New Delhi, September 26: Following the chaos among the account holders of Punjab and Maharashtra Cooperative (PMC) Bank, Managing Director (MD) Joy Thomas has been suspended indefinitely. Earlier Thomas in an interview to CNBC-TV18 had accepted that managing director of HDIL Sarang Wadhawan took a loan of Rs 100 crore in his personal capacity, which was declared as Non-Performing Asset.

Even report states, published in Times of India, the bankrupt real estate firm Housing Development and Infrastructure Limited (HDIL) was awarded a loan of Rs 2,500 crore, which is considered the main reason behind the downfall of the PMC Bank. Also, reports arrived that despite been declared an NPA, PMC Bank’s auditors did not classify the loan as NPA. PMC Bank Crisis Hits Mumbai's Housing Societies, Crores of Funds Get Freezed Post RBI Order.

While Thomas rejected the amount of Rs 2,500 crore loan given to HDIL, the auditors' reports say something else. However, Thomas accepting a loan to Wadhawan and claiming that this was done to ensure bank securities looks fishy.

Meanwhile, citing chaos among the account holders over the withdrawal limit of Rs 1,000 in six months, the Reserve Bank of India on Thursday decided to allow the depositors to withdraw a sum not exceeding Rs 10,000 of the total balance held in every savings bank account or current account or any other deposit account.

(The above story first appeared on LatestLY on Sep 26, 2019 04:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).