 "Joy Thomas, PMC Bank")
Former managing director of Punjab and Maharashtra Cooperative Bank, Joy Thomas, was arrested on Friday by the Economic Offences Wing of Mumbai Police in connection with the alleged Rs 4,355 crore scam at the bank.
The Enforecement Directorate also conducted raids at six locations in and around Mumbai after taking cognisance of the FIR registered by the EOW.
Seeking to allay fears about the health of the banking system, the RBI said there was no reason to panic, but it would review the reglatory framework for cooperative banks.
In Mumbai, Thomas was summoned to the EOW office and arrested after
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