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Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank has invited curiosity from potential bidders for the reconstruction of the financial institution.
“(The) objective of the process of invitation of EoI (expression of interest) is 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,” stated the financial institution in its commercial on Tuesday.
PMC Bank is underneath regulatory restrictions after the Reserve Bank of India (RBI) discovered monetary irregularities in its functioning, hiding and classification of loans given to Housing Development Infrastructure Ltd (HDIL). The financial institution has an publicity of over Rs 6,200 crore to HDIL. The RBI has outdated the board of the financial institution and has appointed an administrator.
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