The consortium of investors keen on reviving Pramuka Bank, were set a Thursday morning deadline to submit a more detailed proposal.
Central Bank and its consultants, audit firm E&Y, met the consortium led by the Asia Capital Group and National Wealth Corp. on Wednesday evening, to seek clarifications on their complex restructuring proposal.rn
rnThe proposal mooted by NatWealth Corp., pledged to infuse Rs. 500 mn to revive Pramuka Savings & Development Bank and rename it as lquote Sathosa Bank. rn
rnThe consortium has sought a commercial banking licence, but asked for certain regulatory requirements to be waived for an interim period.rn
rnLBO learns that the Central Bank was not keen to waive certain regulatory requirements like minimum limits on liquidity, relaxing limits on statutory reserves, giving Pramuka parate execution powers and a commercial banking licence. rn
rnThe consortium was set a Thursday 11.00 am deadline to answer queries from the monetary authorities. rn
rnCentral Bank offi