Punjab and Maharashtra Cooperative (PMC) Bank on Friday invited application for appointment of Valuer to sale/auction seized assets/aircraft/yacht.
The notification from the bank came just weeks after Maharashtra Cabinet Minister and Nationalist Congress Party (NCP) leader Jayant Patil had stated that the state government is working on merging PMC Bank with the Maharashtra State Cooperative. 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.