PMC Bank receives 1,229 applications for deposit withdrawal
June 06, 2021
The withdrawals are meant for treatment of Covid-19
The administrator of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank received 1,229 applications for withdrawal of deposits specifically for treatment of Covid-19 illness.
These applications were received since April 16, 2020, when the Reserve Bank of India (RBI) allowed withdrawals up to Rs 5 lakh for treatment of critical illness under medical hardship ground, including Covid-19.
As per the affidavit filed by the Administrator in the Delhi High Court in the matter relating to Bejon Kumar Misra versus Union of India and others, of the aforementioned applications, 419 were received from March 15, 2021 till May 24, 2021.
Consortium of investors put in joint bid to acquire PMC Bank
PMC Bank bid: The potential consortium of investors includes Germany-based Alfa Pharma GmbH, Investment Fund (Mauritius), NexPact (Mauritius), Global Com Fin Investment LLC (Dubai) and Delhi-based Avtar Instalments
BusinessToday.In | February 20, 2021 | Updated 17:22 IST
Consortium of investors submitted a plan to acquire PMC Bank on February 1, 2021
A diversified group of investors have jointly bid for the crisis-hit lender Punjab and Maharashtra Co-operative (PMC) Bank. The potential consortium of investors includes a German agency advertising pharmaceutical merchandise, two Mauritius-based offshore buyers and a Dubai-based entity, The Economic Times reported.
As per the report, the consortium, led by Indian businessman Surinder Mohan Arora, submitted a plan on February 1, 2021, for the reconstruction of the bank.
The Delhi High Court on Monday directed the administrators of Punjab and Maharashtra Co-operation (PMC) Bank to decide afresh about the applications of depositors seeking money for the medical and educational emergencies. The court also directed the petitioner to submit the list of depositors before administrators, which included medical and educational emergencies within three weeks. The Bench of Justice DN Patel and Justice Jyoti Singh said, We direct the depositors to approach the administrators of PMC Bank giving the need in detail, for which they would require the money. Administrator to decide within two weeks. They would inform the decision through an affidavit.
Road ahead for co-operative banks
January 17, 2021
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The RBI has powers now to regulate UCBs on par with commercial banks. Can depositors hope for a time-bound resolution?
Distressed depositors of several Urban Co-operative Banks (UCBs), including Punjab and Maharashtra Co-operative (PMC) Bank, Sri Guru Raghavendra Sahakara Bank, Rupee Co-operative Bank and Kapol Co-operative Bank, have been at their wits end.
With their hard-earned money stuck in these banks, which got into trouble for various reasons – deterioration in financial position, irregularities and deficiency in governance – the depositors have been desperately looking to the banking regulator for succour.
But the wait to get their money back is becoming excruciatingly long and arduous as the Reserve Bank of India (RBI) keeps extending its directions to these banks (ironically seeking to protect depositors’ interest) by three to six months. Depositors of Mumbai-based PMC Bank and Bengaluru-based Sri Guru Ragha