PMC Bank Scandal: Private Profit, Public Loot
The Punjab and Maharashtra Cooperative Bank, with nine lakh small depositors, lent Rs. 6,000 crore to HDIL, a real estate company in the red.
The Punjab and Maharashtra Cooperative Bank, with nine lakh small depositors, lent Rs. 6,000 crore to HDIL, a real estate company in the red. With this turning into a bad loan, the RBI has barred depositors from withdrawing money. However, why was the RBI silent all this while about the flawed accounting? Why hasn't there been any action against the PMC management? Journalist Aunindyo Chakravarty analyses the scandal.
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