PMC Bank scam: FM Nirmala Sitharaman assures depositors of speedy resolution

PMC Bank scam: FM Nirmala Sitharaman assures depositors of speedy resolution
PMC Bank scam: FM Nirmala Sitharaman assures depositors of speedy resolution

Finance Minister Nirmala Sitharaman addressed a press conference on Thursday assuring depositors of crisis-hit Punjab and Maharashtra Co-operative (PMC) bank of speedy resolution as RBI is looking into the matter. She said, “Finance Ministry may have nothing to do with it (PMC bank matter) directly because RBI is the regulator. But from my side, I’ve asked the secretaries of my ministry to work with the Rural Development Ministry and Urban Development Ministry to study in detail as to what is happening.”

Furthermore, she said “I’ve asked the secretaries of the ministry to study in detail as to what is happening. Representatives of RBI will also be there to understand shortcomings, what happened, and if necessary, look at the ways in which the respective acts will have to be amended.” “If amendments are going to help us curb malpractices, help us in better regulating them, help us in better empowering the regulator itself – the RBI, we would like to do it,” added Nirmala Sitharaman.

Likewise, she stated “The group which will look into this (PMC bank matter) will have 2 secretaries of Finance Ministry. It’ll also have 1 Deputy Governor level official from RBI at the meeting, so that we take necessary legislative steps to prevent such things from happening in the future and empower the regulator better.”

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“With these objectives, this group will be working. So that if necessary, in the forthcoming winter session of the Parliament itself, we will be bringing in any regulation, any amendments which may be necessitated,” she added. Also, Finance Minister Nirmala Sitharaman met the depositors of Punjab and Maharashtra Co-operative (PMC) Bank in Mumbai on Thursday.

-PTC News