Jayant Patil:Uddhav Thackeray In Talks To Merge PMC Bank With Maharashtra Cooperative Bank

Economy

NCP's Jayant Patil spoke about how the Maharashtra government is in talks about merging the Maharashtra State Cooperative Bank with the PMC bank.

Written By Digital Desk | Mumbai | Updated On:

NCP's Jayant Patil spoke about how the Maharashtra government headed by Uddhav Thackeray is in talks about merging the Maharashtra State Cooperative Bank with the PMC bank.The government is ready to speak to RBI if needed.

The HDIL-PMC bank scam 

The police registered a First Information Report (FIR) against the top officials of the PMC bank and the promoters of the Housing Development and Infrastructure Limited (HDIL). According to the prosecution, the bank continued giving loans to the debt-ridden HDIL from 2008 to 2019 despite the previous loans not being repaid. This caused a loss of nearly Rs.4,355 crore. Several sections of the Indian Penal Code (IPC) such as criminal breach of trust, cheating, and forgery have been invoked against the accused. Besides the promoters of HDIL Sarang and Rakesh Wadhawan, several officials such as the former Managing Director Joy Thomas, ex-Chairman Waryam Singh, and former Director Surjit Singh Arora were arrested. Out of 44 accounts, a total of 10 were linked to HDIL. These included the personal bank accounts of the accused.  

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