Dr. Yatindra Dwivedi, Director (Personnel) & Shri Sanjay Kumar Gupta, Head (International business), represented POWERGRID at the ceremony and congratulated the Government of Uganda.

POWERGRID has provided Project Management Consulting services for establishment of 132 kV Kole-Gulu-Olwiyo-Nebbi-Arua D/Ckt Transmission line (289 kms) involving river crossing of mighty White Nile having 120 meters tall towers on each bank along with associated four substations at Kole, Gulu, Nebbi and Arua under Grid Expansion & Reinforcement Project (GERP) funded by World Bank. The transmission system integrates West Nile region with Ugandan National Grid shall be contributing towards overall growth.

POWERGRID has footprints in 23 countries worldwide with a strong foothold in South Asia, Central Asia, Africa & Europe and currently providing Project Management Consultancy services in implementation of High Voltage transmission system infrastructure in Africa, Europe, Asia & Oceania region.

As on 31.07.2024, the total transmission assets of POWERGRID and its subsidiaries stands at 1,77,790 ckm of transmission lines, 278 substations, 5,32,446 MVA of transformation capacity and a system availability of 99.81%.

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The RBI details in an affidavit that the PMC bank fraudulently submitted facts to the central bank for a sample check, but that “the accounts selected for inspection did not have unknown HDIL accounts.”

While the HDIL accounts shown by PMC Bank were overseen by the RBI inspection team, most of them were declared non-performing assets.

It also states that PMC Bank had also approved the mortgage limit for a wholly owned subsidiary of HDIL, when the bank’s chairman S.W. Variyam Singh was also a director of the company. This is a clear conflict of interest and violation of the RBI master circulars of July 2010 and July 2012 in effect.

S.W. Variyam Singh also chaired a meeting of the PMC bank board, where he approved the mortgage overdraft, again in violation of RBI norms.

The affidavit states that RBI’s inspection team has established links between Wariam Singh and HDIL promoters / directors (now arrested), which may help them get loan facility, and later with other lenders in arrears. Helped to pay a lump sum settlement.

Based on the available records, the scale of the breach and the associated debt, which was available, was very low due to ‘camouflage’ backed by PMC Bank, and what was noted was ‘flagged’, although it was not found Gaya much affects the financial health of the bank.

The inspection was completed on November 2, 2019 and the report is being ready, the affidavit said.

As per the preliminary findings, due to various financial irregularities, the PMC Bank’s networth had turned negative, with a significant erosion in deposits.

Detailing the “modus operandi of hiding the information related to HDIL exposure” employed by the PMC Bank, the RBI affidavit said they tampered with Management Information Systems and NPC Identification Process.

In this, the bank had given special access codes to the HDIL accounts with restricted visibility to less than 25 out of PMC Bank’s 1,800 staffers.

While running the script for system identification of the NPAs, it deliberately excluded the HDIL accounts which were thus omitted from the system generated reports of NPA accounts, and ditto with the Overdrawn Accounts list.

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The former Prime Minister also referred to the Punjab and Maharashtra Co-operative (PMC) bank crisis and said the before one can fix the economy, one needs a correct diagnosis of its ailments and their causes. The government is obsessed with trying to fix blame on its opponent.

“When I was in office what happened did happen. There were some weaknesses. But you can’t claim that the fault lies with the UPA always. You have been in office for five years. Mainly passing buck to UPA is not enough,” said Dr Singh

On Tuesday, Nirmala Sitharaman had, at an event in the US, said she held the Manmohan Singh-Raghuram Rajan combination responsible for subjecting public sector banks to their “worst phase”.

Meanwhile I respect Dr. Manmohan Singh for telling me not to do the blame game, but recalling when and what went wrong during a certain period is necessary to put it in context,” adding that things went wrong during a period in which 

“I have no reason to doubt that Rajan feels for every word of what he is saying. And I’m here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as Prime Minister and the Governor of the Reserve Bank of India (RBI), had. At that time, none of us knew about it,” the Finance Minister had said at Columbia University’s .

