The Reserve Bank is closely monitoring the situation at the bank and a forensic audit is underway, governor Shaktikanta Das had said earlier amid persisting uncertainty over depositors' funds

This development comes a day after RBI Governor Shaktikanta Das chaired a high-level meeting with Enforcement Directorate, Mumbai Police, Economic Offences Wing and the administrator of PMC Bank

The RBI has already created a unified department of supervision and a unified department of regulation from November 1 this year

The primary agenda of the meeting was to discuss the disposal of attached assets and associated legal procedure to raise funds for repaying the depositors and reconstructing the crisis-hit PMC Bank

The last revision in the current limit of deposit insurance was effected on May 1, 1993, after the Bank of Karad collapsed in the securities scam of 1992

While the level of NPAs has declined recently, the provision coverage ratio has risen to 60.5% from 48.3% a year ago, Das said

With regard to deposit guarantee insurance limit hike, Sitharaman said it may not be part of cooperative bank legislation but part of some other laws

The auditors identified as Jayesh Sanghani and Ketan Lakdawala belong to an audit firm, which was hired by Punjab and Maharashtra Cooperative (PMC) Bank to conduct routine audits

PM Narendra Modi on Saturday inaugurated the Kartarpur corridor and flagged off the first batch of over 500 Indian pilgrims, including former prime minister Manmohan Singh and Union minister Harsimrat Kaur Badal.

Persisting liquidity issues in the NBFC space as well as the financial woes of some groups in this sector have raised concerns about the health of the overall financial system

PMC Bank, among the top 10 urban cooperative banks in the country, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans

PMC Bank scam: The depositors, who gathered were from Tilak Nagar in West Delhi where the bank has a branch, said most of their families have collective deposits in excess of Rs 51 lakh in the bank.

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These three hotels are run by HDIL promoter Rakesh Kumar Wadhawan's daughter; he is a promoter and a shareholder in the company that owns these hotels