Sitharaman Meets PMC Customers, Takes Cognizance Of Their Concerns

TPI Staff October 10, 2019

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Mumbai: FM Nirmala Sitharaman met the customers of Punjab & Maharashtra Co-operative (PMC) Bank here on Thursday and heard their problems.

Sitharaman, while addressing a press conference here, told reporters, “The Finance Ministry may not have anything to do with the direct (PMC Bank case) because RBI is the regulator. But on my behalf, I have secretaries of my ministry Is asked to work with the villagers. The Ministry of Development and the Urban Development Ministry to study in detail what is happening.”

https://twitter.com/nsitharamanoffc/status/1182200557278134272?s=19

Last month, the RBI restricted the activities of PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investments or incur any liability, including the lending of funds. Taking and acceptance of new deposits are included.

The Reserve Bank of India (RBI) on 3 October raised the withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Limited to Rs 25,000.

Earlier, RBI allowed depositors to withdraw up to Rs 10,000 of the total balance in their accounts. Earlier the RBI had set the withdrawal limit to Rs 1,000 but later raised it to Rs 10,000 per account.

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