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Final report on PMC Bank is expected by Dec-end: RBI guv Shaktikanta Das

A call will be taken on further course of action once the RBI gets the report

Abhijit Lele 

Reserve Bank of India (RBI) Governor Shaktikanta Das at the RBI's fourth Bi-monthly monetary policy review meeting of 2019-20, in Mumbai- KAMLESH PEDNEKAR
Reserve Bank of India (RBI) Governor Shaktikanta Das | Photo: KAMLESH PEDNEKAR

A forensic audit is underway at Punjab and Maharashtra Co-operative (PMC) Bank and the final report is expected by the end of December, said RBI Governor Shaktikanta Das.

Simultaneously, PMC Bank, with the help of professional valuers, is assessing the realisable value of assets that have been mortgaged by companies, which have availed of loans and other assets identified by the economic offences wing of the Mumbai Police and the Enforcement Directorate (ED).

We have also put in place a coordination mechanism among players involved — the bank administrator, ED, Economic Offences Wing, RBI — to monitor the situation regularly and take steps for monetisation of these assets. A call will be taken on further course of action once the RBI gets the report and a number (the realisable amount that can be obtained from the mortgaged securities).

First Published: Fri, December 06 2019. 01:39 IST
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