The Reserve Bank of India has extended the current curbs on the Punjab and Maharashtra Cooperative Bank Ltd. till March 31, 2021, after the cash-strapped lender received four proposals from potential investors.
“PMC Bank had invited expression of interest (EoI) from eligible investors for investment/ equity participation for its reconstruction. The last date for submission of EoI was December 15,” the RBI said.
PMC Bank had sought time to examine the four proposals it had received for “their viability and feasibility taking into account the best interest of the depositors”, the RBI said, explaining its decision.
“Keeping in view the best interest of all stakeholders, it is considered necessary to extend the aforesaid directions. Accordingly, it is hereby notified for the information of the public that the validity of the aforesaid Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from December 23, 2020 to March 31, 2021, subject to review,” it said.
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