The RBI appointed administrator for PMC Bank is likely to file a formal complaint against K Joy Thomas, the suspended managing director of the bank, reports bloombergquint.com.
Last week, the RBI placed the bank under restrictions and subsequently dismissed the board and management of the lender. The regulator cited major financial irregularities, failure of internal controls, etc.
Thomas, addressed the media on Friday and admitted that the bank has misreported its exposure to entities related to the Housing Development and Infrastructure Group.
“The decision to file the complaint came after Thomas admitted to misreporting loan level data to HDIL Group, JB Bhoria, the administrator told the news website.