Cooperative Bank (PMC Bank)—a relatively small multi-state cooperative bank—is a test for the reformist Narendra Modi government. Remember, Modi sarkar has waged a war on cash and wants us to keep our money in banks. The public fell in line, because it...

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Moneylife Digital Team 16 October 2019
Mumbai based businessman Dr. Santosh Bagla has sent out a press release on how the Reserve Bank of India (RBI) has asked Kotak Mahindra Bank to examine and redress the grievance within a time-bound manner. Mr Bagla had earlier complained to the Prime Minister’s Office (PMO) about vindictive...

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Moneylife Digital Team 16 October 2019
Responding to the plight of distressed customers of scam-hit Punjab & Maharashtra Co-operative (PMC) Bank, Moneylife Foundation has decided to help them in filing writ petition in the Bombay High Court.    This is a very limited window of opportunity. We need to verify all the details...

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IANS 16 October 2019
Caught in the eye of the storm over 'Dawood-Mirchi' links, former Union Civil Aviation Minister Praful Patel faces yet another embarrassment for frequently using private jets of Wadhawans, accused in the Rs 4,355 crore Punjab and Maharashtra Co-operative(PMC) bank scam.   Documents...

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Moneylife Digital Team 15 October 2019
One more depositor, Sanjay Gulati, whose family have about Rs90 lakh stuck in the fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank, died on Monday due to to cardiac arrest soon after returning home from a protest against the bank at Killa Court in Mumbai. Irony is he first lost his job...

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IANS 15 October 2019
The Reserve Bank of India (RBI) on Monday imposed a penalty of Rs 1 crore on the Lakshmi Vilas Bank Ltd, owing to deficiencies in its regulatory compliance.   The central bank said its statutory inspection of the bank with reference to its financial position as on March 31, 2017,...

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