More Property Seized Compared To Level Of Fraud In PMC Bank: Amit Shah

Mumbai: The Union Home Minister and BJP President Amit Shah have informed that compared to the level of fraud in the Punjab and Maharashtra Co-operative (PMC) bank case, the property has been seized and assured the investors that their interests will be protected.

“In the case of PMC Bank, more property has been seized than the amount of fraud.

Speaking with India Today, Shah said everyone’s money has to come (to them). There is a process that will be completed at some time.”

The Reserve Bank of India raised the withdrawal limit for PMC bank depositors to Rs 40,000 from the earlier limit of Rs 25,000.

The PMC is reportedly facing problems due to its exposure to the de facto player Housing Development and Infrastructure Ltd, for which it had borrowed a large part of its advance.

The RBI said that the bank’s financial position was severely impaired due to the fraud imposed on it by some individuals and took action immediately after the matter came to light.

Finance Minister Nirmala Sitharaman said earlier in the day that she was closely monitoring the developments at PMC Bank and discussed with the RBI governor, who assured that the interests of customers would be protected.

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