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PMC Bank proved Fraud- New Updates by RBI





PMC Bank Fraud/Scam- Updates by RBI

PMC-Bank-Fraud/Scam-

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.

PMC-Bank-Fraud/Scam-

 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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