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Mumbai Police to probe oversight of PMC Bank irregularities in RBI audit

Thursday, October 17, 2019, 11:24 AM

The Mumbai Police will investigate how various irregularities in PMC Bank transactions and functioning were omitted from the Reserve Bank of India's forensic audit report, Mumbai Police Commissioner Sanjay Barve said. Among the irregularities that went undetected was that loans by Housing Development and Infrastructure (HDIL) were shown in accounts of different names.
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PMC Bank assures to protect depositors interest; meets RBI

Wednesday, October 16, 2019, 6:45 PM

Amid instances of deaths and also a suicide, of depositors, troubled PMC Bank's administrator met RBI brass including Governor Shaktikanta Das on Wednesday. "It was assured that the bank will make all efforts to safeguard the interests of depositors and other stakeholders," the statement from J B Bhoria, who was placed as the administrator last month by RBI, said.
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Economy in tailspindoing very badly, says Nobel laureate Abhijit Banerjee

Wednesday, October 16, 2019, 8:41 AM

Sandwiched between the World Bank and International Monetary Fund reducing India's FY20 growth estimates was the Nobel Economics Prize for Indian-American Abhijit Banerjee who shared the award with Esther Duflo and Michael Kremer and the media interaction following the Nobel announcement in which Banerjee's key observation on India's economy was that it's in a "tailspin" and "doing very badly".

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