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PMC Bank, put under restrictions in September 2019, had invited expressions of interest in November, and 4 entities — financial sector players and corporates — have come forward.
The court said the RBI cannot act as a post office and has to be the one deciding which depositors can access money, and not PMC Bank.
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Potential investors will have the option to convert PMC Bank into a small finance bank provided they meet the RBI’s licensing conditions.
RBI’s process to fix the bank hasn’t yielded any results. The bank’s net worth is wiped out and its depositors are struggling with restrictions on withdrawal.
The hotels belonged to the Fab Hotels group. Last year, ED filed a PMLA case to probe into alleged loan fraud in the Punjab and Maharashtra Co-operative Bank.
Finance Minister Nirmala Sitharaman said the Bill would protect depositors, but some opposition parties said the legislation would infringe on state powers.
Raising the issue in the Maharashtra Legislative Assembly, Shiv Sena leader Ravindra Waikar claimed 19 depositors of the bank have died ever since the scam came to light in September this year.
The bank had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000.
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