india

RBI extends restrictions on PMC Bank

The Reserve Bank of India (RBI) has extended its restrictions on scam-tainted Punjab and Maharashtra Cooperative (PMC) Bank Ltd. for three months till March 31 as the draft scheme of amalgamation of the bank with Unity Small Finance Bank Ltd. (USFB) is still under process.

“Further action with regard to sanction of the scheme is under process,” the RBI said in a notification.

“It is, therefore, considered necessary to extend the aforesaid directions. Accordingly, it is hereby notified that the validity of the aforesaid directive dated September 23, 2019, as modified from time to time, has been extended for a further period from January 1, 2022 to March 31, 2022, subject to review,” the notification said.

The bank was placed under RBI’s All-Inclusive Directions with effect from September 23, 2019in the interest of depositor protection.

The directions were last extended vide directive dated June 25, 2021 up to December 31, 2021.

Source: Read Full Article