New Delhi [India], September 22 (ANI): Reserve Bank of India (RBI) has appointed AK Dixit, ex-General Manager of Union Bank of India as the new administrator of Punjab and Maharashtra Cooperative (PMC) Bank with effect from September 23.

According to an official release, Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank, was placed under All-Inclusive directions under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on September 23, 2019, vide Directive dated September 23, 2019.

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The aforesaid directive is presently valid till December 22, 2020.

It was also considered necessary to supersede the Board of Directors of the bank in the exercise of the powers conferred on the Reserve Bank of India (RBI) under sub-section 1 of Section 36 AAA read with Section 56 of the Banking Regulation Act, 1949 in the interest of the depositors and to secure the proper management of the bank.

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An Administrator was appointed in the exercise of the powers conferred on Reserve Bank of India under sub-sections 1 and 2 of section 36AAA read with Section 56 of the Banking Regulation Act, 1949. An Advisory Committee comprising of senior bankers/chartered accountant was also appointed to assist the Administrator.

The present Administrator J.B. Bhoria is stepping down on September 22, 2020, due to health reasons. It has been decided to appoint A.K. Dixit as the new Administrator of the bank with effect from tomorrow. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)