Punjab and Maharashtra Co-operative Bank (PMC Bank): Rs. 1 lakh withdrawal limit imposed by RBI

PMC Bank crisis: No need to get into this now, says FM Sitharaman

Finance Minister Nirmala Sitharaman said the RBI as a regulator was handling the PMC Bank issue and also provided some relaxation. “I don't think I'll get into this at this stage. Will wait, let there be some kind of comprehensive picture emerging post which certainly government will have to see what best can be done...," she said.
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Finance Minister Nirmala Sitharaman said the RBI as a regulator was handling the PMC Bank issue and also provided some relaxation.
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Wow........ Taking India to new heights........ Now people are not even entitled to their own money because of bad management of Govt. regulatory agencies and swindlers, most probably friends of Politicians... enjoying....
 
Aww. only 96 crores? That's too low. I would have given him keys to the bank itself. And a loan of 7000 crores. For grocery shopping, of course.
 
read online that cooperative banks give more interest on fds and there was also a tweet that claimed that interest is tax free. though that does not seem to be the case.
 
Even the co operative societies pay in cash ur fd with interest so your fd income would be tax free.
 
The scenario that is developing is pretty dangerous.....
PMC : a/c's frozen
Yes Bank : in a very critical condition
DHFL NCD: payment default...... 35,000 crore swindled
LVB: NPA issue

The above citations I have come across in my family and friends. The regulatory authorities SEBI, RBI are totally turning a blind eye towards the looting of the public money, swindling/ siphoning off by Politicians having fake companies as front end..... Only Reliance(Anil Ambani) is being responsible for 40,000 crore hair cut for various financial institutions....

When discussed the scenario with the Yes Bank relationship manager, he came to the office ( I look after many friends & family a/c) with the branch manager. They are literally begging not to advice/ move funds from Yes Bank..... at least not before 30th September.

He said that all banks are exposed to NPA's, it is just that after exit of Rana Kapoor, the present management decided to come clean on NPA front and declared all..... and they have provisioned above 5% and for the second quarter result they will have good numbers..... He also said that most bank presently provision for NPA around 5% but HDFC has provisioning @2-3%......................... it was his view that HDFC is also very risky.....

I consider HDFC much better and safer but if we compare the features YES Bank is better. Still have a current a/c with HDFC but no saving a/c.
 
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