Reportedly facing lack from several quarters on the PMC Bank fraud case, Finance Minister nirmala sitharaman on Thursday said that if amendments help in better regulation, the Centre would go ahead with the required legislative procedure. When speaking to reporters at the BJP office here, Sitharaman said that she would meet the Reserve Bank of india (RBI) Governor this evening and convey the issues and urgency displayed by the PMC Bank customers.
Furthermore the Minister met the customers of Punjab & Maharashtra Co-operative (PMC) Bank in mumbai earlier in the day and said that she has asked secretaries of the concerned Ministry to study in detail the shortcomings and if necessary look at ways in which the respective Acts have to be amended. Perhaps Sitharaman said that she has explained to the customers that the RBI is taking action, doing what should be done as per the law and she further told the media that in such instances where there is malpractice and boards get bypassed, the central bank handles the matter.
Moreover during the conversation with the PMC Bank depositors, the Finance Minister also informed them that the Finance Ministry is working with Rural Development Ministry. Apparently the PMC Bank fraud came to light in late September, when the RBI barred the bank from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles.
