INSUBCONTINENT EXCLUSIVE:
RBI has actually extended restrictions on PMC Bank till March 31, 2022Mumbai: Restrictions on Punjab and Maharashtra Cooperative (PMC) Bank
have actually been extended for another three months till March 31, 2022
Reserve Bank of India (RBI) has actually extended the constraints as more action on the draft plan for the takeover of the crisis-hit bank
by the Delhi-based Unity Small Finance Bank (USFB) remains in process.It had actually prepared a draft plan of amalgamation and the exact
same was positioned in the general public domain on November 22 as part of seeking ideas and objections, if any, from members, depositors
and other creditors of PMC Bank and USFB
The deadline for submitting the remarks was till December 10
More action with regard to sanction of the plan is under process, RBI stated on Tuesday as it extended the limitations for another three
months till March 31, 2022, based on review.In September 2019, RBI had superseded the board of PMC Bank and placed it under regulative
restrictions, consisting of a cap on withdrawals by its customers, after detection of specific monetary abnormalities, concealing and
misreporting of loans given to real estate developer HDIL.The limitations have actually been extended several times ever since
The directions were last extended in June this year and remain in location till December 31
The draft plan of amalgamation imagines a takeover of the possessions and liabilities of PMC Bank, consisting of deposits, by USFB,
therefore offering a greater degree of security for the depositors, RBI had stated last month.USFB, promoted by Centrum Financial Solutions
together with Resilient Innovation Pvt Ltd as 'joint investor', was approved a banking licence in October 2021
USFB began operating on November 1
