Punjab & Maharashtra Co-operative Bank

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Punjab & Maharashtra Co-operative Bank
Co-operative Bank
IndustryBanking
Financial services
Founded1984
HeadquartersMumbai, India
Number of locations
137 branch banks (2019)
Area served
Websitewww.pmcbank.com

Punjab & Maharashtra Co-operative Bank Limited also known as PMC Bank, 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. It is regulated by the Reserve Bank of India and registered under the Cooperative Societies Act.[1]

It also has branches in Karnataka, Goa, Delhi, Madhya Pradesh and Gujarat. It is one of the profitable co-operative banks in India and had earned a total revenue of 1,297 crore (US$188 million) and profits of 99.69 crore (US$14 million) in the financial year 2019.[1]

On September 23, 2019, the RBI imposed operational restrictions on PMC Bank for six months. Due to this, the bank account holders are not allowed to withdraw more than ₹1,000 from their accounts during this period of restrictions.[2][3]On 26 September the restrictions have been eased and a total of Rs 10000 could be withdrawn by customers.[4] Joy Thomas, the MD of the bank was suspended. He admitted the exposure of the bank to the troubled realty company HDIL and also stated that the company had been violating the RBI rules for 5-6 years now. Of the overall loan book of 8300 crores, PMC bank loans to HDIL stood at Rs.6226 crore, about 73% of total loans of the bank.[5].

It has been claimed that many of the 12 directors of the bank allegedly have links with major political parties.[6] [7]

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References[edit]

  1. ^ a b Adhikari, Anand (September 24, 2019). "What you must know about Punjab and Maharashtra Co-operative Bank". Business Today.
  2. ^ "RBI puts PMC Bank under watch, customers can't withdraw more than ₹1,000 for 6 months". India TV News. September 24, 2019.
  3. ^ "10 things to know about RBI's restrictions on PMC bank". New Indian Express. September 24, 2019.
  4. ^ DelhiSeptember 27, Rahul Shrivastava New; September 27, 2019UPDATED:; Ist, 2019 10:01. "RBI clarifies Rs 10,000 withdrawal limit for PMC Bank account holders not final". India Today. Retrieved 2019-09-27.CS1 maint: extra punctuation (link)
  5. ^ "over-two-thirds-of-pmcs-loan-exposure-is-in-hdil-group". economictimes. Retrieved 30 September 2019.
  6. ^ "Day after payout freeze, PMC Bank's link with BJP emerges". Mumbai Mirror. September 26, 2019.
  7. ^ "NCP Leader Praful Patel's Link To PMC Bank Scam Accused". The Economic Times. October 15, 2019.


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