Punjab & Maharashtra Co-operative Bank Ltd has received four proposals from new investors to take control of the bank by infusing capital and revive the daily operations, the Reserve Bank of India said. PMC Bank, which has been under the central bank's administration for over a year, had in early November, sought new investors to take control of the bank by infusing capital and reviving daily operations.

As per recent reports, the bank has approached potential 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. The RBI said that these proposals will be examined by the bank with regard to their viability and feasibility taking into account the best interest of the depositors.

The central bank further said that to undertake this process, the bank would need some more time. As of Mar 31, PMC Bank's total deposits were at 107.3 bln rupees, advances were at 44.7 bln rupees, and gross non-performing loans were 35.2 bln rupees. The bank had reported a loss of 68.4 bln rupees, and a negative net worth of 58.5 bln rupees for 2019-20 (Apr-Mar). PMC Bank was placed under restrictions in September 2019 after a whistleblower flagged under-reporting of stressed assets and falsified accounting by the then management of the bank, in collusion with some corporates.

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