Sarang wadhawan biography templates

Crisis at the Punjab Maharashtra Bank.

Group Members-
Anjulata Jaiswal - 09
Aakash Singh- 61
Aashish Jha - 62
Divyashree Chaudhari - 79
Khushi Verma - 118
About PMC Bank -

Founded in 1984, PMC Bank has 137 branches across seven states, 81 of these in
Mumbai, Navi Mumbai, Thane and Palghar regions, 10 in Pune and 12 in the rest of
Maharashtra. Its customers include small businesses, housing societies and institutions.

Headquarters: Mumbai, India

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$162 million) and profits of ₹99.69 crore (US$12 million) in the financial year 2019.

The former PMC bank is now called the Unity Bank. PMC bank stands for Punjab and
Maharashtra Cooperative bank. It is one of the oldest cooperative banks in India. The
Bank offers a range of banking and financial services and products to suit the needs of its
customers. Daljit Singh Bal, Former director of the PMC bank, was apprehended for the
fraud case. The Mumbai police EOW has imposed a multi-crore scam case against Daljit
Singh Bal and ten former bank directors. This fraud case was first highlighted in
September 2019.

Background-

On 23rd September, the Reserve Bank of India (RBI) imposed strict restrictions on the
Mumbai-based, Punjab, and Maharashtra Cooperative Bank (PMC).

As per the latest RBI circular, PMC Bank has been barred from carrying out a majority of
its routine business transactions for 6 months.

The restrictions extend to both lending and withdrawals, meaning a customer can
withdraw only ₹ 1,000 once over the entire 6 months period from a savings or current
account or any other deposit account.
The investor public starts to panic and reach out to the nearest branches. RBI then
increased the limit of withdrawal to 10,000 and 25,000. Joy Thomas, Former managing
director of P

Kapil Wadhawan became chairman and managing director of DHFL in 2009
Image: Joshua Navalkar
 
When 35-year-old Rajesh Wadhawan started Dewan Housing Finance Limited (DHFL) in April 1984, it was with the intention of providing housing finance options to low-income clients. The first few loans that the company—based in Bassein (now Vasai), a far-flung suburb of Mumbai—gave out were funded by the Wadhawan family, which had a business of township development.

“He realised at that time that the deficit lay not only in providing affordable housing for the social segment with low incomes, but also in giving them access to affordable financing options,” says Kapil Wadhawan, 43, Rajesh’s son, who became chairman and managing director of DHFL in 2009.     

By 1996, when the company had 30 offices across the country, 80 percent of the loans that it gave out were for homes that cost between Rs 1.5 lakh and Rs 2 lakh (‘affordable housing’ was not a term that had still gained currency); the company would finance 85 percent of the cost.

Today DHFL is India’s second largest private housing finance company—after HDFC—by assets under management (Rs 83,560 crore, as of March 2017), and is growing at 18-20 percent year-on-year for five years. It has 352 branches across 22 states and two Union Territories. The price of DHFL’s stock (the company was listed in July 1984), as of July 12, 2017, was Rs 434.55 on the BSE, double its price from Rs 217.65 last July. In FY17, its profits jumped by 27 percent to Rs 927 crore and net income rose by 21 percent to Rs 2,217 crore.