RBI imposes restrictions on PMC Bank, depositors can’t withdraw more than Rs 1K

Agencies
September 24, 2019

Mumbai, Sept 24: Dealing a pre-festival season blow to lakhs of unsuspecting customers, the Reserve Bank of India on Tuesday barred the Punjab & Maharashtra Cooperative (PMC) Bank Ltd from carrying out a majority of its routine business transactions for a six-month period.

The move sent panic waves among the depositors, investors and the city's banking and business circles of the PMC Bank which ranks among the top 10 cooperative banks in the country.

In a terse communique issued late on Monday, RBI Chief General Manager Yogesh Dayal said as per the apex bank's directions, depositors cannot withdraw more than Rs 1,000 from their savings/current/other deposit accounts, leading to huge chaos outside the PMC branches in Mumbai and other parts of India.

Described as a multi-state cooperative banking entity founded in 1984 from a small room in Mumbai, the PMC Bank has grown to 137 branches - in Maharashtra (103), Delhi (6), Karnataka (15), Goa (6), Gujarat (5), and Madhya Pradesh (2).

As per the RBI sanctions, the PMC Bank is debarred for six months from granting, renewing any loans and advances, make any investments, incur any liability, including borrowal of funds or accept fresh deposits, etc, without the prior written approval from RBI.

The RBI has also restricted it from disbursing, agreeing to disburse any payment, whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangements and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI notification of Monday.

Hoping to assuage the customers' sentiments, PMC Bank's Managing Director (MD) Joy Thomas said the bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank.

"As the MD of the Bank, I take full responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months," Thomas told the bank's distressed customers.

He said that it was a difficult time for all, but urged the people to cooperate, even as the police were deployed outside many branches in the city to avert any untoward incidents.

As per the PMC Bank's latest Annual Report, it has deposits of over Rs 11,617 crore and loans/outstandings of Rs 8,383 crore.

Confusion reigned supreme outside many of the PMC Bank branches in Mumbai, Thane and other cities as depositors - mostly MSMEs and ordinary families - made a beeline to get their monies back, but were not allowed.

"We are completely ruined. We have no money at home for even basic needs. They should allow us to withdraw more or close down our accounts," a weeping woman customer told mediapersons outside the branch in Bhandup.

Another customer in Borivali said the RBI should penalize the bank management for any irregularities instead of blocking customers' accounts.

"This Rs 1,000 limit is ridiculous. We have to make purchases for Navratri, Diwali, pay our children's educational fees and other household expenses. How can we manage ?" the fuming man asked.

Former BJP MP Kirit Somaiya said he was informed of the regulatory orders against the PMC Bank and has raised the issue with the RBI and the Ministry of Finance in the interests of the customers.

"@PMC_Bank says they are under 35A of BR by the @RBI and the thing is I have all my savings stuck in that bank and they say I cannot withdraw my money now.. What do I do.. People here have all their savings in the bank and the bank says they can't help," customer Avinash Sharma tweeted.

Another customer Praful Shah tweeted: "#PMCBank. Its nothing but bankruptcy. My 25 lakhs, saved for daughters' marriages, are now trapped. My lifetime saving getting washed out overnite. Feeling sad."

Comments

kushal kumar
 - 
Wednesday, 25 Sep 2019

  1. According  to  news  reports  ,  RBI  announced  on  24  September  ,  2019  restrictions  on  the  Punjab  &  Maharashtra  Cooperative  ( PMC )  Bank  from  carrying  out   a  majority  of  its  routine  transactions  for  a  period  of  six  months.  Obviously  ,  the  RBI  move  while  being  well  intentioned  ,  has  put  customers  in  a  very  tight  position,  disabling  them  from  carrying  on  their  life  as  usual  for  no  fault  on  their  part  as  they  may  not  be  able  to  withdraw  more  than  rupees  one  thousand  during  the  restriction  period.  In  this  context  ,  it  may  be  apt  to  refer  readers  to  this  Vedic  astrology  writer’s  predictive  alert  through  article  - “  World  trends  in  April  to  August 2019”  -  brought  to  public  domain  widely  in  March  and  subsequently  on  5 April  2019.  The  predictive  alert  had  said  that  during  a  period  of  four  and  a  half  months  from  mid-April  to  August 2019  ,  among  other   countries  specified  in  the  article  ,  more  care  and  appropriate  strategy    may  be  called  for    in  India  also  in  relation  to  the  following :-

    “ 1. Economic  and  financial  aspects  may  reflect  major  worrisome  concerns.”

