Maharashtra Cabinet Minister and Nationalist Congress Party (NCP) leader Jayant Patil on Thursday said that the state government is working on merging Punjab and Maharashtra Co-operative (PMC) Bank with the Maharashtra State Cooperative.
"Depositors of Punjab and Maharashtra Co-operative (PMC) Bank will get relief if the bank is merged with Maharashtra State Cooperative Bank. We are working on it. If need arises, we will write to the Reserve Bank of India (RBI) to merge the two banks," Jayant Patil told media persons here.
Patil further said that he met with the chairperson of Maharashtra State Cooperative Bank yesterday to talk about the merger.
In September, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.
The RBI had asked the bank not to grant or renew any loans and advances, make any investment or incur any liability, including borrower of funds and acceptance of fresh deposits.
Subsequently, the RBI capped the withdrawal limit for the PMC Bank depositors to Rs 1,000 which was gradually increased to Rs 50,000.
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