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HDIL accounted for 73% of PMC Bank's assets: reports

Sep 30, 2019 10:37 IST

Joy Thomas, who has now been suspended as the managing director of PMC Bank , has reportedly told the RBI that the bank's actual exposure to the bankrupt HDIL stood at over Rs 6,500 crore - that's four times the regulatory cap, or 73 per cent of the bank's entire assets. The revelation was made before the Reserve Bank of India (RBI) after a PMC board member leaked the actual balance sheet details to the central bank . HDIL has defaulted to loans from Union Bank of India, Syndicate Bank, Bank of India, Dena Bank, and Jammu & Kashmir Bank, leading to insolvency proceedings filed against the company by these banks.

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