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In a letter to the Enforcement Directorate, the Union finance ministry and the RBI they have requested to be allowed to sell off 18 of their attached assets.The letter was released by a spokesperson of the Wadhawans.

According to the Mumbai Police’s Economic Offences Wing, which first arrested the Wadhawans, the scam at the Punjab & Maharashtra Cooperative Bank is worth Rs 4,355 crore. 

In the letter they said “We state that while denying the allegations raised in FIR no. 86/ 2019…solely with the purpose to work towards the resolution of the matter in the interest of depositors which was also communicated see our earlier letters dated September 30, 2019, October 1, 2019 and October 3, 2019 sent to (ministry of Finance, Reserve bank of India), we ask you to immediately take steps to sell the assets mentioned below… and adjust it towards the principal of the loans taken by the respective companies which own the assets

The assets listed in the letter include ultra-luxury cars such as a Rolls Royce Phantom, Bentley Continental, a BMW 730 LD, as well as a humble Ambassador, owned by Rakesh Wadhawan.

It also lists assets owned by Sarang, Rakesh’s son, including a Falcon 2000 Aircraft, Audi AG, a FerrttiYacht 881, two electric cars, three Quad Bikes (ATV) and speed boat(Dolphin super deluxe 31HT, 7 seater).

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Dr Nivedita Bijlani (39), who allegedly committed suicide on Monday evening while Sanjay Gulati and Fattulal Punjabi died of a heart attack on the same day. All three had deposits with the Punjab & Maharashtra Cooperative Bank.

The bank has been put under restrictions by the RBI after the discovery of a Rs 4,355 crore scam. Deposit withdrawals have been capped at Rs 40,000 over a six-month period, causing panic and distress among depositors.

Bijlani, a post-graduate in medicine, allegedly ended her life by taking overdose of sleeping pills at her residence in suburban Versova late Monday evening, police said, adding that she had deposits of over Rs 1 crore with the PMC .

However, the police also said that Bijlani, who had remarried recently, suffered from chronic depression, and had also tried to end her life earlier. No suicide note has been found.

Sanjay Gulati had lost his job with Jet Airways after the airline was grounded in April following bankruptcy. He has a specially-abled son whose treatment requires over Rs 25,000 a month, and they were struggling to pay his tuition fees.

Sanjay participated in the depositors’ protest in south Mumbai on Monday morning. Later, while having a late lunch at his house in suburban Oshiwara, he collapsed, his family said.

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Sanjay Gulati, 51, went for the protest march on Monday morning. He had been stressed about his deposits at PMC, said Manali Narkar, who was among the protesters.The Oshiwara resident went to the protest with his 80-year-old father. Hours later, he collapsed at the dinner table.

Mr Gulati, who was an engineer with the Jet Airways, had lost his job when the airline shut operations. He has a wife and two children, including a specially-abled son.Depositors, friends and family members of Sanjay Gulati gathered outside his home this afternoon. 

“When will get the government and the RBI wake up?” said a woman whose three family members have accounts in PMC Bank.Depositors have planned a candle light march this evening.The crisis at the cooperative bank was set off after real estate firm HDIL defaulted on loans from PMC Bank worth Rs. 4,355 crore.

The PMC Bank has been placed under “directions” by the Reserve Bank of India (RBI) since last month. This means that depositors’ withdrawals have been capped. The central bank on Monday raised withdrawal limit for account holders of PMC Bank to Rs. 40,000 from earlier withdrawal limit of Rs. 25,000.

Worried depositors of the bank, which has deposits of over Rs. 11,000 crore, have been protesting across Mumbai. Last week, they protested at the site of Finance Minister Nirmala Sitharaman’s press conference. Later, they met Ms Sitharaman, who later urged the RBI Governor to look into the concerns of the customers.

Four people, including promoters of HDIL to which PMC Bank made the sour loans, and the bank’s former chairman and ex-managing director have so far been arrested in connection with the latest banking fraud case to spook the country’s depositors and investors.

