 "Illustration: Ajay Mohanty")
“Four-and-twenty” was a famous American racehorse of the 1960s. It may have perhaps inspired Punjab and Maharashtra Co-operative Bank (PMC Bank). And gallop it did only to be the 24th urban cooperative bank (UCB) to be placed under an administrator this year. The bank’s management lacked horse sense. It’s hardly surprising.
“I have never seen a single dissent note coming out of a board meeting of a cooperative bank”, said M L Sukhdeve, former chairman of the Maharashtra State Cooperative Bank.
Ironically, PMC Bank has gone belly up even as the central bank has waxed eloquent on its efforts to
