MONEY & BANKING


Moneylife Digital Team 14 October 2019
The Reserve Bank of India (RBI) on Monday enhanced withdrawal limit to Rs40,000 from Rs25000 for depositors, of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank).   "...after reviewing the PMC Bank’s liquidity position and its ability to pay its depositors has decided to further...

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Moneylife Digital Team 14 October 2019
The Enforcement Directorate (ED) on Monday seized and identified movable and immovable assets worth more than Rs3,830 Crores owned by Housing Development and Infrastructure Ltd (HDIL), the company directors and promoters, as well as official of Punjab and Maharashtra Cooperative (PMC) Bank...

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Moneylife Digital Team 14 October 2019
Joy Thomas, former managing director (MD) of Punjab and Maharashtra Cooperative (PMC) Bank converted to become Junaid Khan and married to his personal assistant (PA), whom he allegedly gifted some properties in Pune, say reports.   The former PMC Bank MD made an admission before the...

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Moneylife Digital Team 14 October 2019
Seeking urgent action to safeguard depositors of cooperative banks that are witnessing frequent failures, Moneylife Foundation, a Mumbai-based non-profit consumer organisation (NGO), along with knowledgeable consumer activists, former bankers and trade unions, has sent a memorandum to Reserve...

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Among the disruptive financial technology (fintech) practices, app-based lending is certainly notable. The scenario of an app-based lending is somewhat like this – a prospective borrower goes to an app platform, fills up some information. At the background, the app collects and collates the...

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IANS 14 October 2019
Finance Minister Nirmala Sitharaman on Monday said PSBs have disbursed about Rs 82,000 crore in the nine-day outreach programme to push up retail credit and banks have witnessed robust demand during that period and she has asked the banks to look at the scope of MSMEs' demand for bill...

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IANS 14 October 2019
Public sector banks (PSBs) having fund exposure to the bankrupt real estate firm HDIL may have to classify the loans given to it as non-performing assets (NPA or bad loans) under the RBI (Reserve Bank of India) norms, make provisions for them and report these to the exchanges, according to...

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On Friday, 11th October, Mumbai Mirror, a local tabloid, published an exclusive report claiming that 200-odd ‘big depositors’ of the failed Punjab and Maharashtra Cooperative Bank (PMC Bank), which had stringent regulatory restrictions imposed on it, have come forward with a bizarre proposal....

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Moneylife Digital Team 11 October 2019
While we have regular loan waivers and corporate loan write-offs, why is no there financial system to protect the common man's savings, asks Deepak Parekh, chairman of Housing Development Finance Corp (HDFC).    "To my mind, there is no greater cardinal sin in finance than the misuse...

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Moneylife Digital Team 10 October 2019
Facing flak from several quarters on the Punjab & Maharashtra Co-operative (PMC) Bank fraud case, finance minister Nirmala Sitharaman on Thursday says if amendments help in better regulation, the union government would go ahead with the required legislative procedure in cooperative sector....

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IANS 10 October 2019
The Reserve Bank of India on Wednesday rejected the merger of Lakshmi Vilas Bank and India Bulls Housing Finance Ltd, months after the bank had sought its approval on May 7.   "The RBI vide their letter dated October 9, 2019, informed that the application for voluntary amalgamation of...

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IANS 09 October 2019
The State Bank of India (SBI) on Wednesday cut interest rate on savings deposits, with a balance of upto Rs 1 lakh, by 25 bps to 3.25 per cent from November 1, and slashed retail & bulk term deposit interest rates by 10 and 30 bps respectively for 1 year to less than 2-year tenor from October...

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IANS 09 October 2019
The State Bank of India (SBI) on Wednesday announced lowering its marginal cost of funds based lending rate (MCLR) by 10 basis points across all tenors to 8.05 per cent from October 10. The MCLR cut will make home and other retail loans cheaper for the existing borrowers.   The bank's...

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IANS 07 October 2019
In a major step towards fighting black money, India got the first tranche of Swiss Bank details of its residents under the Automatic Exchange of Information agreement.   India is among 75 countries with which the Federal Tax Administration (FTA) exchanged information on around 3.1...

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IANS 07 October 2019
The Enforcement Directorate (ED) said, on Monday, that it is carrying out raids at two places in Mumbai of Housing Development and Infrastructure Limited (HDIL) chairman Rakesh Wadhawan and his son Sarang Wadhawan following fresh revelations in the Punjab & Maharashtra Cooperative (PMC) Bank...

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Yester years they were: Madhavapura Bank in Gujarat, Krushi Bank and Charminar Bank in Andhra Pradesh and many small urban cooperative banks (UCBs) in other states.   Liquidators appointed by the state governments are still to sell the assets for more than two decades. The latest is...

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IANS 07 October 2019
A Mumbai Court on Sunday remanded to police custody till October 9 the former Chairman of the crisis-hit Punjab & Maharashtra Cooperative Bank Ltd., S. Waryam Singh, officials said.   Singh, who was nabbed by the Economic Offences Wing (EOW) of Mumbai Police from his hiding place in...

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Moneylife Digital Team 04 October 2019
The Economic Offences Wing (EOW) of Mumbai police on Friday arrested Joy Thomas, former managing director (MD) of Punjab and Maharashtra Cooperative (PMC) Bank. This is the third arrest in the Rs4355 crore PMC Bank scam.    On Thursday, the EOW had arrested Rakesh Kumar Wadhwan and...

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Moneylife Digital Team 04 October 2019
The Reserve Bank of India (RBI) on Friday reduced its repo rate (short-term lending) by 25 basis points (bps) to 5.15% in its fourth bi-monthly monetary policy review for 2019-20. The monetary policy committee (MPC) also decided to continue with an accommodative stance as long as it is...

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Whenever there is a financial scandal, a number of foolish solutions emerge. They are often like Band-Aid for a festering wound. Ostensibly aimed at protecting us, these solutions can end up harming us even more. They can impose a crippling long-term cost on innocent depositors, while letting...

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