RBI-appointed administrator of crisis-hit Punjab and Maharashtra Cooperative – PMC Bank, J B Bhoria, met Governor Shaktikanta Das and other senior officials in Mumbai today to discuss the bank’s operations.
In a statement, Mr Bhoria informed that PMC is in the process of recasting its balance sheet to present a true and fair picture of its accounts. It further assured that the bank will make all efforts to safeguard the interests of depositors and other stakeholders.
With deposits of over 11,000 crore rupees and total loan assets of over 9,000 crore rupees, the bank is reported to have given over 6,500 crore rupees in loans to realty firm HDIL. According to the Mumbai Police’s Economic Offences Wing, HDIL’s loans turned into non-performing assets, but the bank management shielded this huge exposure from RBI’s scrutiny.