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Nirmala Sitharaman met offended account holders of PMC financial institution, said- I’ll speak to RBI governor. pmc checking account holders protest, nirmala sitharaman says- requested the ministry to check particulars

India

oi-Kamal Kumar

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Updated: Thursday, October 10, 2019, 14:53 (IST)

new Delhi. The Punjab and Maharashtra Co-operative Bank (PMC) bank does not seem to be experiencing any uproar. Angered by the bank's ban, account holders protested outside the BJP's Mumbai office on Thursday. At the same time, Finance Minister Nirmala Sitharaman met the account holders of PMC Bank and said that the RBI is looking into the matter.

pmc bank account holders protest, nirmala sitharaman says- asked the ministry to study details

Nirmala Sitharaman assured the account holders as much help as possible. Nirmala Sitharaman said during the press conference, 'This whole matter has nothing to do with the Finance Ministry directly because RBI is the regulator. However, still I have asked the Secretaries of the Ministry to work together with the Ministry of Rural Development and the Ministry of Urban Development on my behalf.

He said that not much can be said about this change right now. The Finance Minister said that she would talk to the Governor of the Reserve Bank, looking into the problems of consumers of PMC Bank. Also Nirmala Sitharaman said that the bill will be introduced in the winter session of Parliament to improve the operation of multi-state cooperative banks. The Finance Minister said that officials of Reserve Bank and Finance Ministry are going to discuss the loopholes in the regulation of cooperative banks.

Punjab and Maharashtra Co-operative Bank account holders also staged a protest outside the court in Delhi on Wednesday and demanded strict action against the culprits. Police custody of the former bank chairman and two HDIL directors was extended by a local court till 14 October on Wednesday.

PMC Bank Scam: Uproar by people outside court, demand not to give bail to the accused

This entire case is about the Rs 4,355 crore scam. PMC Bank is currently functioning under an Administrator appointed by the Reserve Bank. The police's economic crime branch is investigating the bank's former managers.

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