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Saturday, December 07, 2019

PMC bank ‘scam’: Forensic audit underway, closely monitoring situation, says RBI Governor

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.  

By: Express Web Desk | New Delhi | Published: November 7, 2019 3:54:22 pm
RBI Governor Shaktikanta Das. (File)

A day after the Reserve Bank of India (RBI) increased the cash withdrawal limit for depositors in the beleaguered Punjab and Maharashtra Cooperative (PMC) Bank to Rs 50,000 from the existing Rs 40,000, its Governor Shaktikanta Das Thursday said it is closely monitoring the situation at the scam-hit bank and a forensic audit is underway.

“PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case,” Das was quoted as saying by PTI.

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 non-performing loans.

Five persons, including HDIL promoters Rakesh and Sarang Wadhwan, have been arrested by the police in the case.

The Enforcement Directorate (ED) too is investigating the case and has attached the assets of HDIL promoters, Rakesh Wadhawan and his son Sarang Wadhawan, who are in its custody.

Several protests have been held by the depositors in Mumbai and at least nine depositors have died since the alleged scam came to light. Scattered protests have happened in front of the RBI main office in Delhi as well.

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