Time to massively increase depositor insurance: Report

MUMBAI: The Punjab & Maharashtra Cooperative Bank (PMC) scam points to the urgent need to massively increase the depositor insurance cover from the present Rs 1 lakh, says a report. The Deposit Insurance & Credit Guarantee Corporation (DICGC) insures each depositor in a bank up to a maximum of Rs 1 lakh for both principal … Read moreTime to massively increase depositor insurance: Report

Ex-MD reveals how six officials pulled off the Rs 6,500 crore fraud at PMC Bank

What made the Punjab and Maharashtra Cooperative Bank trust a shantytown developer with almost 70% of its loan book? Even as the Mumbai Police on Monday filed an FIR against the PMC Bank, a confession letter by suspended managing director Joy Thomas has exposed just how comfortable the relationship between the bank and Wadhawan family … Read moreEx-MD reveals how six officials pulled off the Rs 6,500 crore fraud at PMC Bank

View: It’s time to reform India’s cooperative banks

A rogue stock broker, with a Midas touch, had once walked away with 70% of the money of a cooperative bank called Madhavpura. All hell broke loose when the man defaulted and the scam surfaced. Some of the smaller banks, daisy-chained to Madhavpura, shut shop. That was 2001. Eighteen years later, an upstart builder with … Read moreView: It’s time to reform India’s cooperative banks

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