why pmc bank is in trouble?
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The complaint, filed with the Economic Offences Wing (EOW) of Mumbai Police on Monday and later seen by Reuters, accuses the bank's management of concealing non-performing assets and disbursing loans leading to a loss of at least 43.55 billion rupees ($616.5 million).
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There are geographical restrictions on who can trade on HitBTC. US Clients are not accepted on the exchange. There have been numerous complaints of site crashes.
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Almost all scheduled bank FDs in India have the same safety - your deposits are insured to the limit of 1 lac per bank (not branch). If the bank gets into trouble, amounts more than this could be at risk.
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An image bearing a stamp of deposit insurance on an HDFC Bank passbook recently went viral on social media spreading panic among customers. The stamp read: "The deposits of the bank are insured with DICGC and in case of liquidation of the bank, the DICGC is liable to pay each of the depositors through the liquidator.
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However, the ultimate issue is that NPCI represents a too-big-to- fail entity. If it was hit by either a negative financial event or a data-security breach, the broader impact would be significant. Especially, when there is a 'lack of redundancy and fall back arrangements,' said the RBI in its paper.
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PACS are outside the purview of the Banking Regulation Act, 1949 and hence not regulated by the Reserve Bank of India. StCBs/DCCBs are registered under the provisions of State Cooperative Societies Act of the State concerned and are regulated by the Reserve Bank.
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Nevertheless, the combination of factors put DHFL in a difficult place, forcing the company to sell a number of its businesses to ensure it could pay back on debt. Regardless, on June 4, the company failed to pay about Rs 900 crore worth of interest, prompting ratings agencies to downgrade all of its commercial paper .
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TSB said that the issue had now be solved. In a statement it told the BBC: "We experienced intermittent issues with our mobile and internet banking services earlier today. All our services are now working, however if customers experience an error message they should try logging on again."
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The weaknesses of the banking industry include the following: Lack of worldwide coordination. ... Fluctuating currencies and exchange rates can also be trouble for banks. Old technology leads to vulnerabilities.
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["Inability to pay your debts. If your debts are mounting debts and you're juggling your cash – it's time to look at ways to improve your cash flow and get back on track.. ... ", 'Poor profitability. ... ', 'No access to finance. ... ', 'Continually replacing staff. ... ', 'Inadequate financial records.']
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PSU banks have been low on capital, especially because of the high number of bad loans. When borrowers fail to pay back loans, banks incur a loss. At such times, deposits by bank customers help increase the bank's capital. With the demonetization move, cash worth lakhs and crores of rupees has been deposited in banks.
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The spat began with the government unhappy with the inflation-focused RBI for not cutting interest rates – and even raising them. However, it spilled over into regulation, something the central bank believes is its exclusive domain.
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On 24 September 2020, RBI had imposed restrictions on PMC bank under Section 35A of the Banking Regulation Act. This was aimed at preventing a run on the bank that could end up endangering the stability of the entire financial system because of a contagion effect.
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Actually most of the reason for fall in SBI can be attributed to the fact hat Videocon Industries owes 43,000 crores to banks, which it is likely not to pay. SBI is the biggest lender to Videocon, and given the current situation of Videocon, it is likely that amount will turn up to be NPA.
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A bad bank houses bad loans called non-performing assets (NPAs) and other risky liabilities. In the wake of the slowdown in economic activity due to the lockdown imposed, banks are set to witness a hike in NPAs.
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Businesses become insolvent for a wide range of reasons. Some businesses face a cash flow crisis caused by customer non-payment, while others simply fail due to changes in market conditions or increased competition from other businesses.
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Answer: The PDS has been criticised because: Instances of hunger are prevalent despite overflowing granaries. The FCI godowns are overflowing with grains where some are rotting away and some are eaten by rats.