PMC bank depositors meet Sitharaman

Mumbai: PMC Bank depositors gathered at the BJP office in Mumbai just as the Finance Minister Nirmala Sitharaman was to arrive there. Their only demand was that the government should intervene in the PMC bank case. Sitharaman said the finance ministry is doing everything in its capacity but the Reserve Bank of India (RBI) is the regulator for co-operative banks.

“I will once again talk to the RBI Governor this evening (Thursday) to convey the distress of PMC clients… The Ministry of Finance may have nothing to do with it directly,” said Sitharaman.

“I have asked the secretaries of the ministry to study in detail as to what is happening. Representatives of the RBI will also be there to understand shortcomings, what happened and also if necessary, look at the ways in which the respective acts will have to be amended,” she added.

Harbansh Singh, who was one of the few depositors who attended the meeting with the Finance Minister, said, “I was present at the meeting but other than assurances nothing concrete came out.”

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The PMC Bank fraud is estimated to be worth at least Rs. 4,355 crore and could go up to as much as Rs. 6,300 crore. The bank did not report HDIL defaults for nearly six years. Currently, the case is with the Enforcement Directorate and the Economic Offences Wing of Mumbai Police.