Chennai: Two major unions in the banking sector has urged Finance Minister Nirmala Sitharaman to make Reserve Bank of India (RBI) accountable for the problems in Punjab & Maharashtra Co.Op. Bank.
The two unions are - All India Bank Employees' Association (AIBEA) and All India Co.Op. Bank Employees Federation (AICBEF).
In a letter to Sitharaman on Wednesday, the two unions said the RBI's instruction restricting the withdrawal of money by the innocent depositors of Punjab & Maharashtra Co-op. Bank (PMC Bank) has resulted in a panic in the minds of customers in particular and the banking public in general.
"All Banks are directly under the supervision and monitoring of the RBI. Hence, the RBI has miserably failed to take timely preventive action in this non-declaration of the default as NPA (non-performing asset) by the PMC Bank," the unions said.