    A  review  of  the  predictive  alerts  carried  out  by  this  writer  in  May  2019  had  suggested  that   such  need  for  more  care  and  appropriate  strategy   may  reach  out  to  mid-October  ,  while  the  period  from  about  7  August  to  9 October  could  be  particular.  And  within  that  period  ,  25  September  to  9 October  in  2019  looked  to  be  more  particular.  It  seems  that  announcement  of  RBI  on  24  September  2019  can  be  counted  as  meaningfulness  of  the  predictive  alert. 

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Agencies
March 15,2020

New Delhi, Mar 15: Dozens of Hindu activists held a cow urine party in New Delhi on Saturday to protect themselves from the new coronavirus, as countries around the world struggle to control the deadly pandemic.

Members and supporters of the All India Hindu Mahasabha staged fire rituals and drank from earthen cups to fight the Covid-19 virus at the gathering in New Delhi dubbed a "gaumutra (cow urine) party".

"Whoever drinks cow urine will be cured and protected," Hari Shankar Kumar, a volunteer at the event, said as he served the remedy in brown clay cups.

Governments and scientists have said no medicine or vaccine is available to protect or cure people of the infection that has killed more than 5,400 people and infected nearly 150,000 across six continents.

Two people have died in India while more than 80 have fallen ill, and the government has ordered the closure of some land routes into the country and cancelled all visas to stop the spread of the virus in the world's second most populous country.

Members draped in saffron clothes chanted Hindu hymns at the fire ritual as devotees sang paeans for the sacred animal.

"We have gathered here and prayed for world peace and we will make an offering to the corona (virus) to calm it," Chakrapani Maharaj, the group's leader, told reporters before gulping down a cup of urine.

He then offered a glass to a devil-shaped caricature of the virus to "pacify" it.

He urged people to adopt the "tried and tested" practice of drinking cow urine to ward off diseases, and desist from killing animals and eating meat.

"The coronavirus is also a bacteria and cow urine is effective against all forms of bacteria that harm us," claimed Om Prakash, a participant from the neighbouring state of Uttar Pradesh.

One legislator from the BJP last week suggested use of the urine as well as cow dung can cure the coronavirus.

Comments

PK
 - 
Sunday, 15 Mar 2020

A Waste is a Waste.... God has created a system in our body and animals to throw out the excess wastage from our body... Guys please stay away from drinking the wastage and putting the wastage inside the body again . U will be a loser health wise and mentally. 

 

 

Cows will surely think by seeing these people that human beings are stupid to drink our wastage... Drink its milk which is beneficial drink that God has given us.

 

Fairman
 - 
Sunday, 15 Mar 2020

If your faith is scientific, simply go to Corona infected patients and cure it.

 

If you are successful, Not only India the whole world will be Hindus. 

 

If you cant, you will never do it with cow urine or any other urine. People will losse faith on your type of Hinduism.

 

 

Kumaran
 - 
Sunday, 15 Mar 2020

wrost of worst human being..

when you worship the devil, the god will make you to dring urine, shit etc..and root in helll forver

 

Hindu regilion was very pure before now it become very ugly by so called hindu protector.

 

 

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News Network
January 1,2020

New Delhi, Jan 1: The new Army chief Lieutenant General MM Naravane on Wednesday said that India needs to pay more attention to its border along China and asserted that the force is capable of dealing with any security challenge.

"We have been giving attention to our western front in the past. The northern front now also requires an equal amount of attention... The Army is capable of tackling any dangers to the country," General Naravane told reporters after receiving the first Guard of Honour as the Army chief.

"In that context, we are now going in for capability development and enhancement of our capacities even in our northern borders which includes the northeastern part of our country," he said.

On the border dispute with China, the Army chief said that continuing peace along the border will pave the way for a solution.

