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<ul><li>Scam-hit PMC Bank's depositors from Delhi staged a protest outside the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">bank of India</keyword> to demand that their money be returned.</li><li>The bank has been put under restrictions by the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> after an alleged fraud came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors.</li><li>Subsequently, it was raised to Rs 10,000 and to Rs 50,000 earlier this week by the RBI.</li></ul>Scam-hit PMC Bank's depositors from Delhi staged a protest outside the Reserve bank of India here on Monday to demand that their money be returned. They threatened to go on a hunger strike after March 2 if their money is not returned and their concerns not addressed. Hemant Kumar, who had come from Malviya Nagar, said, "These people will not understand till we carry out a Shaheen Bagh-like protest outside the RBI. If they do not listen to us, we will block the road outside the RBI." Tek Chand, who has an account with Tilak Nagar branch, said, "My wife is a kidney patient and she has to undergo dialysis thrice every month. What am I supposed to do? I have been left helpless due to the situation. it is our hard earned money." Another depositor, <keyword id="8827022" type="PERSON" weightage="20" keywordseo="tajinder-pal-singh-gujral">Tajinder Pal Singh Gujral</keyword>, a resident of Janakpuri, had deposited Rs 2.5 crore in the bank after he sold his house, a day before the bank shut down in September. "I had sold off my house and the payment from that deal had come into my account with the PMC bank. I had booked another house and given Rs 5 lakh as down payment and was supposed to pay for it from the PMC account. But, now, those Rs 5 lakh are also gone and this money is also stuck. I cannot buy a house or do anything for my business," he said. The bank has been put under restrictions by the RBI after an alleged fraud came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. Subsequently, it was raised to Rs 10,000 and to Rs 50,000 earlier this week by the RBI. Punjab &amp; <keyword id="689622" type="COMPANY" weightage="20" keywordseo="Maharashtra-Cooperative-Bank">Maharashtra Cooperative Bank</keyword>, which is among the top-10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which has turned sour with a shift in the fortunes of the now bankrupt company. Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests across city from the depositors following the RBI action. SLB DP HRS

Scam-hit PMC bank depositors are inspired by Shaheen Bhag protests

Mumbai, Shiv Sena Rajya Sabha member and spokesperson Sanjay Raut's <keyword id="10541297" type="UNKNOWN" weightage="20" keywordseo="wife-varsha-raut">wife Varsha Raut</keyword> on Monday deposed before the Enforcement Directorate (ED) in connection with its <keyword id="481005" type="PERSON" weightage="20" keywordseo="money-laundering-probe">money laundering probe</keyword> into the <keyword id="8178546" type="UNKNOWN" weightage="20" keywordseo="PMC-Bank-fraud-case">PMC bank fraud case</keyword>. According to ED sources, she arrived at the financial probe agency office here in the afternoon. The source said that she will questioned about the Rs 55 lakh interest free loan transferred to her in 2010 and 2011 by her business partner Madhuri Raut, the wife of Pravin Raut, who has been accused of money laundering in the HDIL case. The source further said that she will also be questioned about her partnership with Madhuri Raut in Avani Construction and how did she receive Rs 12 lakh from the entity (as overdrawn capital converted to loan) on a contribution of Rs 5,625. According to ED officials, the loan amount of Rs 12 lakh to Varsha Raut is still outstanding. This is the first time that Varsha Raut has appeared before the ED after being summoned twice by the agency in the case. The ED has registered a case of money laundering on the basis of FIR registered by Mumbai Police's Economic Offences Wing against <keyword id="638887" type="DOMAIN" weightage="20" keywordseo="Housing-Development-Infrastructure-Ltd">Housing Development Infrastructure Ltd</keyword> (HDIL), its promoter Rakesh Kumar Wadhawan, Sarang Wadhawan, Waryam Singh, the then Chairman and Managing Director of the bank <keyword id="829201" type="PERSON" weightage="20" keywordseo="Joy-Thomas">Joy Thomas</keyword> and others for causing loss to the tune of Rs 4,355 crore to PMC Bank and corresponding gain to themselves. The ED has attached properties worth Rs 72 crore on January 1 of Pravin Raut under the Prevention of Money Laundering Act (PMLA) as during investigation, it was revealed that Rs 95 crore has been allegedly siphoned off through HDIL by him in active conspiracy and connivance with various persons. The ED officials on January 1 had said that the source of the funds was illegal availed loans or advances etc by HDIL from the PMC Bank. There was no document or agreement in support of these payments made to Pravin Raut. The official further said that as per the ledger of HDIL, the funds were given to him for acquiring land in Palghar area. The ED official had said it was also found that Raut paid an amount of Rs 1.6 crore to his wife from the proceeds of crime. Madhuri Raut had transferred Rs 55 lakh out of Rs 1.6 crore to Varsha in 2010 and 2011. The amount was further utilised for purchase of a flat in Mumbai's Dadar East, the official said. The notice to Varsha had sparked a huge political row in the state with the ruling Maha Vikas Aghadi allies Shiv Sena-Nationalist Congress Party-Congress and opposition <keyword id="58687" type="COMPANY" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> trading verbal blows. Sanjay Raut had also accused the BJP at Centre of misusing the central probe agencies like the ED, the CBI, the IT to harass and silence political opponents. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/reliance-says-it-has-absolutely-no-plan-to-enter-contract-farming-urges-government-to-stop-vandalism-amidst-ongoing-farmers-protests/articleshow/80091733.cms" data-type="tilCustomLink">Reliance says it has 'absolutely no plan' to enter contract farming — urges government to stop vandalism amidst ongoing farmers' protests</a> <a href="https://www.businessinsider.in/stock-market/news/big-money-chasing-bitcoin-takes-the-cryptocurrency-to-a-new-record-high-of-34000/articleshow/80090730.cms" data-type="tilCustomLink">Big money chasing Bitcoin takes the cryptocurrency to a new record high of $34,000</a>

