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RBI Governor Shaktikanta Das Reiterates PMC Bank Scam Is Being Closely Looked At

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The Reserve Bank is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway, Governor Shaktikanta Das said in a report by PTI, amid persisting uncertainty over depositors’ funds.

Besides, he said an agency has been appointed to assess the realisable value of the bank’s assets spread across various states for monetisation.

Punjab & Maharashtra Cooperative Bank (PMC Bank), among the top 10 urban cooperative banks in the country, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.

RBI had imposed withdrawal restrictions on account holders after it found alleged irregularities to the tune of Rs 4,355 crore due to diversion of money to infrastructure firm HDIL.

“PMC Bank situation is being very closely monitored by the Reserve Bank of India. We have had and we are having discussion with the various investigative agencies and…there are two things which are going on.

“Forensic audit, which has been ordered, that is underway. Second thing is the realizable value of the assets which were offered as a security to the PMC Bank are being assessed,” Das told reporters after a meeting of the Financial Stability and Development Council (FSDC)

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