Forensic Audit On PMC Scam Expected By Month-End, RBI Governor Says
Efforts are on to assess the realisable value of assets held by PMC Bank that can be monetised, RBI Governor Shaktikanta Das says.
Reserve Bank of India Governor Shaktikanta Das on Thursday said the forensic audit report on the scam-hit Punjab and Maharashtra Cooperative Bank is expected by the month-end, and efforts are also on to assess the realisable value of assets held by the cooperative that can be monetised.
The central bank has also given its suggestions on changes in regulations that are required for regulating the cooperative bank sector better.
RBI had on Sept. 23 placed PMC Bank under an administrator and capped the cash withdrawals, leading to public outrage. The curbs have since been lifted in multiple changes.
"There is a forensic audit underway. We will get the report by the end of this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the December monetary policy.
He said professionals valuers are helping value PMC Bank assets. Separately, there is a coordination mechanism in place consisting of the RBI-appointed administrator and the law enforcement authorities such as the Economic Offences Wing of the Mumbai Police, the Enforcement Directorate and RBI officials for asset valuation, he added.
"Once we get the forensic auditor report and get a final numbers on the realisable value, then a call will be taken on the further course of action," Das said.
The Mumbai Police have pegged the size of the PMC scam, wherein bank officials colluded with Housing Development and Infrastructure Ltd. to make fraudulent loans of over Rs 6,500 crore that have become NPAs, at over Rs 4,300 crore.