Exactly one year ago, on September 23, 2019, the Reserve Bank of India had superseded the board of the multi-state urban cooperative bank and placed it under various regulatory restrictions.
PMC bank and 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,” it said.
RBI has told the high court that against a total deposit liability of approximately Rs 10,000 crore as on March 26, 2020, liquid assets available with the PMC bank were to the tune of Rs 2,955.
The Wadhawan duo are accused in the multi-crore rupee Punjab & Maharashtra Cooperative (PMC) Bank scam case.
The withdrawal limit was last enhanced to Rs 50,000 per depositor on November 5, 2019, and the restrictions extended up to June 22, 2020.
The cabinet approval is in line with the Budget announcement made by Finance Minister Nirmala Sitharaman on Saturday.
The submissions were made in response to a PIL seeking removal of restrictions on cash withdrawals from the PMC Bank.
The RBI declined to give copies of two complaints received by it regarding 'irregularities' in the bank and the action taken on them, citing exemption clause in the transparency law.
The accused have been charged under various sections of Indian Penal Code including cheating, fraud, destruction of evidence and falsification of documents.
The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.
Thackeray met a delegation of depositors of the troubled lender and assured that his government will take necessary steps to ensure justice to the bank's customers.
Jagdish Mookhey, Mukti Bavisi and Trupti Bane were arrested following extensive interrogation in connection with credit facilities provided by the bank to HDIL.
The minister said steps are being taken to seize properties of promoters of the PMC Bank, auction such properties and repay depositors with the money obtained.