PMC Bank did not commit any fraud: Joy Thomas

Mumbai: “I take responsibility for this. The board of directors were not aware of the loans,” said former Managing Director of the Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas on Friday while addressing a press conference in Mumbai.

He called the Reserve Bank of India’s decision to impose a withdrawing limit as harsh and stated that the bank had informed the RBI about the Rs 2,500 crore loan given to HDIL group hoping the former to support and provide a resolution plan.

"RBI could have handled the situation better. Whatever has happened is not fraud, it is technical in nature and we could have rectified it without affecting the depositors," said Thomas. "Loans granted by PMC Bank were not reported during the last 6-7 years due to classification of our portfolio," he added.

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