Is PMC Bank government or private?

Punjab & Maharashtra Co-operative Bank Limited (PMC), is a multi-state co-operative bank that began operations in 1983. It has 137 branches spread over half a dozen states of India and nearly 100 branches are in Maharashtra.

What happened PMC depositors?

Thousands of depositors’ money became inaccessible due to the PMC Bank’s debacle, which was put under moratorium on 23 September 2019 by the Reserve Bank of India (RBI) after the stress of the bank surfaced. The 90-day period to issue the insured amount is effective from 1 September, the statement said.

What is PMC Bank money laundering case?

The agency has filed a money-laundering case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October, 2019 against the Housing Development Infrastructure Limited (HDIL), its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and former …

When PMC Bank depositors get their money?

Meanwhile, referring to the draft scheme of amalgamation, Unity SFB, in a statement, said, “96 per cent of all (PMC Bank) depositors will get immediate access to their full deposits, 99 per cent of the retail depositors to be paid in full by 5th year and 100 per cent of retail depositors to be paid in full by 10th year …

Which bank will take over PMC Bank?

Unity Small Finance Bank
MUMBAI: The Reserve Bank on Monday came up with a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB).

Is PMC Bank in liquidation?

The good thing is that because Centrum and BharatPe have stepped in, PMC Bank will not be liquidated. However, since PMC Bank is not being liquidated, chances are the depositors will get all their money back. “The depositors can rest assured that they will get their money back; they won’t lose their money.

Who is PNC owned by?

Pittsburgh National Corporation
The name “PNC” is derived from the initials of both of the bank’s two predecessor companies: Pittsburgh National Corporation and Provident National Corporation, which merged in 1983….PNC Financial Services.