Depositors of 21 banks, including Punjab and Maharashtra Cooperative (PMC) Bank, will receive up to Rs5 lakh from the Deposit Insurance & Credit Guarantee Corporation (DICGC) within 90 days or by 29 December 2021 under the all-inclusive directions (AID).

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The Reserve Bank of India (RBI), which has been trying very hard to find solution in the Punjab and Maharashtra Cooperative (PMC) Bank crisis, is set to approve takeover by a consortium of Centrum group and BharatPe.

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The Reserve Bank of India (RBI) expects resolution plans for Mumbai-based Punjab and Maharashtra Co-operative (PMC) Bank soon as initial response from investors have been positive.

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The Reserve Bank of India (RBI) has appointed AK Dixit, former general manager at Union Bank of India as the new administrator of Punjab and Maharashtra Cooperative (PMC) Bank.

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The Reserve Bank of India (RBI) on Friday doubled the withdrawal limit for Punjab and Maharashtra Cooperative Bank's depositors to Rs 100,000 from Rs 50,000 earlier.

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The Mumbai Police Economic Offences Wing (EOW) has arrested a former director of Punjab and Maharashtra Cooperative (PMC) Bank and two of its valuers in connection with the ongoing probe into the Rs 4,355-crore scam, an official said here on Thursday.

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Having run out of options and with their pleas to the government, regulators and courts being ignored, depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank are now planning to fast for their rights.

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The Supreme Court on Friday stayed the Bombay High Court order on the sale of the bankrupt Housing Development and Infrastructure Ltd (HDIL) as a measure to facilitate the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank.

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The Supreme Court on Thursday stayed an order passed by the Bombay High Court for releasing Rakesh Wadhawan and Sarang Wadhawan, both promoters of Housing Development and Infrastructure Ltd (HDIL) in the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank fraud.

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The Bombay High Court on Thursday reserved its order on a public interest litigation (PIL) that was seeking disposal of properties belonging to defaulter Housing Development Infrastructure Ltd (HDIL).

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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,

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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.

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The Economic Offences Wing (EOW) of Mumbai police are conducting a search at the residence of Rajneet Singh, former director of Punjab and Maharashtra Cooperative (PMC) Bank.

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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 their personal deposits with the bank for a period of three years, even if restrictions on withdrawal are lifted by the regulator.

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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).

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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,

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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).

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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 such banks.

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Did the Punjab and Maharashtra Cooperative Bank (PMC Bank) audit show the first signs of fudging data to hide beneficiary accounts as far back as 2014-15? It certainly looks like it.

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When Punjab and Maharashtra Cooperative Bank (PMC Bank) scam hit the headlines, the Reserve Bank of India (RBI) appointed JB Bhoria, as the administrator of the scam-hit bank on 23 September 2019.

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