RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival

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The RBI said factors like huge losses and erosion of deposits at PMC Bank continue to cause hindrance in its revival. The Reserve Bank of India appointed AK Dixit, ex-general manager of Union Bank of India, as the new administrator of the bank with effect from September 23, 2020. PTI Mumbai Last Updated: … Read more RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival

PMC Bank, Hit By Fraud, Seeks Merger With Other Banks: Report

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Fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the … Read more PMC Bank, Hit By Fraud, Seeks Merger With Other Banks: Report

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report

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India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year … Read more Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report

In Absence Of Funds, PMC Bank Depositors Survive On Loans, Charity

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The liquidity risks have increased for the non-bank financial companies. In February, 82-year-old Kishan Lal appealed to India’s finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour. The Lals had enough … Read more In Absence Of Funds, PMC Bank Depositors Survive On Loans, Charity