November    2020

Nirmala Sitharaman interacts with PMC Bank depositors

Mumbai: Union Finance Minister Nirmala Sitharaman met with Punjab & Maharashtra Co-operative (PMC) Bank customers and heard their woes. After the meeting she said  "The Ministry of Finance may have nothing directly to do with it (PMC bank matter) because RBI is the regulator. But on my side, I asked my ministry's secretaries to consult with the Ministry of Rural Development & Urban Development to examine in-depth what's going on". She also said she would speak to RBI Governor Shaktikanta Das about the situation.

Last month, the RBI restricted the PMC Bank's activities for six months and requested that no loans and advances be issued or renewed, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

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