Mumbai, June 25

The RBI on Friday extended the regulatory curbs on Punjab and Maharashtra Cooperative (PMC) Bank till December 2021 to enable the completion of its takeover by Centrum Financial Services.

“Taking into account the time required for completion of various activities involved in the process...the validity of the ...Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from July 1, 2021 to December 31, 2021, subject to review,” the RBI said in a notification.

In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions. — PTI