PMC Bank Fraud/Scam- Updates by RBI
PMC Bank stand for Punjab and Maharashtra
Co-operative Bank . PMC Bank was
established on 13 February 1984 as single Branch Bank and converted into
Commercial Bank in 2000 by Reseve Bank of India. PMC Bank is now scheduled Commercial Bank which situated in 6
States of the country. In this long period of time, the PMC Bank has a wide network of137 branches across 6 states
(Maharashtra, Gujarat, Delhi, Karnataka, Madhya Pradesh, and Andhra Pradesh.
This Bank has total deposits of about Rs 11,617.34 crore.
PMC Bank ‘s Fraud/Scam
The higher
Management of the PMC bank has given huge loan to the
Housing Development and Infrastructure Ltd (HDIL) and its group entities. This
fraud case is related to transfer of 70% of the total credit facilities of the PMC Bank to HDIL and its associated
companies. If we talk about the total amount of the bank fraud then it was Rs
4,355 cr. Now the total NPA of the bank has grown to 73%. Now this Bank seems
to same like YES Bank which was recovered by SBI and RBI, The recovery of this
Bank seems a tough time for RBI because as we all know due to COVID-19 RBI
released lot of packages and sometime ago it recovered YES Bank. The depositsors
said that they are hopeful of recovering their money it shows our Indian
citizens have lot of believe and patience on Our government and we know our
Government never disappoint us, As it recovered YES Bank soon it will recover PMC Bank.
On this our Finance Minister
Nirmala Sitharaman gave her statement and that is : “The government is not
related to this matter but I will personally discuss this matter with RBI
Governor Shaktikant Das” so it is possible to recover the PMC Bank again as YES Bank so we shouldn’t worry that much only one
thing could be happened that this procedure took a lot time and it is very hard
time for those people who are linked with PMC
Bank because due to COVID-19 most of us left our jobs and if this kind of
thing happened so how we will survive?
The Police Department should take strict action on it and solved this
matter as soon as possible. RBI should also take care of this Scam because
these type of things never happened in a single day a long procedure followed
by these spam Banks so RBI should take care of this. In one year, 2 spam Banks
were discovered so this is very shameful thing for RBI.
Will
PMC bank recover?
Now, we can’t assume anything because this is very tough time
for all over the world, the Whole India is also suffering from Financial
Problems, our Government started lot of packages for welfare of citizens and
RBI also give lot of relief to the people by launching many packages and
sometime ago our RBI recover YES Bank and in this Hard time, Our RBI have to
fight with this Recovery of the PMC Bank
so it is hard for it but not impossible for it, RBI soon solved this matter as
it solved in the case of YES Bank which happened a 3 months ago.
PMC Bank
New Updates By RBI
The RBI imposed Regulatory restrictions on the PMC Bank for 6 months. Lot of people
suffered from lot of problems because lot of restrictions imposed on PMC Bank so people couldn’t transact
from their own account. At ago, only Rs. 10,000 was limit but this limit
increased by RBI and applicable for 22 December 2020 earlier it was only for 21
July 2020 but now this date changed to December.
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