A.K. Dixit, ex-General Manager, Union Bank of India has been appointed as the new Administrator of the crisis hit PMC bank from September 23, 2020, reads a press release from the RBI.
“The present Administrator Shri J.B. Bhoria is stepping down on September 22, 2020 due to health reasons”, it adds. Under Bhoria tenure the PMC crisis has not been resolved to any meaningful extent, say insiders.
Even in its release RBI concedes as much “The bank has also been making efforts for recovery of NPAs although the progress has been constrained because of the COVID-19 pandemic and legal complexities. Nevertheless, in the interest of the depositors, the PMC bank and the RBI are continuing to engage with the stakeholders to explore the possibility of finding a viable and workable solution for the resolution of the bank”, reads the release.
PMC Bank was placed under All-Inclusive Directions from close of business on September 23, 2019. The directive is presently valid till December 22, 2020.