RBI got a whiff of evergreening at Punjab and Maharashtra Co-operative Bank

Central bank had flagged large-scale non-performing advances, but didn't have adequate evidence till September 19

The Reserve Bank of India (RBI) suspected that Punjab and Maharashtra Co-operative Bank (PMC Bank) was evergreening loans for some time, especially since the last statutory audit. At one point, it had contemplated sacking the bank’s managing director and CEO Joy Thomas, but did not find enough documentary evidence as even the source materials were falsified, according to highly placed sources. 

“Misgovernance by the board of directors of the bank and the interconnectedness between Chairman Waryam Singh and the HDIL group companies have been under the RBI’s scanner for some time. However, manipulation of data and fraud 

always takes time to establish