Pramuka Decision

The Central Bank said Friday it decide on future of the troubled Pramuka Savings & Development Bank and announce the decision next week.rn

rnPramuka Bank
quote s activities were suspended for 60 days on October 25, for its weak financial position and repeatedly violating Central Bank directives.rn

rnThe Central Bank said it was “hampered by several unusual and questionable transactions that PSDB had entered into”. The regulator had also sought services of auditors Ernst & Young to unravel these deals and pronounce a diagnosis on Pramuka. rn

rnThe Banking Supervision Dept. will present their findings to the Monetary Board by Nov. 22, so that a final decision as to whether the bank should be permitted to resume functions “with our without conditions” or be liquidated, can be arrived at. rn

rnThe financial regulator said it regrets the anxiety and inconvenience caused to some 15,000 depositors and many thousands of customers of Pramuka due to the suspension.rn