PMC Bank: Sitharaman faces protesters; promises legislation

| | Mumbai
  • 0

PMC Bank: Sitharaman faces protesters; promises legislation

Thursday, 10 October 2019 | PTI | Mumbai

PMC Bank: Sitharaman faces protesters; promises legislation

Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative (PMC) Bank, and promised to bring in legislative changes for upholding of their interests.

The depositors had gathered outside the BJP's office here ahead of Sitharaman's scheduled press interaction in the run up to the October 21 Maharashtra Assembly elections.

The PMC Bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.

PMC 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.

"They will discuss legislative steps needed to prevent such incidents from happening and empower the regulator better," Sitharaman said.

The BJP-led government will bring in a legislation to this effect in the winter session of Parliament, she said.

The minister said she will speak to RBI Governor Shaktikanta Das about the interest of the depositors and convey their urgency and distress.

She also told the irate depositors that the RBI is looking into the matter.

State Editions

LG informs president Murmu of Atishi oath

19 September 2024 | Staff Reporter | Delhi

Delhi records 2,170 arms act cases in 2024

19 September 2024 | Staff Reporter | Delhi

North Delhi Medical College holds convocation ceremony

19 September 2024 | Staff Reporter | Delhi

Two cousins drowned in Yamuna during Ganpati immersion

19 September 2024 | Staff Reporter | Delhi

Sunday Edition

Paris Paralympics Para athletes bask in glory and gold

15 September 2024 | Rishabh Malik | Agenda

DUBLIN'S HIDDEN GEM

15 September 2024 | AKANKSHA DEAN | Agenda

From wheels to wings

15 September 2024 | Gyaneshwar Dayal | Agenda

We hope to instil a respect for our heritage:Tarun Thakral

15 September 2024 | Pioneer | Agenda

The Monsoon’s Whisper in Every Note

15 September 2024 | SAKSHI PRIYA | Agenda