RBI Extends Restrictions On PMC Bank Till March 31, 2022

Restrictions on Punjab and Maharashtra Cooperative Bank have been extended for another three months till March 31, 2022

Restrictions on Punjab and Maharashtra Cooperative (PMC) Bank have been extended for another three months till March 31, 2022.

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.

It 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.

"Further action with regard to sanction of the scheme is under process," RBI said on Tuesday as it extended the restrictions for another three months till March 31, 2022, subject to review.