PMC Financial institution disaster: RBI Officers’ Co-op Society has Rs 105 crore FD stuck with the vexed bank – Moneycontrol

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PMC Financial institution disaster: RBI Officers’ Co-op Society has Rs 105 crore FD stuck with the vexed bank – Moneycontrol


Final Up prior to now : Sep 26, 2019 10: 14 PM IST | Source:Moneycontrol.com

RBI’s Officers’ Co-op Credit score Society Ltd has a build deposit of Rs 105 crore with the Mumbai-primarily based mostly mostly bank, as per the file.

Even workers of the Reserve Financial institution of India (RBI) also indulge in their deposits stuck with disaster-hit Punjab and Maharashtra Cooperative (PMC) Financial institution, Industry Linereviews.

Additionally read | Defined: The PMC Financial institution disaster and why clients are panicking

RBI’s Officers’ Co-op Credit score Society Ltd has a build deposit (FD) of Rs 105 crore with the Mumbai-primarily based mostly mostly bank, as per its FY2019 steadiness sheet that turned into as soon as accessed by the e-newsletter. Officers of the RBI are participants of the Society.

Additionally read | PMC Financial institution disaster: RBI raises withdrawal limit for clients to Rs 10,000

The Society’s biggest deposit rests with the PMC Financial institution. Other co-operative banks who defend its deposits encompass Bharat Co-operative Financial institution with Rs 100 crore, Thane Bharat Sahakari Financial institution and Apna Sahakari Financial institution with Rs 85 crore every, Solapur Janata Sahakari Financial institution at Rs 50 crore and Rs 25 crore with Cosmos Co-operative Financial institution, in step with the file.

Additionally read | PMC Financial institution disaster: Board cancels AGM, loans given to HDIL below RBI scanner

To diversify their risks in case of co-operative banks going cash-dry, co-op societies save their funds across various co-operative banks. The file renowned that right here’s a narrate that incorporates the rule that co-operative societies are allowed to avoid wasting their funds handiest with co-operative banks as mounted deposits.

PMC Financial institution has been save below the central bank’s regulatory curbs for the next six months, with withdrawal limits for clients capped at Rs 10,000.Accept discover admission to to India’s quickest growing monetary subscriptions carrier Moneycontrol Pro for as runt asRs 599 for first Twelve months. Exhaust the code “GETPRO”. Moneycontrol Pro will give you all of the guidelines you’ll need for wealth introduction including actionable funding tips, self reliant be taught and insights & analysis For added recordsdata, strive the Moneycontrol websites or cell app.

First Published on Sep 26, 2019 10: 14 pm

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