NEW DELHI: Joy Thomas, the now-suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank, has reportedly admitted to RBI that the bank’s actual exposure to the bankrupt Housing Development and Infrastructure Limited (HDIL) is over Rs 6,500 crore, a whopping 73% of the bank’s then net worth.
The revelation came after a board member blew the whistle and sent the balance sheet to RBI. Earlier on Friday, Thomas had claimed that the exposure was Rs 2,500 crore.
The slum-redevelopment focussed HDIL went bankrupt after many of its projects in Mumbai failed.