PMC Bank scam: Sanjay Raut's wife Varsha deposes before ED in connection with the money laundering probe

New Delhi, Nov 20 () Distressed depositors of scam-hit PMC Bank on Wednesday held a day long protect outside the RBI office here, demanding their "hard earned" money be returned at the earliest.
A delegation of the depositors met a senior official of the Resrve Bank of India, who assured them efforts were on to address their problem.
Delhi resident Rajinder Singh, who says to have a deposit of about Rs 20 lakh in the bank, said that authorities should give them a time frame for refund of his money.
Another depositor Jagpreet Singh, having three accounts in the bank, said most of the affected people were senior citizens who had put in their life savings in the Punjab and Maharashtra Cooperative Bank.
The affected depositors raised slogans against the Reserve Bank, alleging that the central bank did not do its job.
They also alleged political connections behind the scam.
Statutory inspection of PMC by the RBI revealed large group exposure toward Housing Development and Infrastructure Limited (HDIL) Group companies to the tune of approximately Rs 6,226.01 crore (inclusive of interest accrued in the related accounts).
Out of total exposure of Rs 6,226.01 crore as of end-March, 2019 to the HDIL group, only Rs 439.58 crore was disclosed to the RBI and remaining Rs 5,786.43 crore remained undisclosed.
As on September 23, 2019 (date of imposition of RBI directions), total depositors of the bank were 9,15,775.
However, as on November 5, 2019, with withdrawal limit being increased to Rs 50,000, almost 78 per cent of the depositors will be able to withdraw entire amount deposited with PMC bank, thereby addressing depositors interest, Parliament was informed on Tuesday. NKD CS
BAL

