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

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

As per DICGC website, all commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC

The RBI has appointed Jai Bhagwan Bhoria as the administrator of the PMC Bank with all the powers of the board

Joy Thomas says the bank didn't report the matter to the RBI even though repayment from HDIL was irregular for the past three-four years because it held security, which was worth twice the loan amount

PMC Bank crisis: The Congress spokesperson said that PMC Bank's collapse and RBI's restriction on withdrawal has brought back the horrors of demonetisation for PMC Bank customers.

These violations include financial irregularities, failure of internal control and systems and under-reporting of its (lending) exposure

PMC Bank crisis: The Reserve Bank of India (RBI) increased the withdrawal limit for Punjab and Maharashtra Co-operative Bank (PMC) depositors to Rs 10,000 from the initial Rs 1,000

PMC Bank crisis: Customers have also written to the RBI to revoke the restrictions made on the lender. The letter states that such a restriction will inflict great hardship on the depositors.

If the RBI is satisfied with progress that the bank can get back to shape in a short period, it will free the bank from its clutches

PMC Bank is a multi-state scheduled urban co-operative bank (UCB) with operations in Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh

PMC Bank crisis: MD Joy Thomas said that the bank has ample assets to cover all liabilities of the depositors.

PMC Bank's asset quality declined as gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - rose to 3.76 per cent, versus 1.99 per cent in the previous year

RBI imposes restrictions on PMC Bank: The imposition will be in force for six months from September 23.