Punjab and Maharashtra Cooperative (PMC) Bank will close down 15 branches in the Mumbai Metropolitan Region (MMR) and shift their business to 9 other branches in a bid to save on rental outgo and other operating expenses. The bank has already decided to shift its the main branch in Bhandup in suburban Mumbai to another branch in the same locality. It also plans to sell its owned assets in Palghar and Nanded branches in Maharashtra. The bank’s attempt to sell two aircraft – Dassault Falcon 2000 and Bombardier Challenger – and a Ferretti Yacht 881 belonging to HDIL Group, its main borrowers, who had defaulted, as part of its recovery efforts, have not yielded any results so far. The bank had a network of 137 branches spread across Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa, and Delhi.
