Finance Minister Nirmala Sitharaman said she has spoken with the Reserve Bank of India Governor on the Punjab and Maharashtra Cooperative Bank crisis.
New Delhi: Assuring account holders of troubled Punjab and Maharashtra Co-operative Bank of support, Finance Minister Nirmala Sitharaman on Saturday said that she has spoken to the RBI governor, who assured that customers’ concerns will be taken on top priority.
The 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.
Earlier, she had said, ‘’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 and the Urban Development Ministry to study in detail as to what is happening.”
“They will discuss legislative steps needed to prevent such incidents from happening,” she said. The govt will bring in a legislation to this effect in the winter session of Parliament, she had said.
Spoken to governor @RBI on the #PMCBank matter. He assured me that clients & their concerns will be kept on top priority. I wish to reiterate that @FinMinIndia will ensure that customers concerns are comprehensively addressed. We understand the justified worries of the customers.
— Nirmala Sitharaman (@nsitharaman) October 12, 2019
Clear govt dues of Rs 9,100 crore
The Employees’ Provident Fund Organisation (EPFO) has written to the finance ministry, requesting it to clear dues of over Rs 9,100 crore that the government owes towards its pension schemes. The EPFO is seeking arrears, some of which have accumulated over decades, at a time when its pension fund is in deficit, acc to its latest actuarial valuation for 2016-17, which has not been made public yet.
Will discuss PMC issue with PM: Fadnavis
Maharashtra CM Devendra Fadnavis has told the depositors of the scam-hit PMC Bank that he would discuss the issue of their distress with PM Modi when he meets the latter on October 13. A group of Punjab and Maharashtra Cooperative (PMC) Bank customers met Fadnavis after an election rally he addressed to campaign for BJP candidate Sanjay Kelkar, who is contesting from Thane City constituency.
Fin Minister seeks tax experts’ inputs to correct GST flaws
Pune: Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman asked tax professionals not to curse it and sought their help to make it better.
The Minister was replying to the concerns raised by taxation industry professionals here, who said the industry was “cursing” the government over how the GST was implemented.
Billed as the biggest reform in indirect taxation, the goods & services tax, which does away with a host of levies from the federal to the local government levels, was implemented in July 2017.
On several stakeholders “cursing” GST, Sitharaman even objected to a person who raised the question, and asked him not to damn the law which was passed by Parl & all state assemblies. “After a long time, many parties in Parliament worked together & came up with the Act. I know you are saying this based on your experiences but suddenly we cannot call ‘what a goddamn structure it is’,” the minister said.