The draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the USFB, thus giving a greater degree of protection for the depositors, the Reserve Bank of India said.
Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
Earlier, RBI stated that depositors are already allowed to withdraw up to ₹5 lakh on hardship grounds for treatment of terminal illnesses, including treatment of Covid-19
The decision came a week after the RBI granted an "in principle" approval to Centrum Financial Services for setting up a small finance bank, thereby clearing the decks for the takeover of th crisis-hit PMC Bank by Centrum and BharatPe as equal partners.
The RBI on Friday gave an in-principle approval to Centrum Financial Services Ltd (Centrum), the established NBFC arm of the Centrum Group, to establish a SFB. Resilient Innovations Private Ltd (BharatPe), a fintech major, will be an equal partner, said a joint statement by both the companies.
The amendment to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 is the budget announcement made by the Finance Minister and the Bill is almost ready, sources said.
The ruling Maha Vikas Aghadi allies joined forces against the Bharatiya Janata Party at the Centre a day after the Enforcement Directorate (ED) slapped summons on Varsha Raut, the wife of Shiv Sena Chief Spokesperson Sanjay Raut, in Mumbai on Monday.
The Delhi High Court Tuesday asked the Centre and the RBI to respond to a plea seeking the release of up to Rs 5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic.
The Reserve Bank of India on Friday raised the withdrawal limit for the depositors of crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank to Rs 1 lakh.
The Reserve Bank of India (RBI) on Saturday said it has extended regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for three more months till June 22, 2020.
In view of the violence in Delhi and protests against the Citizenship Amendment Act, the Mumbai Police have denied permission to depositors of the troubled Punjab & Maharashtra Cooperative (PMC) Bank for staging a protest outside the RBI Bank's office here on Monday.
The scam-hit Punjab & Maharashtra Cooperative Bank Ltd had allegedly tried to influence its auditors by sending them on junkets to Goa and other places in order to keep them tight-lipped about the murky goings-on in the bank, official sources said in Mumbai.
The Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank.
Maharashtra State Co-operative (MSC) Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday. Any progress on such a scheme can only happen once the exact extent of the fraud and the liabilities arising are ascertained through a forensic audit, MSC Bank Chairman Vidyadhar Anaskar made it clear.
In a major relief to the common man, the Finance Minister on Saturday announced to raise the insurance cover on bank deposits to Rs 5 lakh from the current Rs 1 lakh.
Around a dozen depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank were detained on Sunday for allegedly trying to stage a protest outside the Khar residence of HDIL promoters Rakesh Wadhawan and his son Sarang, who are accused in the bank fraud case, police said.
RBI alert: The Reserve Bank of India (RBI) issued a notice restricting the banking operations of Sri Gururaghavendra Sahakara Bank Niyamitha (SGRSBN) bank and has put restrictions on cash withdrawals for the account holders of the bank. The maximum cash withdrawal limit for SGRSBN Bank now stands at Rs 35,000.
Mumbai Police detained over 50 depositors of the Punjab and Maharashtra Cooperative (PMC) Bank on Sunday after they protested outside the residence of Chief Minister Uddhav Thackeray.
The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative (PMC) Bank's depositors with the RBI in a couple of days, state minister Jayant Patil said on Thursday.
In their pleas, the petitioners alleged that the RBI's decision (to put restrictions on cash withdrawal) was irrational, arbitrary and violative of the fundamental rights of common public.
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