An Insight Into Pmc Banking Enterprise Scam


Punjab as well as Maharashtra Co-operative (PMC) Bank was established on thirteen Feb 1984 every bit a unmarried branch co-operative bank. PMC has a full of 1814 employees as well as this depository fiscal establishment is counted amid the run yesteryear 10 cooperative banks inward the country. At its inception, PMC was a cooperative depository fiscal establishment only inward 2000 it was given the condition of Schedule Commercial Bank yesteryear the Reserve Bank of India. PMC accept the deposits of over Rs 11,600 crore only despite this, the depositors of PMC are non able to remove funds from their depository fiscal establishment every bit at that topographic point are diverse restrictions because of soundless closed to other another banking scams faced yesteryear Indian banking sector.





What is the scam?





About 70% of the full loan given yesteryear PMC Bank was lent to a fellowship Housing Development as well as Infrastructure (HDIL) as well as its subsidiaries. HDIL as well as its subsidiaries opened 44 loan accounts to cover the loan total inward which this loan total was transferred. This example came to calorie-free when HDIL could non repay the loan on fourth dimension as well as the bank’s NPA reached 70%.





 employees as well as this depository fiscal establishment is counted amid the run yesteryear  An Insight Into PMC Bank Scam




The intelligence of non receiving coin from the depository fiscal establishment spread to the customers similar burn as well as the customers of PMC depository fiscal establishment reached the PMC depository fiscal establishment to remove their difficult earned money, only they were refused to give their deposited coin as well as the withdrawal bound was fix yesteryear the bank.





Economic offence fly of Bombay Police had filed an FIR inward this depository fiscal establishment scam worth Rs 4355.43 crore. Police has too issued a picket round off against 17 people as well as has arrested HDIL main Rakesh Wadhavan as well as his boy Sarang Wadhawan. Also, the Enforcement Directorate (ED) has sealed the assets worth Rs 3,500 crore of the HDIL group. Apart from this, RBI has too prohibited the depository fiscal establishment from giving novel loans during this period.


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