Monday, April 12, 2021
Home News Reports After RBI's restrictions on PMC bank, customers file police complaint against bank officials

After RBI’s restrictions on PMC bank, customers file police complaint against bank officials

Sources said that the biggest reason for RBI’s action against the bank was a loan of Rs 2,500 crore to this company (HDIL) which has declared bankruptcy.

Two days after the Reserve Bank of India imposed restrictions on Punjab and Maharashtra Cooperative (PMC) Bank, a Mumbai based urban cooperative bank, several of its customers filed a joint police complaint on Thursday against the bank’s chairman and its directors for alleged misappropriation of funds of the customers.

According to a reports, the group of distressed customers went to Sion police station in central Mumbai with a written complaint against the bank officials.

The delegation in its complaint alleged that at least 14 people, including the PMC Bank’s chairman and all its directors, were involved in misappropriation of funds of the account holders, a police officer aware of the matter said.

Along with seeking an explanation, the delegation of customers have urged the police to take appropriate action against the accused and also asked the police to seize their passports so that they do not flee the country.

“We have received a written application from account holders of the PMC Bank. Further action will be taken after examining the complaint,” the police officer said.

The Reserve Bank of India on Tuesday imposed restrictions on Punjab and Maharashtra Cooperative Bank, a Mumbai based urban cooperative bank. According to a direction issued on September 24, RBI said that the account holders will not be able to withdraw more than ₹1,000 from their accounts.

The bank will also not be allowed to grant or renew any loans, make any investment, sell any properties without prior approval of RBI. These restrictions were placed for a period of six months.

But the RBI notification clarified that this should not be taken as a cancellation of banking license of the bank. The bank will continue to undertake banking business with restrictions until further notice/instructions.

The Punjab and Maharashtra Cooperative Bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank. In a message sent to the shareholders, the bank’s Managing Director Joy Thomas said, “I regret to inform you that your PMC Bank has been put under regulatory restriction under Section 35A of B.R. Act by RBI for a period of 6 months due to irregularities disclosed to RBI. 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.”

Yesterday, the bank had tried to reassure its customer by saying it has enough liquidity to meet all liabilities of its customers and that the the depositors’ money was safe. It admitted that one large account – HDIL, a real estate company – was the sole reason for its present crisis.

Sources said that the biggest reason for RBI’s action against the bank was a loan of Rs 2,500 crore to this company (HDIL) which has declared bankruptcy. The PMC Bank’s auditors did not classify the loan to HDIL as an NPA despite the HDIL defaulting on repayments, and the RBI finally put its foot down and termed the loan as a “complete loss”.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Gangster Mukhtar Ansari, who was suffering from illness in Punjab, recovers miraculously in UP but has been trying to ‘fall ill’ again ever since

On Monday (April 12), Mukhtar Ansari will be presented before a Court in Uttar Pradesh. The case pertains to the assault of a janitor and Deputy jailor in Lucknow.

Shops burnt, stones pelted on police in Baran, Rajasthan after 3 Muslim men stabbed one Kamal Singh: What we know so far

Shops burnt, police personnel injured, stone pelting, fire department vehicles attacked in Chhabra, Rajasthan.

After explosive Clubhouse confessions, Prashant Kishor starts building ground to blame only Mamata Banerjee if Bengal is lost: Here’s how

While trying to fire-fight fall-out from Clubhouse conversation, Prashant Kishor has set narrative to blame Mamata Banerjee and TMC for West Bengal loss

Madhya Pradesh: Police arrest 4 Muslim men for putting up posters of Yati Narsinghanand Saraswati, hurling expletives, AIMIM protests

Balaghat Police arrested four Muslim men for pasting posters against Yati Narsinghanand Saraswati on Jama Masjid Road

‘They came with bombs’: Eyewitness reveals how Anand Burman was killed in West Bengal for working for the BJP

Anand Burman, a BJP voter, was killed during the violence that ensued in the 4th phase of the elections in West Bengal.

Why Mamata Banerjee should take entire moral responsibility for the violence in Cooch Behar

The way the Bengal election has unfolded, Bengal CM Mamata Banerjee clearly feels like she is in a corner

Recently Popular

Watch: Arnab Goswami’s special message for Barkha Dutt after Sachin Vaze lands in Taloja Jail

Without explicitly naming Barkha Dutt, Arnab Goswami slammed the journalist for celebrating his unlawful arrest.

Maharashtra Congress leader slams Aaditya Thackeray for clearing Rs 3,693 crores to renovate bungalows of Shiv Sena corporators

Janardan Chandurkar requested governor to intervene after Aaditya Thackeray allotted Rs3,693 crores to Shiv Sena corporators

Asked BARC to pay if they wanted to avoid torture: Sachin Vaze, money laundering and the Rs 30 lakh bribe in TRP case

Citing sources, TOI reported that BARC officials had admitted to the ED about making such a payment to Sachin Vaze via an inspector.

After explosive Clubhouse confessions, Prashant Kishor starts building ground to blame only Mamata Banerjee if Bengal is lost: Here’s how

While trying to fire-fight fall-out from Clubhouse conversation, Prashant Kishor has set narrative to blame Mamata Banerjee and TMC for West Bengal loss

Rafiqul Islam Madani: All you need to know about the Bangladeshi dwarf cleric who preaches Islamic radicalism and wants to capture Delhi

"If we have to be martyred opposing Modi, then, we are all willing to be martyred", Rafiqul Islam Madani had said ahead of Modi's Bangladesh visit

Lutyens journalist speaking ‘truth to the power’ by discussing Mamata Banerjee’s toilet routine

An embarrassed Prashant Kishor jokingly asked the Lutyens journalist, "Am I expected to answer this also?"
- Advertisement -

 

Connect with us

254,077FansLike
528,610FollowersFollow
24,200SubscribersSubscribe