The interest to invest in Punjab & Maharashtra Co-operative Bank Ltd has been "positive", going by the response to the expression of interest sought by the bank, Reserve Bank of India Governor Shaktikanta Das said today.
Taking key points he said, "...the response looks positive at this point of time...the bank and its management are fully engaged with the investors who have purchased the information memorandum," Das said. Calling the situation at PMC Bank "completely different" compared to other bank failures and rescues, Das said the central bank would take a final view, once all the expression of interest for the bank had been submitted till the deadline of Dec 15. The bank has approached bidders, seeking capital infusion of at least 35 bln rupees.
The bidders include non-banking finance companies, industrialists and payments banks. Commercial banks and peer co-operative banks have refused to bail out the lender, according to the reports. PMC Bank, which has been under the central bank's administration for over a year, had in early November sought investors to take control of the bank by infusing capital.
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