State will explore option to merge PMC bank with another bank: CM Fadnavis

Mumbai : The chief minister Devendra Fadnavis on Saturday said that his government would explore possibility of merging crisis-ridden Punjab and Maharashtra Co-operative Bank (PMC) with another bank in coming days.

Assuring the depositors of the bank who are facing hardship because of the RBI restriction on withdrawal of funds, the chief minister said that money of account-holders would remain safe. The alleged scam to the tune of Rs 4,355 crore scam at the bank is attributed to loans given to realty firm HDIL, which were allegedly hidden from regulators’ scrutiny, turning non-performing assets.

Fadnavis said that unfortunately, a revival package for PMC bank is not in the jurisdiction of the state government, but with the help of RBI, the state government can facilitate the merger of the bank with another bank. “I have already spoken to the Prime Minister and the finance minister on this issue. I will again peruse the matter after polls,” Fadnavis said.