Rakesh Wadhwan, the chairman and managing director of HDIL, and his son Sarang Wadhawan were named in a police complaint that also accused the bank’s management of concealing non-performing assets and disbursing loans to HDIL leading to a loss of at least Rs. 4,300 crore.

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Ms. Sitharaman has asked an official committee that includes the Banking Secretary and Department of Economic Affairs Secretary in the Finance Ministry, as well as a Reserve Bank of India Deputy Governor, to check the legal framework governing co-operative banks .

All options, including a fresh look at the Financial Resolution and Deposit Insurance (FRDI) Bill, are under consideration, the Minister said.

While addressing a press conference in Mumbai Ms. Sitharaman also saw protesting PMC depositors at the BJP’s State headquarters and met them 

She had assured them that she will have a fresh word with the RBI Governor to try to hasten the lifting of withdrawal restrictions of ₹25,000 currently applicable. While the RBI regulates multi-State rural co-operative banks and urban co-operative banks, their registration is governed by the Rural Development and Urban Development Ministries, the Minister said .

“Therefore, in such instances, where there is some malpractice and the boards get bypassed, the Reserve Bank takes care of placing a resolution professional that takes care of the matter. I also told the affected PMC customers this doesn’t mean that the Government of India is doing nothing about it,” Ms. Sitharaman said

 “I have asked the Secretaries in Ministry’s for banking and economic affairs to work with the Ministries of Rural and Urban Development to study in detail what is happening in multi-State co-operatives that also run banks. The RBI will also be represented of course, to understand where there were shortcomings and, if necessary, look at the ways in which the respective Acts can be amended,” Ms. Sitharaman said.

“If the amendments are going to help us curb malpractices, with better regulation and empowerment of the regulator, then we would like to do that. Necessary legislative steps will be taken to prevent such things from happening again in future and allow the regulator even better, if there are shortcomings,” the minister stressed, adding that the government will work to bring in necessary changes in the forthcoming Winter session of Parliament.

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The Reserve Bank of India had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. the RBI had initially kept the withdrawal limit for account holders at just Rs 1,000 for each customers for six months but the central bank later increased the withdrawal limit to Rs 10,thousand . The RBI has also banned the PMC bank from extending fresh loans or taking fixed deposits. The restrictions imposed by RBI had led to massive protests by PMC Bank account holders as they are feeling cash crunch .

Ms Sitharaman tweeted a helpline number to address the concerns of the account holders.A person named Rakesh Bhat urged the finance minister to resolve the matter quickly, saying “people are bound to consume poison and die”.

Sitharaman asked Bhat to calm down and appealed to him against posting “extreme” messages. The finance minister also said that Ministry of Finance has no control over multi-state cooperative institutions .

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The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) under Directions for six months from the close of business of the bank on September 23, 2019.           

In a statment bank said – I, Mr. Joy Thomas, M.D., regret to tell you that your PMC Bank has been put under regulatory restriction under Section 35A of B.R. Act by RBI for a period of 6 months due to irregularities disclosed to RBI. As the M.D. of the Bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of 6 months. All efforts are made to remove the restrictions by rectifying the irregularities. I know it is a difficult time for all of you and any apology may not restore the pain you are undergoing. Please co-operate with us. We assure that we will definitely overcome this situation and stand strong.

The depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions.

Without the prior approval in writing from the Reserve Bank, the Urban Co-operative Bank will also not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, pay out or agree to pay any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI directions dated September 23, 2019.

The central bank, in a statement, said, the issue of the directions should not, per se, be construed as a cancellation of a banking licence by the Reserve Bank. The bank will continue to undertake banking business with restrictions until further notice/instructions. The Reserve Bank may consider changes of these directions depending upon circumstances.

The RBI said the directions are imposed in exercise of powers vested in it under Sub-section (1) of Section  35A of the Banking Regulation Act, 1949 read with Section 56 of the said Act.

As at March-end 2019, PMC Bank had deposits and advances aggregating ₹11,617 crore and ₹8,383 crore, respectively.

The Bank is a multi-state scheduled urban co-operative bank with its area of operation in the States of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. It has 137 branches.

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