The duo was arrested on Sunday fromMahabaleshwar, a hill station more than 300km from MumbaiThe Wadhawans, while seeking bail, said they should not be put in jail in view of the Covid-19 pandemic
2 min read27 Apr 2020After the Punjab and Maharashtra Cooperative Bank (PMC Bank) scam dragged down the confidence of depositors, there was pressure on the government to increase the insurance cover which was static since 1993. Though the deposit insurance cover cap has been raised, there are enough people voicing their concern on social media. In this video, Mint's Disha Sanghvi addresses some of the concerns about deposit insurance.
10 Feb 2020The RBI asked all urban cooperative banks with deposits of over ₹100 crore to constitute a Board of Management comprising experts to oversee their functioningThe RBI decision assumes significance against the backdrop of a scam at PMC Bank leading to hardships to over 9 lakh depositors
1 min read31 Dec 2019According to the Mumbai Police's EOW, the PMC Bank management, in cahoots with the Wadhawans, concealed from the banking regulators' scrutiny huge loan defaults by HDIL group firms
1 min read27 Nov 2019The EOW has already arrested former managing director of the bank Joy Thomas, and promoters of HDIL group Rakesh and Sarang Wadhawan in the caseAccording to the FIR registered by the EOW, HDIL group promoters colluded with the bank management to take loans from the its Bhandup branch in Mumbai
1 min read5 Oct 2019A TV report said EOW was looking for Joy Thomas from the last four days in connection with the ₹4,355 crore cheating caseThomas' arrest comes after the Wadhawan father-son duo of HDIL were sent to police custody till 9 Oct
1 min read4 Oct 2019With banks losing their credibility, the buildings, too, have lost their sheen
3 min read25 Jul 2018If public sector banks are to clean up their balance sheets overnight, many of them will go belly up as they don't have enough capital
7 min read30 Apr 2018The Congress alleges that Prime Minister Narendra Modi was 'solely responsible' for the cash crunch in the country, claiming that it was a result of his demonetisation decision
2 min read18 Apr 2018Congress leader M. Veerappa Moily, who heads a parliamentary committee, said his panel would ask RBI governor Urjit Patel about banking scams and other issues
1 min read17 Apr 2018The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared