HDIL bosses got Rs 2,000 cr from PMC Bank; YES Bank's Rajat Monga quits : Bulletin: Business Today
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HDIL bosses got Rs 2,000 cr from PMC Bank; YES Bank's Rajat Monga quits

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October 4, 2019

PMC Bank officials deposited Rs 2,000 crore into HDIL bosses' personal accounts: Mumbai police

The Mumbai Police have discovered that PMC Bank officials deposited around Rs 2,000 crore directly in the personal accounts of HDIL bosses. The money was deposited as loan amount sanctioned by the bank to the bankrupt real estate company. These accounts didn't reflect in the RBI's audit of the bank, as they were secured with passwords. The police have also found a Demat account linked to PMC Bank's former chairman Waryam Singh, which has shares worth around Rs 100 crore.

RBI enhances withdrawal limit for PMC Bank depositors to Rs 25,000

The Reserve Bank of India has once again enhanced the withdrawal limit for depositors of Punjab and Maharashtra Co-operative Bank to Rs 25,000 from Rs 10,000. The central bank promised to keep an eye on the position of the co-operative bank and take necessary steps in the interest of its depositors. With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance. The RBI has also decided to form a three-member committee to assist the administrator it had appointed for PMC Bank.

YES Bank group president and former chief financial officer Rajat Monga quits

Crisis-hit YES Bank on Thursday said that its group president and former chief financial officer Rajat Monga has resigned. The announcement was made by the CEO of the YES Bank Group, Ravneet Gill, during a conference call with investors and analysts following a heavy fall in the bank's share price over the past few sessions. Gill reportedly said the possibility of Monga taking a sabbatical was also discussed but he decided to move on.

INX Media case: Delhi Court extends Chidambaram's judicial custody till October 17

A Delhi court on Thursday extended the judicial custody of former finance minister P Chidambaram in the INX Media corruption case till October 17. Special judge Ajay Kumar Kuhar extended his judicial custody after the CBI sought extension of his judicial remand. The 74-year old Congress leader sought home cooked food in Tihar jail where he is lodged, citing medical ailments.

TikTok bans paid political ads on its platform

TikTok said it would not allow paid political ads on its platform as they do not fit into the experience it aims to provide to its users. "We will not allow paid ads that promote or oppose a candidate, current leader, political party or group, or issue at the federal, state, or local level - including election-related ads, advocacy ads, or issue ads," said TikTok's Global Business Solutions vice president Blake Chandlee. With the presence of celebrities like Ariana Grande and Katy Perry, the platform is a hit among teenagers and post-millennials.

Uber launches helicopter services in New York; fares up to $225 per person

Uber is taking to the air in New York City where users will soon be able to book helicopter flights to John F. Kennedy International airport through their apps. The company announced its Uber Copter offer on Thursday, saying flights to and from Lower Manhattan will become available to all users on October 3. Uber made the feature available to its premium members in June. The roughly eight-minute flight will cost between $200 and $225 per person and include ground transportation on either side of the trip.


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