Distressed PMC depositors hold protest at RBI

New Delhi, Nov 20 () Raising the issue of scam-hit Punjab &amp; Maharashtra Cooperative (PMC) Bank in the Lok Sabha on Wednesday, a BJP member asked the finance ministry to direct the RBI to resolve the issue and ensure that all depositors get back their money.
Kapil Patil (BJP), Lok Sabha member from Maharashtra, said lakhs of people have accounts in that bank and now they are facing problem as the RBI has put certain restrictions on withdrawal of money.
He said that several of the persons do not have money to pay fees for their children.
"They observed Diwali festival in dark...I request finance ministry to direct RBI on the issue so that people get back their money," he said while raising the issue during Zero Hour.
Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protest outside the RBI office here, demanding their "hard-earned" money be returned at the earliest.
Raising an issue during the Zero Hour, Nishikant Dubey (BJP) demanded that members of ST community who change their religion should be denied the benefit of reservation.
Citing an example, he said the percentage of ST community becoming christians have increased from about 3 per cent in 1947 to about 20 per cent.
Saugata Roy (TMC) urged the government to honour Indian-American Abhijit Banerjee, who has won the 2019 Nobel for Economics.
"Parliament should give a reception to him," he said.
Abdul Khaleque (INC) demanded to change the newly appointed NRC state coordinator as the officer is giving updates on social media, which is not being appreciated.
R S Sharma (BJP) said the governmentshould take steps to prevent use of melamine, a chemical, in milk and milk products as it is "slow poison" and harmful for health.
Ritesh Pandey (BSP) asked that the Centre and the state government should releases funds for payments of salaries to Madarsa teachers in Uttar Pradesh.
Raising the issue of disinvestment of BPCL, Rahul Shewale (SS) said that the government should not consider any such proposal as privatisation of this company would impact employees and the country also.
"Privatisation of BPCL will be bad for the nation," he said.
Asit Kumar Mal (AITC) demanded immediate withdrawal of central forces from Visva-Bharati University as law and order is a state subject. RR CS BAL

PMC Bank issue raised in Lok Sabha

<ul><li>For the last four months, the residents of Delhi have been either stuck in never-ending traffic or walked out of closed metro stations; or looking for ways to keep their children engaged thanks to unexpected school closures. </li><li>All this is happening in the wake of protests, violence, gunfire and a lot more that is stressing out the national capital. </li><li>Here are all the reasons that Delhi is protesting and suffering for, at the same time. </li></ul>For the last four months, the residents of Delhi have been either stuck in never-ending traffic or walked out of closed metro stations; or looking for ways to keep their children engaged thanks to unexpected school closures. All this is happening in the wake of protests, violence, gunfire and a lot more that is stressing out the national capital. The era of protests started much before the Citizenship Amendment Act (CAA) issue raged on. In early November, students started it as Jawaharlal Nehru University (JNU) hiked hostel fee. Later, the winter session of the Parliament has left students and citizens alike taking to the streets protesting the <a href="https://www.businessinsider.in/india/news/bullets-glass-and-stones-fly-all-over-north-east-delhi-killing-5-and-injuring-100/articleshow/74294273.cms">Citizenship Amendment Act (CAA)</a>. Recently, depositors of scam-hit PMC Bank staged a protest outside RBI in Delhi asking the banking regulator to take action. Moreso, the victims who saw their savings vanish also said that they would take inspiration from ‘Shaheen Bagh’ protests. Looks like Delhi is not falling short of issues to take to streets about. While most of the above-mentioned issues are resulting in strife across the country, no city is as affected as Delhi which has become the hotbed. Adding to that, most protests are taking a violent turn, and random incidents of gun shots fired by miscreants is not helping Delhi-ites who are already skittish thanks to pollution spikes and inconsistent weather. The residents are unable to keep up a routine either as untoward incidents have been keeping adults from work and children from schools. There have been at least three such incidences where the schools were shut in Delhi. Two months ago, the massive protests against CAA at the Jamia Millia Islamia University had led to closure of schools in South Delhi. And it hasn’t gotten any better since that day. Even today (February 25), the schools will remain shut in the North East Delhi as the intelligence agencies suspect riots in the area. This was after seven people — including a constable of Delhi Police — <a href="https://www.businessinsider.in/india/news/bullets-glass-and-stones-fly-all-over-north-east-delhi-killing-5-and-injuring-100/articleshow/74294273.cms">lost their lives amid the clashes</a>. Here are all the reasons that Delhi is protesting and suffering for, at the same time.

Hostel fee hike to citizenship row — Delhi has been a hotbed of protests for 4 months now

