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“Since cooperatives come under the purview of state governments, neither does RBI participate too much into it, nor can they keep away because of deposit holders. With so many cooperative banks facing problems, it is always the deposit holders that suffer ultimately," said Ashvin Parekh, managing partner at Ashvin Parekh Advisory Services. “The RBI must... compulsorily convert systemically important cooperative banks into small finance banks and universal banks.
According to a text message sent by PMC Bank to its customers, managing director Joy Thomas took responsibility for the “irregularities disclosed to RBI".
“As the MD of the bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months. All efforts are made to remove the restrictions by rectifying the irregularities. I know it is a difficult time for all of you and any apology may not restore the pain you are undergoing," said the text message seen by Mint.
RBI puts curbs on PMC Bank, customers panic
According to a text message sent by PMC Bank to its customers, managing director Joy Thomas took responsibility for the “irregularities disclosed to RBI".
“As the MD of the bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months. All efforts are made to remove the restrictions by rectifying the irregularities. I know it is a difficult time for all of you and any apology may not restore the pain you are undergoing," said the text message seen by Mint.
RBI puts curbs on PMC Bank, customers panic
