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Forensic audit on PMC scam expected by month-end: Reserve Bank governor Shaktikanta Das

The RBI has also given its suggestions on changes in regulations that are required for regulating the cooperative bank sector better.

Published: 05th December 2019 03:32 PM  |   Last Updated: 05th December 2019 03:32 PM   |  A+A-

PMC bank

PMC Bank depositors protesting outside RBI. (Photo | PTI)

By PTI

MUMBAI: Reserve Bank governor Shaktikanta Das on Thursday said the forensic audit report on the scam-hit PMC Bank is expected by the month-end, and efforts are also on to assess the realisable value of assets held by the cooperative that can be monetised.

The RBI has also given its suggestions on changes in regulations that are required for regulating the cooperative bank sector better.

It can be noted that the RBI had on September 23 placed the city-headquartered bank under an administrator and capped the cash withdrawals, leading to public outrage. The curbs have since been lifted in multiple changes.

ALSO READ: Mumbai Police arrests three directors of PMC Bank

"There is a forensic audit underway. We will get the report by the end of this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the monetary policy. He said professional valuers are helping in the valuation of PMC assets.

Separately, there is a coordination mechanism in place consisting of the RBI-appointed administrator and the law enforcement authorities such as the Economic Offences Wing of the city police, the Enforcement Directorate and RBI officials for asset valuation, he added.

"Once we get the forensic auditor report and get a final number on the realisable value, then a call will be taken on the further course of action," Das said.

The Mumbai Police have pegged the size of the scam-- wherein bank officials colluded with realty player HDIL to make fraudulent loans of over Rs 6,500 crore that has become NPAs--at over Rs 4,300 crore.



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