RBI extends restrictions on PMC Bank till Dec. 31-2021

RBI extends restrictions on PMC Bank till Dec. 31-2021

PMC bank
  • The Reserve Bank of India (RBI) has extended the restrictions earlier imposed on Punjab and Maharashtra Co-operative Bank (PMC Bank) till December 31-2021.
  • RBI recently gave in-principle nod to Centrum Group to set up a small finance bank to acquire crisis-ridden PMC Bank.
  • The Central Bank in a release said that after taking into account the time required for completion of various activities involved in the process, it is considered necessary to extend the aforesaid Directions.
  • In September 2019, the RBI had superseded the board of PMC and placed it under regulatory restrictions, including cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and mis-reporting of loans given to real estate developer HDIL.
  • The restrictions have been extended several times since then.
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