PMC Bank- Punjab & Maharashtra Co-Operative Bank History, Review & Important Facts
In 1983, the Punjab & Maharashtra Co-operative Bank Limited (PMC), also known as PMC, became the first multi-state co-operative bank to open its doors to the public for the first time.
About PMC Bank: Punjab & Maharashtra Co-operative Bank Limited, founded in 1983, has made cooperative banking practices a priority. This has always been the case since the bank’s inception. This has been one of the bank’s primary priority areas. The state of Maharashtra, India’s most populous, is home to approximately 175 of the organization’s facilities.
Some of its business practices are inspired by both the Cooperative Societies Act and suggestions from the Reserve Bank of India. The Cooperative Societies Act was passed in 1960, and the Reserve Bank of India published its instructions in 1975.
Read Also~Opening Bell: History, Definition and Mechanism | Programming Features
Status of PMC Bank
The merger of PMC Bank and Unity Small Finance Bank has been approved by the government and will take effect on January 25, 2022, the date of the scheme’s announcement. Unity Small Finance Bank Ltd will have one branch at each PMC Bank location.
PMC Bank-Revenue
Other locations include Bangalore, Goa, Delhi, and the state of Madhya Pradesh. It is one of the most profitable co-operative banks in India, as indicated by its fiscal year 2019 revenue of 1,297 crore (US$162 million) and annual profits of 99.69 crore (US$12 million).
On September 23, 2019, the Reserve Bank of India imposed operational restrictions on PMC Bank, which will be in effect for the next six months. As a result, while these limits are in force, bank account holders are not able to withdraw more than 1,000 yen.
As of September 26, 2019, customers can withdraw up to 10,000 yen from their bank accounts without paying any fees. Beginning November 5, 2019, money can be withdrawn from a bank account in amounts up to $50,000 per transaction.
The three members of the committee:
To deal with this, HC created a three-person committee to supervise the sale of HDIL’s assets in order to reimburse the Punjab and Maharashtra Co-operative Bank’s depositors (PMC Bank).
Rakesh and Sarang Wadhawan, HDIL’s promoters, and a few former bank personnel have been accused of defrauding PMC Bank. Pro bono legal action filed in the high court in favor of setting up an expedited committee to sell HDIL’s assets to compensate depositors has stated that the real estate corporation has an outstanding debt of $4,635 million.
Court rules that if the revenues from the sale are inadequate to settle the debts, the committee will identify and dispose of additional enterprises owned or pushed by the Wadhawans, but with a pari passu charge of other financial obligations.
Read Also~OTT Stock: History, Revenue, Stock Price, News & Historical Data
People in India have lost faith in the banking system, the Reserve Bank of India, and the Government of India because of the restrictions and lack of solutions provided to account holders and shareholders of PMC Bank.
This scam-hit bank’s depositors are still waiting for help from the Indian government, 16 months after the scheme was exposed.
Key Points:
- The three members of the committee:
- Punjab & Maharashtra Co-operative Bank Limited, founded in 1983, has made cooperative banking practices a priority
- Finance Bank has been approved by the government and will take effect on January 25, 2022, the date of the scheme’s announcement.