PMC Bank seeks bidders for its reconstruction

Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank has invited interest from potential bidders for the reconstruction of the bank.

“(The) objective of the process of invitation of EoI (expression of interest) is to identify a suitable equity investor/ group of investors willing to take over management control so as to revive the bank and commence regular day-to-day operations,” said the bank in its advertisement on Tuesday.

PMC Bank is under regulatory restrictions after the Reserve Bank of India (RBI) found out financial irregularities in its functioning, hiding and classification of loans given to Housing Development Infrastructure Ltd (HDIL). The bank has an exposure of over Rs 6,200 crore to HDIL. The RBI has superseded the board of the bank and has appointed an administrator.