EBM News
EBM News

Nirmala Sitharaman assures irate PMC depositors

Finance Minister Nirmala Sitharaman held a press meet on Thursday where she said she will be speaking to the Reserve Bank of India’s (RBI) governor in the evening to discuss the Punjab Maharashtra Co-operative (PMC) Bank crisis.

Shortly before addressing the press meet, Sitharaman had met some of the irate PMC bank depositors, who had gathered outside the BJP office in Mumbai. She had promised to bring in legislative changes for upholding customer interests.

On Wednesday, the distressed customers protested outside the Mumbai court arguing that the revised withdrawal limit of Rs 25,000 imposed by the RBI is still too little. The protestors also accused RBI of not taking strict action against the accused officials and requested Prime Minister Narendra Modi to intervene and resolve the matter.

PMC bank is in bad health allegedly due to its exposure to the near-bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances.

At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the “shortcomings” of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.