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The restrictions on Punjab and Maharashtra Cooperative (PMC) Bank has been extended for another three months till the end of March next year.
Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process.
"Further action with regard to sanction of the scheme is under process," RBI said on Tuesday as it extended the restrictions for another three months till March 31, 2022, subject to review.
In September 2019, RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including a cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
The restrictions have been extended several times since then. The directions were last extended in June this year and are in place till December 31.
The draft scheme of amalgamation envisages a takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, RBI had said last month.
USFB, promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as 'joint investor', was granted a banking licence in October 2021. USFB started functioning on November 1

PMC Bank customers face hardship again! Restrictions extended by RBI

Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process.

PMC Bank customers face hardship again!

In September 2019, RBI had superseded the board of PMC Bank and placed it under regulatory restrictions

The restrictions on Punjab and Maharashtra Cooperative (PMC) Bank has been extended for another three months till the end of March next year.
Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process.
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"Further action with regard to sanction of the scheme is under process," RBI said on Tuesday as it extended the restrictions for another three months till March 31, 2022, subject to review.
In September 2019, RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including a cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
The restrictions have been extended several times since then. The directions were last extended in June&nbsp;this year and are in place till December 31.
The draft scheme of amalgamation envisages a takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, RBI had said last month.
USFB, promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as 'joint investor', was granted a banking licence in October 2021. USFB started functioning on November 1.&nbsp;

Depositors of stressed banks like Punjab &amp; Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act.
Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.&nbsp;At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims.&nbsp;The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).&nbsp;The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions.

Depositors of stressed banks, including PMC to get up to Rs 5 lakh back from November 30

No need to wait 8-10 years to get your money back from a stressed bank. Govt notifies rules that lets depositors in banks such as PMC&nbsp;get their money back within 90 days

Big boost for depositors

Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.

Depositors of stressed banks like Punjab &amp; Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act.
Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.&nbsp;At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims. &nbsp; The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).&nbsp; The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions.

The Reserve Bank of India&nbsp;on Friday extended the restrictions on the Punjab and Maharashtra Cooperative Bank&nbsp;(PMC Bank) from July 1 to December 31.&nbsp;
The RBI said that the extension&nbsp;was done&nbsp;taking into account the time required for completion of reconstruction of PMC Bank.&nbsp;
Last week, the RBI cleared the decks for the takeover of PMC Bank by a consortium of non-bank lenders&nbsp;Centrum Financial Services and fintech startup BharatPe. It granted an in-principle approval to Centrum to set up a small finance bank under on-tap licensing norms.&nbsp;
In September 2019, RBI put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into accounting lapses.&nbsp;

RBI extends restrictions on PMC Bank till Dec 31, says need more time

RBI extends restrictions on PMC Bank, till December 31 this year
Decision after time to restructure PMC&nbsp;bank taken into account
Last week, RBI&nbsp;allowed&nbsp;Centrum Group &amp; BharatPe to acquire&nbsp;PMC Bank
Probing accounting lapses, cash withdrawals from PMC&nbsp;Bank are curbed

The Reserve Bank of India&nbsp;on Friday extended the restrictions on the Punjab and Maharashtra Cooperative Bank&nbsp;(PMC Bank) from July 1 to December 31.&nbsp;
The RBI said that the extension&nbsp;was done&nbsp;taking into account the time required for completion of reconstruction of PMC Bank.&nbsp;
Last week, the RBI cleared the decks for the takeover of PMC Bank by a consortium of non-bank lenders&nbsp;Centrum Financial Services and fintech startup BharatPe. It granted an in-principle approval to Centrum to set up a small finance bank under on-tap licensing norms.&nbsp;
In September 2019, RBI put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into accounting lapses.&nbsp;

Reserve Bank of India (RBI) has given in principle approval to facilitate the takeover of PMC&nbsp;bank by&nbsp;Centrum-BharatPe.
The central bank has given in principle approval to Centrum&nbsp;to set up a small finance bank&nbsp; which was regulatory requirement for the takeover of PMC&nbsp;by the consortium.&nbsp;Centrum Group is owned by Jaspal Bindra, a former Standard Chartered honcho. For BharatPe, this will reduce the cost of capital. It has been wanting to lend on its own, instead of doing it only through its partner NBFC.&nbsp;This comes as a relief for PMC&nbsp;customers that still have to wait awhile for the current caps to be removed on deposits and other businesses.&nbsp;

Centrum-BharatPe gets RBI nod for PMC Bank takeover

Reserve Bank of India (RBI) has given in principle approval to facilitate the takeover of PMC&nbsp;bank by&nbsp;Centrum-BharatPe.
The central bank has given in principle approval to Centrum&nbsp;to set up a small finance bank&nbsp; which was regulatory requirement for the takeover of PMC&nbsp;by the consortium.&nbsp;Centrum Group is owned by Jaspal Bindra, a former Standard Chartered honcho. For BharatPe, this will reduce the cost of capital. It has been wanting to lend on its own, instead of doing it only through its partner NBFC.&nbsp; This comes as a relief for PMC&nbsp;customers that still have to wait awhile for the current caps to be removed on deposits and other businesses.&nbsp;

Reserve Bank of India (RBI) has given in principle approval to facilitate the takeover of PMC&nbsp;bank by&nbsp;Centrum-BharatPe.
The central bank has given in principle approval to Centrum&nbsp;to set up a small finance bank&nbsp; which was regulatory requirement for the takeover of PMC&nbsp;by the consortium.&nbsp;Centrum Group is owned by Jaspal Bindra, a former Standard Chartered honcho. For BharatPe, this will reduce the cost of capital. It has been wanting to lend on its own, instead of doing it only through its partner NBFC.&nbsp; This comes as a relief for PMC&nbsp;customers that still have to wait awhile for the current caps to be removed on deposits and other businesses.&nbsp;

pmc bank

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