A depositor of Punjab and Maharashtra Cooperative Bank (PMC Bank) during a protest outside the Reserve Bank of India building, in Mumbai on Oct. 1, 2019. (Photo: PTI)
As the crisis at Punjab and Maharashtra Cooperative Bank unfolded, it emerged that top management at the lender had managed to hide the extent and status of loans given to entities related to the HDIL Group for years.The modus operandi, as revealed by the bank’s former managing director in a confession letter, involved marking loans as standard even when they were non-performing and using ‘dummy’ accounts to hide the extent of loans ...