Explained: What went wrong in PMC Bank? Context, and way forward

Largely, three major irregularities have been found in the operations of multi-state Punjab and Maharashtra Co-operative (PMC) Bank that necessitated immediate action under the Section 35A of the RBI Act. These violations include financial irregularities, failure of internal control and systems and under-reporting of its (lending) exposure. Here's an explainer on the context and the way forward.