Mumbai (Maharashtra) [India], July 1 (ANI): Shiv Sena leader Sanjay Raut, who appeared before the Enforcement Directorate office in connection with a money-laundering case on Friday, said that it would be clear "later" if the summon issued to him is "political", however, he is going to a "neutral agency" trusting them completely.

Mumbai [India], April 28 (ANI): The Bombay High Court has granted bail to Madan Chaturvedi, chartered accountant of Vivo Group in connection with the Rs 4,300-crore PMC Bank alleged fraud case. He was arrested on January 23, 2021, and since then was in custody in the case.

Mumbai (Maharashtra) [India], March 2 (ANI): Stating that the Maharashtra Police are investigating the alleged links of Kirit Somaiya's son Neil Somaiya with an accused in the PMC Bank scam, Shiv Sena leader Sanjay Raut on Wednesday said that the father-son duo and a few officials of Central agencies will soon be in jail.

Mumbai Jan 27 PTI Unity Small Finance Bank which has taken over the failed cooperative lender PMC Bank on Thursday said all small depositors with under Rs 5 lakh of deposits -- who form 96 per cent of the customer base -- can take their entire money out now or keep it in the new bank and earn 7 per cent interest annually On January 25 the finance ministry had approved the merger of PMC Bank with Unity SFB protecting it from liquidation and bringing relief to all stakeholders Unity Small Finance Bank also said all the around 110branchesof the merged bank andover1100of its employees will operate under the new label now Unity SFB said it will repay the full principal amount due to all depositors as per the scheme of amalgamation and all the96 per cent of depositors who have uptoRs5 lakhs will be paid upfront subject to completion of the requirements as per Deposit Insurance and Credit Guarantee Corporation rules However those depositors who choose to retain their money with Unity SFB can earn 7 per cent annually Institutional depositors will receive preference shares worth 80 per cent of their deposits and equity share warrants for the remaining 20 per cent in lieu of their eligible deposit balances The warrants will be converted into equity shares at the time of Unitys IPO Unity Small Finance Bank began operations in November 2021 with shareholders capital of Rs 1100 and an asset based of over Rs 2400 crore The promoters -- Centrum Group and digital payments player BharatPe -- have committed a total capital infusion of up to Rs3000 crore It has an active customer base of over 2 lakh now PTI BEN ABM ABM

Mumbai Dec 28 PTI The restrictions on Punjab and Maharashtra Cooperative PMC Bank has been extended for another three months till the end of March next year Reserve Bank of India RBI has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank USFB is in process The central bank had prepared a draft scheme of amalgamation and the same was placed in the public domain on November 22 as part of seeking suggestions and objections if any from members depositors and other creditors of PMC Bank and USFB The deadline for submitting the comments was till December 10 Further action with regard to sanction of the scheme is under process RBI said on Tuesday as it extended the restrictions for another three months till March 31 2022 subject to review In September 2019 RBI had superseded the board of PMC Bank and placed it under regulatory restrictions including a cap on withdrawals by its customers after detection of certain financial irregularities hiding and misreporting of loans given to real estate developer HDIL The restrictions have been extended several times since then The directions were last extended in Junethis year and are in place till December 31 The draft scheme of amalgamation envisages a takeover of the assets and liabilities of PMC Bank including deposits by USFB thus giving a greater degree of protection for the depositors RBI had said last month USFB promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as joint investor was granted a banking licence in October 2021 USFB started functioning on November 1 PTI NKD RAM

Mumbai Nov 22 PTI The Reserve Bank on Monday came up with a draft scheme for the acquisition of Punjab and Maharashtra Cooperative PMC Bank by Delhi-based Unity Small Finance Bank USFBThe draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank including deposits by the USFB thus giving a greater degree of protection for the depositors the Reserve Bank of India saidThe USFB is being set up with a capital of about Rs 1100 crore as against the regulatory requirement of Rs 200 crore for the setting up of such a bank as per the guidelines for on-tap licensingThe Reserve Bank said it would receive suggestions and objections on the draft scheme till 500 pm on December 10 Thereafter it will take a final view on the takeoverIt is to be noted that Unity Small Finance Bank Limited a joint venture between Centrum Group and Bharatpe has commenced operations as a small finance bank with effect from November 1 2021 PTI NKD CS BAL