A Cry For Professional Management

It is almost two months now, that the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank’s normal functfioning has been suspended by the banking regulator  - Reserve Bank of India (RBI). The issue of Rs6,500 crore fraud-hit bank’s case almost faded out of public memory but it resurfaced once again when the Economic Offences Wing (EOW) of Mumbai Police made its ninth arrest in the case. This time it was one more director Rajneet Singh, son of Mumbai-based BJP leader, Sardar Tara Singh, on Saturday November 16. The investigation may take its own course but the fate of lakhs of depositors and their hard-earned money parked with the bank in the form of Fixed Deposits (FDs) exceeding Rs11,500 crore, is not yet known. The stress created by this scam has taken at least 10 lives and if the probe takes longer time, this toll may rise. We analysed the state of the sector...