-The Hindu Business Line Mumbai: Thousands of distraught customers of Punjab and Maharashtra Cooperative Bank gathered at the bank’s branches in Mumbai for a second day on Wednesday to protest against the Reserve Bank of India’s direction to impose restrictions on withdrawal amounts. Some of them said they would initiate legal action. “I had saved up for my daughter’s marriage in December, but my money is now stuck,” said Harshit Rane, a customer....
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RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account
-PTI Mumbai: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank. Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans...
More »Onion price rise temporary phase, govt boosting supply: Ram Vilas Paswan
-PTI New Delhi: Terming high onion prices as a “temporary phase”, Union minister Ram Vilas Paswan on Tuesday asserted that they have enough supplies in buffer stock to check prices of the staple food that trade data showed is ruling in the range of Rs 50-60 per kg in some parts of the country. Among metros, onion was quoting at Rs 34 per kg in Chennai, Rs 43 per kg in Mumbai,...
More »Navi Mumbai to have Maharashtra's first detention centre for illegal immigrants: Report
-Scroll.in In July, the Union government had sent instructions to all state governments to set up detention centres in all major cities. The Devendra Fadnavis-led Maharashtra government has identified land to build the state’s first detention centre for illegal immigrants, Mumbai Mirror reported on Saturday. The home department last week reportedly wrote to the City and Industrial Development Corporation, which is the planning authority for Navi Mumbai, and sought a three-acre plot in...
More »Truck sales crash 60%; Ashok Leyland sees decline of 70% in August -Shally Seth Mohile
-Business Standard Volumes during August were dragged down by the top two manufacturers, which together sell more than seven in every 10 trucks Mumbai: Sales of medium- and heavy-duty commercial vehicles (M&HCVs), excluding buses, considered a barometer of economic activity, more than halved in August, as transporters — struggling with excess capacity owing to a slowing economy and consumption slowdown — deferred purchases, the monthly sales data released by truck makers shows. India’s...
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