Punjab & Maharashtra Cooperative Bank (PMC Bank) - Sarkari Naukri
Punjab & Maharashtra Co-op Bank Ltd Recruitment for following posts:
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About Punjab & Maharashtra Co-op Bank Ltd Recruitment
About Punjab & Maharashtra Co-op Bank Ltd
Punjab & Maharashtra Co-operative Bank Limited (PMC), is a multi-state co-operative bank that began operations in 1983. It has 137 branches spread over half a dozen states of India and nearly 100 branches are in Maharashtra. It is regulated by the Reserve Bank of India and registered under the Cooperative Societies Act.
It also has branches in Karnataka, Goa, Delhi, Madhya Pradesh and Gujarat. It is one of the profitable co-operative banks in India and had earned a total revenue of ₹1,297 crore (US$182 million) and profits of ₹99.69 crore (US$14 million) in the financial year 2019.
On 23 September 2019, the RBI imposed operational restrictions on PMC Bank for six months. Due to this, the bank account holders are not allowed to withdraw more than ₹1,000 from their accounts during this period of restrictions. On 26 September 2019, the restrictions have been eased and a total of ₹10,000 could be withdrawn by customers.On 5 November, 2019 decided to increase the prescribed withdrawal limit to ₹ 50,000.
The Reserve Bank of India (RBI) on 19 June 2020 doubled the withdrawal limit for Punjab and Maharashtra Cooperative Bank's depositors to Rs 100,000 from Rs 50,000 earlier.
Joy Thomas, the MD of the bank, was suspended. He admitted the exposure of the bank to the troubled realty company HDIL and also stated that the company had been violating the RBI rules for 5–6 years now. Of the overall loan book of ₹8,300 crores, PMC bank loans to HDIL stood at ₹6,226 crore, about 73% of total loans of the bank.
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