Reserve Bank of India (RBI) appointed AK Dixit, ex-General Manager of Union Bank of India(UBI) as the new administrator of Punjab and Maharashtra Cooperative (PMC) Bank Limited with effect from September 23, 2020. He succeeds J.B. Bhoria, ex-chief general manager with the central bank who stepped down from the post of administrator on September 22, 2020, due to health reasons.
- Administrator was appointed in the exercise of the powers conferred on RBI as per Banking Regulation Act, 1949 under subsections 1 and 2 of section 36AAA and Section 56.
- To assist the administrator, an advisory committee consisting of senior bankers / chartered accountants was also appointed.
i.On September 23, 2019, PMC Bank Limited, a Multi-State Urban Cooperative Bank was placed under All-Inclusive directions under sub-section (1) of Section 35 A and Section 56 of the Banking Regulation Act, 1949.
ii.In other words, PMC bank limited was placed under the administration of RBI.
iii.The directive is presently valid till December 22, 2020.
JB Bhoria was appointed as the administrator of PMC Bank limited on September 23, 2019. Till 2013, he was the regional director of RBI for Maharashtra and Goa.
Surinderpal Singh Ram Singh Appointed as CEO of PMC Bank Limited
Surinderpal Singh Ram Singh has been appointed as the Chief Executive Officer(CEO) of PMC bank limited with effect from September 11, 2020. He succeeds Shiny Mithbaokar, who was relieved from September 10, 2020.
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About Punjab and Maharashtra Cooperative (PMC) Bank Limited
CEO– Surinderpal Singh Ram Singh
HeadQuarters– Mumbai, Maharashtra