Ex-PMC Bank MD Joy Thomas' letter to RBI: Full text

Suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank Joy Thomas has admitted to the Reserve Bank of India (RBI) that the bank’s actual exposure to the bankrupt HDIL is over Rs 6,500 crore—four times the regulatory cap or 73 per cent of its entire assets of Rs 8,880 crore.

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