Currently, deposits of up to Rs 5 lakh are covered under the deposit-insurance scheme.
Pawar reminded PM Modi of his recent remarks about 'corruption' of NCP leaders, and asked him to act against those who are guilty.
Two of the depositors had died of cardiac arrest, while another, a woman doctor, allegedly committed suicide.
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. Centrum Financial Services was one of the applicants for takeover of the PMC Bank. "This 'in-principle' approval has been accorded in specific pursuance to the Centrum Financial Services Limited's offer dated February 1, 2021, in response to the expression of interest notification (November 3, 2020) published by the PMC Bank Ltd," the RBI said in a statement.
The NCR and the MMR together account for 77 per cent of 10 big housing projects stuck because of developers' bankruptcy or litigation.
Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.
The Enforcement Directorate (ED) has issued fresh summons to Shiv Sena MP Sanjay Raut asking him to appear on July 1 for questioning in a money laundering case linked to the re-development of a Mumbai 'chawl' and other related financial transactions involving his wife and friends, officials said.
The Supreme Court on Friday stayed the Bombay high court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay high court order.
Now, more than 60 per cent of depositors of the bank will be able to withdraw their entire account balance.
With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said.
With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank said as most of its account holders have an average balance of just about Rs 10,000.
Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank's Bhandup branch. Despite non-payment, the bank officials did not classify the loans as NPA and intentionally hid the information about the same from RBI.
However, the RBI declined to share details of action being taken on these fraud cases saying "it is not readily available".
'Banking is a business of trust.'
Business activity contracted in Q2 FY20, the first contraction since 2013-14 and the second since the 2008 global financial crisis, report, Abhishek Waghmare and Anup Roy.
Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
The Shiv Sena chief said an atmosphere is being created in the country that the National Register of Citizens (NRC) is 'dangerous' for Muslims, but added that the exercise will not be carried out in Maharashtra.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
Joy Thomas stated that one large account -- HDIL -- was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India superseded its management and placed it under an administrator for the next six months.
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances