PMC Bank MD to CNBC-TV18: RBI action too harsh, depositor money safe
Updated : September 26, 2019 06:41 AM IST
Joy Thomas termed the news reports of Rs 2,500 crore loans to HDIL as "incorrect", saying the amount is lower than what was mentioned in the reports.
The MD said that it was not a single group or company that was responsible for the current state of PMC Bank.
Thomas said that RBI imposed restrictions on the bank because of divergences in NPAs but added that the step taken by the central bank is too harsh.