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Nirmala Sitharaman meets PMC depositors; assures them of taking necessary steps

Updated: Oct 10, 2019 10:41:46am
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Nirmala Sitharaman meets PMC depositors; assures them of taking necessary steps

Mumbai, Oct 10 (KNN) After meeting agitated customers of Punjab Maharashtra Co-operative (PMC) Bank in Mumbai on Thursday, Union Finance Minister Nirmala Sitharaman said she will speak to Reserve Bank of India (RBI) Governor Shaktikantha Das over the distress of depositors.

Several customers have been protesting outside the BJP office, the venue of her press conference.

''There were a few of badly affected customers of PMC bank waiting to meet. So I did meet them to hear their problem. Customer's problem will be conveyed to the RBI Governor in a meeting scheduled later in the day Sitharaman told the media persons at the BJP headquarters in Mumbai.

The Minister also informed that the concerned secretaries of the ministry have also been asked to go through in detail and study the shortcomings and look at ways.

She also hinted that government might amend the Acts, if it helps to bring about better regulation of co-operative banks. The amendment would be introduced in the winter session of Parliament to improve the governing of multi-state cooperative banks.

On September 23 evening, the RBI had put a slew of restrictions on the bank for six months. The restrictions included curbs on fresh lending, accepting fresh deposits and investments, among others. The withdrawal limit for account holders was also kept at Rs 1,000 for six months, which was later raised to Rs 10,000.

RBI has also dismissed the board and suspended Thomas. It appointed J B Bhoria as the administrator at the bank.

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