Case Brief
What Happened
Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank, was already under All-Inclusive Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949. In this release, RBI extended the validity of that directive, unchanged in all other terms and conditions, from April 1, 2021 to June 30, 2021, subject to review. The extension was justified on depositor-protection grounds and because the reconstruction process with prospective investors was taking longer than expected.