RBI extends restrictions on PMC Bank for 3 months till 31 March 2021

The Reserve Bank of India has further extended the restrictions on crisis-ridden Punjab and Maharashtra Co-operative (PMC) Bank by three months till 31 March, 2021.
The bank has also received four Expression of Interest (EoI) for its revival. To examine them, the bank would need some more time.
These proposals will be examined by the bank with regard to their viability and feasibility taking into account the best interest of the depositors.
As per the Expression of Interest, the bank wants to identify a suitable equity investor/ group of investors willing to take over management control so as to revive the bank and commence regular day-to-day operations.
The PMC bank was placed under Directions by RBI with effect from the close of its business on September 23, 2019 and superseded the bank’s board due to a huge fraud perpetrated by the promoter of a real estate group and some bank officials.
The Directions for PMC Bank were last extended for a further period of six months from June 23, 2020, to December 22, 2020.