Sitharaman meets customers of PMC bank, assures relief

The depositors had gathered outside the BJP's office here ahead of Sitharaman's scheduled press interaction in the run up to the October 21 Maharashtra Assembly elections.

New Delhi: Finance Minister Nirmala Sithraman meets the customers of Punjab & Maharashtra Co-operative (PMC) Bank in Mumbai and listens to their concerns.

The depositors had gathered outside the BJP's office here ahead of Sitharaman's scheduled press interaction in the run-up to the October 21 Maharashtra Assembly elections.

At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the "shortcomings" of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.

"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", said FM.

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"They will discuss legislative steps needed to prevent such incidents from happening and empower the regulator better," Sitharaman said.

Hundreds of Punjab Maharashtra Corporation bank account holders on Wednesday staged a protest in front of the Esplanade Court in Mumbai.

Holding placards, the protestors demanded imprisonment for Housing Development Infrastructure Limited (HDIL) Directors Sarang Wadhawan and Rakesh Wadhwan, in the court hearing. They also demanded no bail for the accused.