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RBI extends restrictions on PMC Bank for 3 months

RBI extends restrictions on PMC Bank for 3 months_4.1

Reserve Bank of India has further extended the restrictions on crisis-ridden Punjab and Maharashtra Co-operative (PMC) Bank by three months till 31 March 2021. The bank has also received four Expression of Interest (EoI) for its revival. To examine them, the bank would need some more time. These proposals will be examined by the bank with regard to their viability and feasibility taking into account the best interest of the depositors.

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Why RBI extends restrictions on PMC Bank?

  • As per the Expression of Interest, the bank wants to identify a suitable equity investor/ group of investors willing to take over management control so as to revive the bank and commence regular day-to-day operations.
  • The PMC bank was placed under Directions by RBI with effect from the close of its business on September 23, 2019, and superseded the bank’s board due to a huge fraud perpetrated by the promoter of a real estate group and some bank officials.
  • The Directions for PMC Bank were last extended for a further period of six months from June 23, 2020, to December 22, 2020.

Important takeaways for all competitive exams:

  • The administrator of PMC Bank: AK Dixit.
  • PMC Bank Founded: 1984.
  • PMC Bank Headquarters: Mumbai, Maharashtra.

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