A 51-year-old man, whose family has a deposit of over Rs 90 lakh with the troubled Punjab and Maharashtra Bank Cooperative (PMC) Bank, died due to a heart attack, sources said on Tuesday. Sanjay Gulati, a resident of suburban Oshiwara, went to a protest march held outside a city court on Monday morning and had been under stress because of his deposit being stuck, said Manali Narkar, who was among the agitating depositors. Gulati was there at the protest along with his 80- year-old father, Narkar said. In a video made at the protest site, Gulati's father claimed that the family has a deposit of over Rs 90 lakh with the bank, she said. Gulati died due to a heart attack while having dinner on Monday, a senior official at Oshiwara police station said. Narkar said a few of the depositors will be attending Gulati's last rites to be held here around noon, and added that they will also be holding a peaceful candle light march in the evening. According to reports in a section of media, Gulati lost his job after the grounding of <keyword id="6358200" type="DOMAIN" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> and is survived by a specially-abled son, who requires regular medical treatment. The PMC Bank has been placed under "directions" by the RBI since last month, wherein depositors' withdrawals have been capped. The limits were increased to Rs 40,000 by the RBI on Monday, and the central bank said 77 per cent of the customers will be able to fully withdraw their deposits with this move. The limits were earlier capped at Rs 1,000, and subsequently raised to Rs 10,000 and Rs 25,000 as the bank's liquidity position improved. Harried depositors of the bank, which has deposits of over Rs 11,000 crore, have been protesting across the city, and also forced Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> to meet them last week when she was out to address a pre-election media conference here. Sitharaman then urged RBI <keyword id="130" type="POSITION" weightage="20" keywordseo="Governor">Governor</keyword> <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> to urgently look into the woes of the depositors, after which the deposit withdrawal limits were hiked to Rs 40,000. Four people, including promoters of realty firm HDIL to which the bank made the sour loans, and the lender's former chairman and ex-managing director have so far been arrested in connection with the alleged Rs 4,355 crore scam.

A 51-year-old PMC Bank depositor who has ₹90 lakh with the bank dies of heart attack

New Delhi, Nov 17 () RBI Central Board Director Satish Marathe has asked the government to give full powers to the Reserve Bank of India to regulate all urban cooperative banks in the wake of lakhs of depositors facing hardship in withdrawing their entire sum from scam-hit PMC Bank.
 In a letter to Finance Minister Nirmala Sitharaman, Marathe also suggested that a broad-based committee should be set up to prepare a vision document and a road map for the cooperative banking sector. He also said the committee should constitute officials from the Reserve Bank of India (RBI), finance ministry, agriculture ministry, and at least two eminent co-operators.
 Marathe also raised these issues during his recent meeting with Sitharaman.
 "Amend the Banking Regulation Act to provide full regulatory powers to the RBI to regulate all urban co-op banks viz. all scheduled and non-scheduled, irrespective of their being registered under respective state co-op Act or the multi-state co-op societies Act," said his letter to the minister.
 He added that simply amending the Multi State Cooperative Societies Act will not be enough.
 On Friday, Sitharaman told reporters that the government would bring a legislation to effectively regulate cooperative banks so that they also follow prudential norms applicable for commercial banks.
 He further said the government should find "out-of-box" solution to redress the hardships being faced by all categories of depositors and the cooperative sector.
 He also said once the fraud at Punjab and Maharashtra Cooperative Bank (PMC) was noticed, the RBI, the finance ministry and the Economic Offences Wing (EOW) of the Maharashtra Police swiftly initiated action to protect the interests of the depositors.
 PMC, which is among the top-10 urban cooperative banks, was placed under an RBI-appointed administrator on September 23 for six months due to massive under-reporting of dud loans.
 The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which has turned sour with a shift in the fortunes of the now-bankrupt company.
 Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests across city from the depositors following the RBI action.
 The scam has affected lakhs of customers who are facing difficulties in withdrawing their entire money due to restrictions imposed by the RBI. NKD CS HRS

