Finance Minister Nirmala Sitharaman Meets Distressed Depositors; Says RBI Taking Action, Assures Speedy Resolution

Finance Minister Nirmala Sitharaman met the depositors of Punjab and Maharashtra Cooperative (PMC) Bank on Thursday. The depositors were protesting at the BJP office in Nariman point of Mumbai when the finance minister arriver there earlier in the day. While addressing the media, Sitharaman said that the Finance Ministry may have nothing to do with PMC bank matters directly because RBI is the regulator. However, assuring depositors speedy resolution Sitharaman said the RBI is looking into the matter and will take appropriate action as needed.

“From my side, I’ve asked the secretaries of my ministry to work with Rural Development Ministry and Urban Development Ministry to study in detail as to what is happening,” she said while addressing the media. “I’ve asked the secretaries of the ministry to study in detail as to what is happening. Representatives of RBI will also be there to understand shortcomings, what happened, and also to, therefore, if necessary, look at the ways in which the respective Acts will have to be amended,” Sitharaman said.

Meanwhile, a depositor among several protesting today in Mumbai was quoted by ANI as saying, “I don’t know what they’re doing, don’t care what they’re doing, I want my money back. I won’t be able to earn again whatever I’ve put in the bank.”

On September 24, the RBI restrained the PMC Bank from carrying out a majority of its routine businesses for a period of six months. This not only created huge panic among depositors but also stunned the banking and corporate circles ahead of the festive season. Subsequently, on September 27, the ED had launched a separate probe in the alleged money-laundering case and raided six locations in Mumbai.

The investigating agency also seized various movable assets including the private jet and cars of Housing Development and Infrastructure (HDIL) promoters Rakesh and Sarang Wadhawan in connection with the PMC bank case.

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