Finance Minister Sitharaman Assures PMC Bank Depositors
Union Finance Minister Nirmala Sitharaman met customers of Punjab & Maharashtra Co-operative (PMC) Bank in Mumbai on Thursday and heard their woes.
Following the meeting Sitharaman while addressing a press conference here told reporters, “Finance Ministry may have nothing to do with it (PMC bank matter) directly because RBI is the regulator. But from my side, I’ve asked the secretaries of my ministry to work with Rural Development Ministry & Urban Development Ministry to study in detail as to what is happening.”
Last month, the RBI restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.
The Reserve Bank of India (RBI) on October 3 enhanced the withdrawal limit for the depositors of Punjab And Maharashtra Cooperative Bank Ltd to Rs 25,000.
Earlier, RBI had permitted depositors to withdraw up to Rs 10,000 of the total balance in their accounts. Prior to that the RBI had capped withdrawal limit at Rs 1,000 but later on increased it to Rs 10,000 per account.
Scores of Punjab Maharashtra Corporation bank account holders on Wednesday staged a protest in front of the Esplanade Court here.
PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.