
RBI says engaged with prospective investors to secure best terms for PMC Bank depositors
The RBI and PMC Bank are presently engaging with prospective investors to secure the best possible terms for the depositors, and the process is likely to take some more time, the central bank said, as it extended the restrictions on the fraud-hit urban cooperative lender by three months to June 30. In September 2019, the RBI had superseded the board of PMC and placed it under regulatory restrictions, including cap on withdrawals by customers, after detection of certain financial irregularities and misreporting of loans given to real estate developer . The restrictions have been extended several time since then. PMC Bank had received binding offers from certain investors for its reconstruction, in response to the Expression of Interest (EOI) dated November 3, 2020 floated by the bank. RBI a...