RBI extends restrictions on PMC Bank for 3 months till March 2022
Zee News
The restrictions have been extended several times since then. The directions were last extended in June this year and are in place till December 31.
New Delhi: The restrictions on Punjab and Maharashtra Cooperative (PMC) Bank has been extended for another three months till the end of March next year.
Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process.
The central bank had prepared a draft scheme of amalgamation and the same was placed in the public domain on November 22 as part of seeking suggestions and objections, if any, from members, depositors and other creditors of PMC Bank and USFB. The deadline for submitting the comments was till December 10.
