Subscribe
My Reads e-paper IFSC Code Finder New
Subscribe
OPEN APP
Home >Companies >News >RBI appoints Jai Bhagwan Bhoria as new administrator for PMC Bank

RBI appoints Jai Bhagwan Bhoria as new administrator for PMC Bank

Premium
Last week, RBI increased the amount of withdrawal allowed to the depositors from 1,000 to 10,000

  • RBI supersedes the lender's board in making the appointment
  • The development comes at a time when the lender's suspended MD reportedly admitted to RBI that the bank's actual exposure to the bankrupt HDIL is over 6,500 crore

New Delhi: The Reserve Bank of India (RBI ) superseded the Board of crisis-hit Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and appointed Jai Bhagwan Bhoria as the administrator of the bank.

New Delhi: The Reserve Bank of India (RBI ) superseded the Board of crisis-hit Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and appointed Jai Bhagwan Bhoria as the administrator of the bank.

Last week, RBI increased the amount of withdrawal allowed to the depositors from 1,000 to 10,000. The directives of RBI shall remain in force for a period of six months.

Last week, RBI increased the amount of withdrawal allowed to the depositors from 1,000 to 10,000. The directives of RBI shall remain in force for a period of six months.

Subscribe to Continue Reading

The development comes at a time when the lender's suspended MD reportedly admitted to the RBI that the bank's actual exposure to the bankrupt HDIL is over 6,500 crore -- four times the regulatory cap or a whopping 73% of its entire assets of 8,880 crore.

The slum redevelopment focused Housing Development and Infrastructure or HDIL is in the bankruptcy court now after being hit by a severe cash crunch following the failure of some of its key projects in the city.

RBI had reportedly recommended removal of the now scam-hit bank's chairman Waryam Singh last year after it had found out his involvement in sanctioning loans to realty developer HDIL and related-entities without proper due diligence and much above the regulatory limits, a source has said.

Singh, however, continued to remain the chairman until recently, the person familiar with the development said.

Depositors can access the website http://pmcbank.com or call 1800223993 for any grievance.

Click here to read the Mint ePaper
Mint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.