Demonetisation caused 3 percentage point decline in jobs, economic activity, says new studyA new study has found that demonetisation led to a significant decline in cash, which lowered India's economic growth and led to a reduction in jobs by at least 2-3 percentage points in the quarter of the note ban. The paper, 'Cash and the Economy: Evidence from India's Demonetisation', written by Gabriel Chodorow-Reich, an associate professor of economics at Harvard; Gita Gopinath, the Econ...

PMC Bank crisis: The fictitious accounts - over 21,000 - mentioned in the Advances Master Indent submitted to the RBI in March 2018 mostly belonged to dead account holders, while some belonged to people who had closed their accounts with the bank.

With this, all the accused named in the PMC Bank scam have been arrested. On Friday, suspended PMC Bank managing director Joy Thomas was arrested, whereas the Wadhawan duo were detained on Thursday

The police demanded Thomas' custody to interrogate him about the irregularities at PMC Bank as he was part of the conspiracy

PMC Bank crisis: The ED filed a money laundering case against the HDIL promoters in the Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank fraud case. The agency is also looking for details of other 18 companies linked to HDIL.

According to the letter, 450 HDIL homebuyers have paid a total of Rs 350 crore to the bankrupt realtor for a suburban Mulund project, which has been stuck for nine years now. 

The Economic Offences Wing (EOW) of Mumbai Police on Friday arrested the suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank Joy Thomas

Mumbai Police on Thursday arrested HDIL promoters Rakesh Kumar Wadhawan and Sarang Wadhawan in the PMC Bank loan case; both have been sent to police custody till October 9

Defending the RBI's action in the PMC case, Shaktikanta Das said the central bank acted very swiftly and promptly after it was brought to its notice

HDIL share price was locked in the lower circuit of 5%  at Rs 3.33  compared to the previous close of Rs 3.50 on BSE.

PMC bank officials allegedly created 44 hidden accounts with fake credentials to help HDIL; loans given to HDIL later turned into NPAs, leading to its bankruptcy and PMC's exposure of thousands of crores

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The RBI promised to keep an eye on the position of the Punjab and Maharashtra Co-operative Bank and take necessary steps in the interest of its depositors

Punjab and Maharashtra Cooperative Bank put its entire might behind the defaulter HDIL Group to save it from bankruptcy. BT has traced Rs 1,658 crore to 11 entities connected directly or indirectly to the HDIL Group

Besides, Lanco Infratech and Moser-Baer, the other seven firms that will be delisted are - Amar Remedies, Supreme Tex Mart, Samtel Color, Hindustan Dorr-Oliver, Servalakshmi Paper, LML and Hanung Toys and Textiles

Rakesh is the executive chairman of HDIL, whereas Sarang is the managing director of the company. The government had issued a look-out circular to stop them from leaving the country