The Reserve Bank of India has appointed A.K. Das, former General Manager of Union Bank of India as the Administrator of the Punjab and Maharashtra Cooperative Bank (PMC Bank). The appointment has been made as to the current Administrator J.B. Bhoria has stepped down due to health reasons. Announcing the appointment, RB also said despite exploring various options for the resolution of the issue at the bank, it is yet to come up with a plan for its revival. It said while the Administrator and the RBI have been exploring various options for resolution of the bank, several factors such as huge losses incurred by the bank resulting in its entire net worth getting wiped out, steep erosion in deposits, etc. continue to pose serious challenges in finding a workable plan for revival of the bank. It added that nevertheless, in the interest of the depositors, the PMC Bank and the RBI are continuing to engage with the stakeholders to explore the possibility of finding a viable and workable solution for the resolution of the bank.
