As PMC Bank Faces RBI’s Wrath, Here’s a Look at Some Key Facts and Figures
Though RBI has not specified any reason for imposing such restrictions on PMC Bank, the lender’s managing director has reportedly written to its customers, where he has mentioned that RBI had took notice of some irregularities at the bank.
Punjab and Maharashtra Bank Ltd, Mumbai
The Reserve Bank of India (RBI) on Tuesday placed several restrictions on Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) for the next six months. As per the limits imposed, the accountholders in the bank cannot withdraw more than Rs 1,000. The bank has also been prohibited from granting or renewing loans and advances, making any type of investment, accepting fresh deposits etc, without RBI’s approval.
Though RBI has not specified any reason for imposing such restrictions on PMC Bank, the lender’s managing director Joy Thomas has reportedly written to its customers, where he has mentioned that RBI had took notice of some irregularities at the bank which would be rectified before the expiry of the six-month timeframe.
Here’s a look at some key facts and figures of PMC Bank as mentioned in its annual report for 2018-19:
- Punjab and Maharashtra Co-operative Bank is a multi-state scheduled urban co-operative bank with its area of operation in six states.
- The bank started operations on 13 February 1984 as a single branch bank. In 2000, it was conferred with scheduled status by the Reserve Bank of India (RBI).
- As of March 2019, PMC Bank has a network of 137 branches across India (103 in Maharashtra, 15 in Karnataka, 6 in Goa, 6 in Delhi, 5 in Gujarat and 2 in Madhya Pradesh).
- PMC Bank’s net profit for 2018-19 stood at Rs 99.69 crore, down 1.2% from Rs 100.90 crore in 2017-18.
- The bank’s total income for FY19 stood at Rs 1,298 crore, up 10.9% from Rs 1,170.49 crore in FY18.
- PMC Bank’s total deposits stood at Rs 11,617.34 crore as of March 2019, whereas total loans and advances stood at Rs 8,383.33 crore.
- The bank in its annual report mentioned that its capital to risk assets ratio was healthy and stood at 12.62% as of March 2019 as against the required norm of 12%.
- The bank’s gross NPA (non-performing asset) ratio as of March 2019 stood at 3.76%, while net NPA ratio was 2.19%.
- PMC Bank specifies in its annual report that it had sold 11 NPA accounts having principal amount of Rs 110.75 crore to CFM Asset Reconstruction Pvt. Ltd for Rs 105 crore during 2018-19 in order to clean its balance sheet.
- The bank said it employs 1,814 people as of 31 March 2019.
- PMC Bank said its member base fell to 51,601 as of March 2019 compared with 66,045 as of March 2018.
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