RBI extends restrictions on PMC Bank for 3 months

Reserve Bank of India has additional prolonged the restrictions on crisis-ridden Punjab and Maharashtra Co-operative (PMC) Bank by three months until 31 March 2021. The financial institution has additionally acquired 4 Expression of Interest (EoI) for its revival. To study them, the financial institution would wish some extra time. These proposals might be examined by the financial institution with regard to their viability and feasibility considering the perfect curiosity of the depositors.

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Why RBI extends restrictions on PMC Bank?

  • As per the Expression of Interest, the financial institution desires to establish an appropriate fairness investor/ group of buyers prepared to take over administration management in order to revive the financial institution and begin common day-to-day operations.
  • The PMC financial institution was positioned below Directions by RBI with impact from the shut of its enterprise on September 23, 2019, and outmoded the financial institution’s board resulting from an enormous fraud perpetrated by the promoter of an actual property group and a few financial institution officers.
  • The Directions for PMC Bank have been final prolonged for an additional interval of six months from June 23, 2020, to December 22, 2020.

Important takeaways for all aggressive exams:

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

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