POLITICS OF ETHICS- POOR CORPORATE GOVERNANCE AT PMC BANK
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Abstract
A bank of repute ran to shame! Banker -politician nexus, lack of corporate governance and slack watchdogs brought the doom of Punjab and Maharashtra Co-operative Bank (PMC Bank). Rs.11,617 crores as on 31st March 2019 in deposits was no joke, which only showed the trust public had on the bank. Unfortunately, it could be termed a multi crore loot where the bank lent Rs.6200 crores as loans to just one client, a real estate firm named Housing Development and Infrastructure Limited (HDIL), which ironically was already facing bankruptcy proceedings.
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