Business Standard

RBI got a whiff of evergreening at Punjab and Maharashtra Co-operative Bank

Central bank had flagged large-scale non-performing advances, but didn't have adequate evidence till September 19

PMC Bank

The RBI also struggled as cooperative banks are also regulated by states, and PMC Bank was a multi-state cooperative bank

Anup RoySubrata Panda Mumbai
The Reserve Bank of India (RBI) suspected that Punjab and Maharashtra Co-operative Bank (PMC Bank) was evergreening loans for some time, especially since the last statutory audit. At one point, it had contemplated sacking the bank’s managing director and CEO Joy Thomas, but did not find enough documentary evidence as even the source materials were falsified, according to highly placed sources. 

“Misgovernance by the board of directors of the bank and the interconnectedness between Chairman Waryam Singh and the HDIL group companies have been under the RBI’s scanner for some time. However, manipulation of data and fraud 

always takes time to establish

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 30 2019 | 12:29 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to