Explained Why the onus is on RBI The wrongdoings at PMC Bank suggest laxity in RBI’s regulatory oversight. Read | Behind PMC Bank collapse: Its close links with HDIL promotersThe key findings:* Besides HDIL, at least 16 firms linked to the Wadhawans borrowed Rs 2042.45 crore from PMC Bank. * Some of the money borrowed from PMC Bank was ultimately used to invest in HDIL by allegedly routing it through multiple related entities. Read | HDIL, PMC bosses were ‘horsing’ around as well* A large number of firms also have a common pool of directors and cross-holdings. PMC Bank has an exposure of over Rs 6,200 crore to HDIL.

Source: Indian Express October 10, 2019 22:24 UTC