RBI appoints AK Dixit as new administrator of PMC to find viable solution

AK Dixit, former general manager at Union Bank of India has been appointed as the new administrator of Punjab and Maharashtra Cooperative Bank by RBI.

RBI appoints AK Dixit as new administrator of PMC to find viable solution
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In recent developments, AK Dixit, former general manager at Union Bank of India has been appointed as the new administrator of Punjab and Maharashtra Cooperative (PMC) Bank by the Reserve Bank of India (RBI).

Nirmala Sitharaman, the finance minister, clarifying the need for amendments stated that even though the Centre was able to resolve the problems with the Yes Bank as it was governed by commercial bank rules, the solution to the PMC bank crisis is yet to be found.

However, as per reports, the Maharashtra government is planning to auction properties of the Housing Development Infrastructure Ltd (HDIL) in a bid to provide relief to PMC Bank depositors.

The Punjab and Maharashtra Co-operative Bank which was entwined in a huge scam involving collusion between the bank’s top officials and the Housing Development and Infrastructure Ltd. (HDIL) was taken over by the Reserve Bank of India exactly a year back.

After the RBI had taken over the bank it was revealed that the bank had massively violated the RBI norms of exposure. Ever since the PMC crisis, over nine lakh depositors, mostly people who are senior citizens have been unable to fend for themselves. Moreover, at least 50 people have died due to anxiety and stress-related issues. 

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