RBI Governor Shaktikanta Das said that three proposals are under consideration to buy PMC Bank. PMC Bank itself is also evaluating these proposals.
The RBI has received three offers to buy the PMC bank trapped in the scam. RBI Governor Shaktikanta Das gave this information in a press conference after reviewing monetary policy on Friday. The RBI has received three proposals for re-construction of the bank, which are under consideration.
PMC Bank is also evaluating the offer
Administrator of PMC Bank AK Dixit had said last month that three potential investors have been given time till 1 February 2021 to submit their final proposals. On Friday, the RBI governor said that I have been informed that three final proposals have been received. I have been told that PMC Bank itself is evaluating these proposals.
Competing to buy Bharat Pay and Centrum PMC?
Earlier, there were reports related to fintech company Bharat Pay and financial services company Centrum trying to buy Punjab and Maharashtra Co-operative Bank stuck in trouble. The PMC Co-operative Bank is currently banned from doing business. Investigation is going on against PMC Bank in the case of several loan irregularities, especially loans given to HDIL promoters. Also, the money of the customers of this bank is also trapped in it.
According to an Economic Times news, Bharat Pay CEO Ashnir Grover had said that if we were able to take over PMC Bank, then the challenge of starting a bank from zero will be over before us. If you get success in buying PMC bank, then this will be the first time any fintech firms will get banking license from RBI.
On September 23, 2019, the RBI imposed several restrictions on PMC Bank Mumbai. Many financial irregularities were revealed in the bank. Also, the bank did not give the correct information about the loan given to real estate company HDIL. After this, on June 5, 2019, the RBI had increased the withdrawal limit to 50 thousand rupees per deposit. At the same time, the bank had increased the ban till 22 June 2020
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.