PMC banks Current Affairs, GK & News

RBI extends curbs on PMC Bank till 30 June

Reserve Bank of India (RBI) has extended restrictions on withdrawals and deposits in Punjab & Maharashtra Cooperative (PMC) Bank till 30 June, 2021. This decision was taken as central bank is working to finalize an investor for scam-hit multi-state cooperative bank. Background Reserve Bank of India had imposed restrictions on Punjab & Maharashtra Bank Cooperative ..

Month: 

Category: 

Topics: 

RBI forms Academic Advisory Council for Supervisory College

The Reserve Bank of India recently formed an advisory council under former deputy governor N S Vishwanathan to advise the director of the central bank on supervisory colleges. What is the role of the council? The council will identify areas where upskilling and building are required in supervisory colleges. Also, the council will plan and ..

Month: 

Category: 

Topics: 

Finance Minister introduces bill to amend Banking Regulation Act

On March 3, 2020, Finance Minister Nirmala Sitaraman introduced bill in Parliament to amend banking regulation law to regulate cooperative banks. It aims to prevent frauds as that seen at Punjab and Maharashtra Cooperative Banks (PMC). Highlights The Banking Regulation (Amendment) Bill, 2020 intends to regulate 1,540 cooperative banks with total savings of Rs 5 ..

Month: 

Category: 

Topics: 

Cabinet approves amendment to bring Cooperative Banks under RBI Regulation

On February 5, 2020, the Union Cabinet approved to bring regulation of cooperative banks under Reserve Bank of India. In order to achieve this, the Cabinet approved amendments to Banking regulation act. Highlights According to the amendment, the cooperative banks will now hold the regulatory requirements that have been set for scheduled commercial banks. With ..

Month: 

Category: 

Topics: 

Key Facts: Why RBI has abruptly placed restrictions on PMC Bank?

The Reserve Bank of India has imposed caps on withdrawals made by customers of Punjab and Maharashtra Cooperative Banks for 6 months. The imposition was invoked by the central bank under Section 35 A of India’s Banking Regulation act, 1949. PMC is spread across 6 states and has a network of 137 branches. What are ..

Month: 

Category: 

Topics: