PMC Bank Fiasco

The scale and type of fraud raises questions on the efficacy of regulatory measures to prevent collusion between banks and corporates for fraudulent disbursal of loans. 

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As much as 73% of the PMC Bank’s Rs 88 billion loan book is tied to just one borrower group – HDIL, a Mumbai-based shantytown developer that’s facing bankruptcy proceedings

After days of struggling, Mumbai police registered an FIR against ex-MD Joy Thomas, Chairman Waryam Singh and other PMC Bank executives

Waryam Singh along with directors of HDIL, Sarang and Rakesh Wadhawan have been sent to judicial custody

Since 23 September, the RBI has imposed restrictions on the bank

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A quick round-up of the latest developments

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As much as 73% of the PMC Bank’s Rs 88 billion loan book is tied to just one borrower group – HDIL, a Mumbai-based shantytown developer that’s facing bankruptcy proceedings

After days of struggling, Mumbai police registered an FIR against ex-MD Joy Thomas, Chairman Waryam Singh and other PMC Bank executives

Waryam Singh along with directors of HDIL, Sarang and Rakesh Wadhawan have been sent to judicial custody

Since 23 September, the RBI has imposed restrictions on the bank

HDIL Directors & Ex-PMC Bank Chairman to be in Custody Till 23 Oct

HDIL Directors & Ex-PMC Bank Chairman to be in Custody Till 23 Oct

Fourth PMC Depositor Dies Due to 'Lack of Money For Heart Surgery'

PMC bank depositors protest outside Killa Court, in Mumbai, 9 October.

Fourth PMC Depositor Dies Due to 'Lack of Money For Heart Surgery'

SC Agrees to Urgent Hearing on PIL in PMC Bank Scam on 18 October

Bijon Misra had filed a petition in the Supreme Court in connection with the PMC bank scam. 

SC Agrees to Urgent Hearing on PIL in PMC Bank Scam on 18 October

HDIL Directors & Ex-PMC Bank Chairman to be in Custody Till 23 Oct

HDIL Directors Rakesh (left) and Sarang Wadhawan (right).

HDIL Directors & Ex-PMC Bank Chairman to be in Custody Till 23 Oct