He said: "We have been able to maintain peace and tranquility along borders and I'm sure that situation will prevail. By maintaining this, we will be able to set the stage for the eventual solution."

General Naravane said that operational readiness and modernisation will be among the top priorities of the Army under his leadership.

"Our priority will be to be ready to meet any challenge and to be operationally prepared at all times. This will happen as a result of modernisation. We will continue to build our capability especially in the North and Northeast region of our country," he said.

He said that the Indian Army will pay special attention to respect human rights. "We will also pay special emphasis on raising security awareness among ranks and file and pay special attention to respect human rights," the Army chief said.

Assuring the country on security, he said, "All three services — the Army, the Navy and the Air Force — are ready to defend the country."

He extended wishes to people in the new year and hoped that the country will make huge progress in this decade.

General Naravane took over as the 28th Chief of the Army Staff (COAS) on Tuesday, succeeding General Bipin Rawat who has become India's first Chief of Defence Staff (CDS).

General Naravane was previously the Vice Chief of Army Staff.

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News Network
February 21,2020

Patna, Feb 21: The country is paying the price for failure to send Muslims to Pakistan and bring Hindus to India after the Islamic state came into being at the time of Independence, Union minister Giriraj Singh has said, triggering a fresh controversy.

The BJP leader made the remark in Purnea district in the Seemanchal region of Bihar which has a sizeable Muslim population and where the Begusarai MP was canvassing in favor of the Citizenship (Amendment) Act.

Highlighting the need for such a legislation, he told reporters late Thursday "when our forefathers were fighting for Independence from British rule, Jinnah was pushing for the creation of an Islamic state".

"Our forefathers, however, committed a mistake. Had they ensured that all our Muslim brothers were sent to Pakistan and Hindus brought here, the need for such a move (CAA) would not have arisen. This did not happen and we have paid a heavy price for it," the outspoken BJP leader said.

The CAA, which seeks to fast-track granting citizenship to non-Muslim refugees from Pakistan, Bangladesh and Afghanistan who might have fled their home countries because of religious persecution, has become a major bone of contention since it is feared that a country-wide National Register for Citizens (NRC) may follow.

The Narendra Modi government, which had formerly hinted that a country-wide NRC was on the anvil, seems to have put it on the backburner though a section of citizens across the country, especially Muslims, have been organizing protests out of fear that, if implemented, the NRC may result in a large number of people becoming stateless.

Singh has often been in the crosshairs of the opposition for placing his foot in the mouth. This time, however, his words were frowned upon even by NDA ally Lok Janshakti Party, founded by his cabinet colleague Ram Vilas Paswan and now headed by his son Chirag Paswan.

The young LJP chief, who kicked off a state-wide "Bihar First-Bihari First" yatra here Friday morning, to project the NDAs progressive face ahead of the assembly polls due later this year, expressed strong disapproval of Singh's utterance and noted the coalition had to suffer in the Delhi polls because of "divisive" remarks by BJP leaders.

"We are an NDA constituent but many times our coalition partners say things which the LJP does not at all agree with. This one (Giriraj Singhs statement) is such an example. Had a person of my party spoken in this fashion, I would have taken responsibility and acted," Paswan said.

He said he had placed his view repeatedly on record that the coalition had to suffer on account of divisive remarks, Paswan said in apparent reference to inflammatory speeches by BJP leaders like Union minister Anurag Thakur and BJP MP Parvesh Verma, among others.

"The people of Delhi voted on the basis of performance. We wish they do so again in Bihar and real issues don't get drowned in political cacophony.

"The Nitish Kumar government has accomplished a lot, though much more needs to be achieved. We wish to reach out to people with our vision for the future, said Paswan, before he embarked on the yatra on a customized bus decorated like a chariot in front of which he offered prayers and smashed a coconut.

Meanwhile, Giriraj Singh who loves to wear his Hindu nationalism on the sleeves was busy joining issue with Asaduddin Owaisi's AIMIM which has been under attack for controversial remarks by its leader Waris Pathan.

Sharing video of an old speech by Owaisis brother Akbaruddin which had landed him in jail, besides Pathan's recent remark, Singh asked the opposition RJD-Congress combine in Bihar and the "tukde tukde gang" whether they wanted to "convert India into Pakistan".

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