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Will safeguard depositors' interests, PMC Bank management assures RBI

Administrator J B Bhoria and his team met Shaktikanta Das and other senior officials on Wednesday to apprise them of the position of the bank after relaxation of the withdrawal limit to Rs 40,000

PMC Bank protest, Protest outside RBI, PMC Scam
PMC Bank Account Holders Protest Outside RBI BKC Office at Bandra in Mumbai | Photo: KAMLESH PEDNEKAR

At a time when a few deaths have been linked to the deposit withdrawal restrictions put on PMC Bank, the administrator and members of the advisory committee of the bank assured the Reserve Bank of India (RBI) governor that all efforts would be undertaken to safeguard the interests of the bank’s depositors and stakeholders.

Administrator J B Bhoria and his team met governor Shaktikanta Das and other senior officials on Wednesday to apprise them of the position of the bank after relaxation of the withdrawal limit to Rs 40,000.

“While discussing the various operational issues, it was informed that the bank would expedite the processes of assessment of the realisability of the securities available with the bank and the forensic audit presently underway,” according to a statement issued by PMC Bank. The administrative team will also recast the balance sheet of the bank “at the earliest” to arrive at the true and fair picture of its accounts, Bhoria told the governor.

Meanwhile, a local court in Mumbai ordered judicial custody of former chairman of PMC Bank Waryam Singh and HDIL promoters Sarang and Rakesh Wadhawan till October 23.