RBI Governor Shaktikanta Das said several entities have expressed interest in investing in the PMC Bank and have purchased the information memorandum, reports News Track.
Describing the situation in the PMC Bank as ”completely different” compared to other bank failures and rescues, Das said the apex bank would finally decide once all the expression of interest in the bank had been submitted.
The PMC Bank has got in touch with bidders, seeking capital infusion. It bears recall that earlier several banks including cooperative banks had not shown interest in bailing out the crisis ridden bank.
What took Shaktikanta Das an IAS officer 14 months to decide this course of action. First he appoints an incompetent inefficient administrator who took a fat salary just doing nothing and then moves out. Ultimately the RBI has to be responsible for not monitoring the bank when information was given in 2011 about the scam the auditors for a fee give the clear reports and then RBI says they were fooled can you believe that. Mr Das you owe us an answer. What lethargy made you sleep over ther decision making?
Another goofing news.
(1) The Grant Thornton Forensic Audit Report on PMC Banks , highlights the fact that lax standards and poor followup on part of the RBI , is responsible for our mess; it further states that RBI was aware of wrongdoing since 2007. (2) in 2011, an ex- employee, Manjeet Kaur, highlighyed the modus operandi resorted to by the Branch Manager at Versova Branch of PMC Bank, in danctioning a loan of approx. 5.35 lakhs , by – passing instructions/ guidelines…she brought this incident to attention of the RBI, who, then wrote to the concernex Manager to ” look into tge matter”….and yet, in Sanjay Lodha & Others ( i was one of the Petitioners) v/ s RBI, efore Bombay High Coirt ( Kudgement of 5th. december 2019), it blatantly commits Perjury, by stating that it was not aware of any wrongdoing at PMC Bank, and was in fact ” fooled”. . vipan darup