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Explained: What went wrong in PMC Bank? Context, and way forward



Largely, three major irregularities have been found in the operations of multi-state Maharashtra & Punjab Co-operative (PMC) Bank that necessitated immediate action under the Section 35A of the RBI Act. These violations include financial irregularities, failure of internal control and systems and under-reporting of its (lending) exposure. Here's an explainer on the context and the way forward.


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