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Tuesday, 1 October 2019

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PMC Bank used 'dummy a/c' to hide NPAs: Ex-MD

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PMC Bank used “dummy accounts” and other methods to hide its oversized loans to Housing Development & Infrastructure Ltd (HDIL) from the Reserve Bank of India, Joy Thomas, lender’s former managing director, wrote in the letter dated Sept 21 addressed to a senior RBI official. He said he also hid the true exposure from the PMC board and the bank’s auditors.

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