RBI should be given full power to regulate co-op banks: Marathe

<ul><li>India’s <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> has approved the merger of the troubled <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) with <keyword id="133737" type="CITY" weightage="20" keywordseo="DBS-Bank">DBS Bank</keyword> India.</li><li>“This is a part of the clean up that was required in the banking sector,” said Union Minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> during the press conference.</li><li>He also revealed that the members of the board, who have now been removed, will be held accountable and there will be liability for those found to have made mistakes. </li></ul>The merger of the troubled Lakshmi Vilas Bank (LVB) with DBS Bank India has been approved by the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword>’s Union Cabinet. Union Minister Prakash Javadekar said the ₹20,000 crore deposit of the 20 lakh customers is now safe. “Customers need not rush to banks to withdraw their money. However, whoever does wish to withdraw can now do so at any time in a safe way,” he said during the press conference. He also revealed that those members of the board who were responsible for the mistakes will be held accountable. “Those who have made mistakes, will be punished. There will be improvement in overall oversight also so as not to repeat such incidents in the future,” Javadekar explained. Resolving the LVB crisis On the fateful night of November 17, <a href="https://www.businessinsider.in/finance/news/lakshmi-vilas-bank-under-moratorium-rbi-caps-maximum-deposit-or-withdrawal-at-25000/articleshow/79267116.cms">LVB was put under a one-month moratorium</a> with withdrawals capped at ₹25,000 per account holder by the Reserve Bank of India (RBI). India’s apex bank also announced that due to lack of a potential bank for capital infusion, LVB will now be merged with DBS Bank India, a subsidiary of Singapore’s DBS. “This is a part of the clean up that was required in the banking sector,” said Javadekar. While some have praised the RBI’s decisiveness, others like the head of the All India Bank Employees’ Association (<a href="https://www.businessinsider.in/finance/banks/news/rbis-decision-to-merge-lvb-with-dbs-bank-questioned-by-banking-union-head-on-why-other-institutions-werent-considered/articleshow/79277116.cms">AIBEA</a>) and <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-promoter-believes-the-rbi-shouldve-called-for-bids-from-interested-parties-other-than-dbs-bank/articleshow/79320765.cms">one of the bank’s promoters</a> have raised the red flag on the central bank’s decision. The primary concern to these queries is why other bids were not considered for the merger of LVB. The former Chairman of Canara Bank and the man appointed by the RBI to lead the bank during the moratorium period, TN Manoharan, assured the press that <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-customers-have-withdrawn-10000-crore-since-rbis-moratorium-was-announced-last-night/articleshow/79281857.cms">there is no run on the bank</a> a day after taking over. Manoharan predicted that the lifting of withdrawal limits and the lifting of moratorium to be coterminal. If this holds true, <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">RBI’s handling of the LVB crisis</a> will be considered at par with its swift handling during the Yes Bank scam. On the other hand, the PMC bank crisis remains unresolved — leaving its depositors in the lurch, even today. The street view Meanwhile, in the stock market, LVB’s share price continued to plummet for the seventh consecutive day on November 25. The stock has lost more than half of its value — around 55% — since the moratorium was announced on November 17. “In our view, the merger of LVB with DBS Bank, which is trying to expand its base in India, will be a long-term positive for the latter,” said Emkay Research in its report dated November 18. However, the analysts also point out that there is a flip side. Since LVB will now be delisted from the stock market, it will be a negative move for the minority investors in the company. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-to-go-on-a-nationwide-strike-tomorrow-in-solidarity-with-farmers-protests/articleshow/79402946.cms">Bank employees to go on a nationwide strike on November 26 in solidarity with farmers’ protests</a> <a href="https://www.businessinsider.in/tech/apps/news/twitters-verification-badges-are-set-to-make-a-return-here-all-the-terms-and-conditions-of-how-to-apply/articleshow/79402586.cms">Twitter's coveted blue ticks are making a comeback next year along with new account types and labels</a> <a href="https://www.businessinsider.in/science/space/news/elon-musk-led-space-x-is-ready-to-conduct-the-first-major-test-of-its-starship-rocket-next-week-and-set-a-new-record/articleshow/79401235.cms">Elon Musk-led Space X is ready to conduct the first major test of its Starship rocket next week and set a new record</a> <a href="https://www.businessinsider.in/tech/apps/news/15-of-the-43-apps-india-banned-today-are-dating-apps/articleshow/79389714.cms">One-third of the latest Chinese mobile apps banned by India are dating services</a>

You Searched For "pmc scam protest" and got 8 results

Scam-hit PMC bank depositors are inspired by Shaheen Bhag protests

PTI

PMC Bank scam: Sanjay Raut's wife Varsha deposes before ED in connection with the money laundering probe

IANS

Distressed PMC depositors hold protest at RBI

PTI

PMC Bank issue raised in Lok Sabha

PTI

Hostel fee hike to citizenship row — Delhi has been a hotbed of protests for 4 months now

Prerna Sindwani

A 51-year-old PMC Bank depositor who has ₹90 lakh with the bank dies of heart attack

PTI

RBI should be given full power to regulate co-op banks: Marathe

PTI

LVB-DBS Bank India merger approved by Union Cabinet — ‘those who have made mistakes will be punished’

Prabhjote Gill

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