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 Enforcement Directorate has summoned senior Shiv Sena leader Sanjay Raut's wife Varsha in connection with the PMC Bank fraud case. The probe agency has called Varsha for questioning on December 29.
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.
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.
Bank deposit insurance cover hiked: Finance Minister Nirmala Sitharaman on February 1, 2020, announced a hike in insurance cover for bank depositors and said depositors' money is absolutely safe. Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from 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.
The Supreme Court Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative Bank (PMC) scam, from Mumbai's Arthur Road Jail to their residence.
Supreme Court on Thursday stayed the release of HDIL directors, Rakesh Wadhawan and Sarang Wadhawan, from Mumbai jail. Earlier today, the Court had asked Solicitor General (SG) Tushar Mehta to come up with the diary number at 2 pm today, for listing the matter pertaining to his mentioning in the case.
The Bombay High Court set up a three-member committee on Wednesday for valuation and sale of encumbered assets of Housing Development and Infrastructure Ltd (HDIL) to expeditiously recover dues payable by the firm to crisis-hit Punjab & Maharashtra Cooperative (PMC) Bank.
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.
The protest, announced last weekend after a round of sit-ins outside the RBI headquarters, was held at the Azad Maidan, the designated agitating place located not far off from the central bank headquarters.
During the current inspection, PMC Bank has admitted to having a total exposure of Rs 6,226.01 crore (inclusive of interest accrued in the related accounts) as on March 31, 2019 to the HDIL group.
The arrested duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed and suspected to have played a key role in covering up the irregularities involving some top officials of the bank, he said.
"In the meeting, the commissioner assured us that the police will take every possible action to bring the culprits to book and recover the money of depositors," Singh said.
Additional Sessions Judge S T Soor turned down the applications of Parmeet Sodhi and Surjit Singh Narang after noting that their custodial interrogation was required.
"PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) in New Delhi.
A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC bank directing them to indicate their stand on the plea which has sought 100 per cent insurance cover for customers' money deposited in the bank
Arora was last week arrested by Mumbai Police's Economic Offences Wing (EOW) in connection with the alleged Rs 4,355 crore scam. He was produced before metropolitan magistrate S G Shaikh, after his police remand ended on Tuesday. The court extended his police custody till Thursday.
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