RBI ropes in AK Dixit as new Administrator of PMC Bank
By MYBRANDBOOK
Reserve Bank of India (RBI) has chaired former Union Bank of India General Manager AK Dixit as the new Administrator of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank with effect from September 23. The present administrator Jai Bhagwan Bhoria stepped down on September 22 due to health reasons.
"It has been decided to appoint AK Dixit, ex-General Manager, Union Bank of India as the new Administrator of the bank with effect from September 23, 2020," RBI said in a notification.
Mumbai-based PMC Bank has been placed under directions of the RBI since September 23, 2019 after the central bank superseded the troubled lender's board and appointed Jai Bhagwan Bhoria as the Administrator of the bank. The directive is presently valid till December 22, 2020.
The central bank had imposed restrictions on the urban cooperative bank after it discovered that the lender allegedly created fictitious accounts to hide over Rs 6,700 crore in loans extended to the almost-bankrupt Housing Development Infrastructure Ltd (HDIL).
The bank has also been making efforts for recovery of bad loans although the progress has been constrained because of the COVID-19 pandemic and legal complexities, it added.
PMC Bank along with the RBI are engaging with the stakeholders to explore the possibility of finding a viable and workable solution for the resolution of the bank, the central bank added.
Earlier in December last year, the Enforcement Directorate (ED) had submitted a 7,000-page chargesheet in the PMC Bank fraud case to the PMLA court, naming HDIL promoters Rakesh Kumar Wadhawan and his son Sarang Wadhawan, bank's former chairman Waryam Singh, and ex-managing director Joy Thomas.
It was also considered necessary to supersede the Board of Directors of the bank in the exercise of the powers conferred on the Reserve Bank of India (RBI) under sub-section 1 of Section 36 AAA read with Section 56 of the Banking Regulation Act, 1949 in the interest of the depositors and to secure the proper management of the bank.
An Administrator was appointed in the exercise of the powers conferred on Reserve Bank of India under sub-sections 1 and 2 of section 36AAA read with Section 56 of the Banking Regulation Act, 1949. An Advisory Committee comprising of senior bankers/chartered accountant was also appointed to assist the Administrator.
The present Administrator J.B. Bhoria is stepping down on September 22, 2020, due to health reasons.
BREAKING NEWS
TECHNO TRENDS
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Dell Technologies lives by its commitment of driving growth th
Dell believes in an agile approach to innovation that leverages the brighte
Fire-Boltt innovates and introduces newer categories to make i
One of the biggest strengths and focus area of Fire-Boltt is innovation. Wi
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
SAMRIDDHI AUTOMATIONS PVT. LTD.
VVDN TECHNOLOGIES
MICROTEK INTERNATIONAL PVT. LTD.
TATA CONSULTANCY SERVICES
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Debjani Ghosh
Debjani Ghosh is the first woman president of NASSCOM (the umbrella bo...
Technology Icons Of India 2023: Kulmeet Bawa
Kulmeet Bawa resides as President & Managing Director, SAP Indian subc...
Technology Icons Of India 2023: Gautam Adani
Gautam Adani is the Founder and the Chairman of the Adani Group, an In...
PARTNER SPEAKERS
PSU
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
VIDEOS
Top 25 Brands
Value-Added Distribution
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
R P TECH INDIA
R P Tech is recognized for its diverse products portfolio, value-add...
Crayon Software Experts India Pvt Ltd
Crayon helps its customers build the commercial and technical foundati...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
