RBI announces draft amalgamation scheme of PMC Bank with Unity Small Finance Bank; high-value depositors will get back their full amount but over a period of 10 years.
The resolution process for PMC Bank is at an advanced stage, RBI deputy governor M Rajeshwar Rao said.
DICGC asks depositors of 21 insured co-operative banks, including PMC Bank, to prepare list of account holders eligible to receive Rs 5 lakh within 90 days.
Bombay Mercantile Co-operative Bank is fined Rs 50 lakh and Akola District Central Co-operative Bank Rs 2 lakh.
RBI’s expert committee on urban co-operative banks has proposed a four-tiered structure to regulate them, depending upon the size of the deposits.
RBI cancels licence of Karnala Nagari Sahakari Bank for not having adequate capital and earning prospects to pay its present depositors in full.
Customers raised doubts about Karavannur Co-operative Bank’s shady dealings; case has been registered against the bank.
RBI also bars municipal corporations from holding MD or whole-time director post in urban co-operative banks.
RBI said it will consider amalgamation of District Central Co-operative Banks with State Cooperative Banks.
