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PMC Bank Customers Not To Get Rs 5 lakh Deposit Insurance In First Lot

Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) ...

PMC Bank Restrictions Extended By 3 Months

More than a year after the Reserve Bank of India (RBI) superseded Punjab and Maharashtra Cooperative (PMC) Bank's board and imposed restrictions on it, depositors will have to continue awaiting a resolution as the central bank extends restrictions on the cooperative ...

Cabinet Decides To Bring Co-operative Banks Under RBI's Supervision

On Wednesday, the Union Cabinet decided to bring all cooperative banks under the Reserve Bank of India (RBI) through an ordinance. This was announced by the Union Information and Broadcasting Minister Prakash Javadekar at a virtual press meet. "Government banks, including ...

PMC Bank: RBI Extends Restrictions For 6 Months, Doubles Withdrawal Limit

On Friday, the Reserve Bank of India (RBI) extended regulatory restrictions on the fraud-hit Punjab and Maharashtra Co-operative (PMC) Bank for another six months to 22 December 2020. However, the withdrawal limit for the bank's depositors has been increased to Rs ...

RBI Extends Restrictions On PMC Bank By 3 Months

On Saturday, the Reserve Bank of India (RBI) said that it has extended regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for three more months till 22 June 2020. The central bank had placed a six-month regulatory restriction on the ...

Urban Co-Operative Banks Reported Nearly 1,000 Frauds Worth Over Rs 220 Crore In 5 Years

In response to an RTI query by PTI, the Reserve Bank of India (RBI) said that urban co-operative banks have reported nearly 1,000 cases of fraud worth more than Rs 220 crore in the last five fiscal years. Of these, a ...

What Are Municipal Bonds?

To finance its expenditure as well as for its core development, municipalities which have limited options at the district or city level for borrowing from the market as per the SEBI notification in 2015 can raise funds through the issue ...