RBI is responsible and it must return our money: Manjinder Singh Sirsa on PMC Bank

PMC Bank

Several gurdwaras that had deposited about Rs 100 crore in the fraud-hit Punjab and Maharashtra Cooperative Bank, are facing a serious crisis as they are unable to withdraw their money. Delhi Sikh Gurdwara Management Committee (DSGMC) President Manjinder Singh Sirsa criticized Reserve Bank of India saying, “It is a cooperative bank but it is governed by RBI (Reserve Bank of India) only. All its formats are decided by RBI and the responsibility lies on RBI.”

Adding, he said “We have not given our money to someone walking on the street. We have given our money to the govt. RBI (Reserve Bank of India) is responsible & it must return our money.”

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PMC Bank account holders have been allowed to withdraw a maximum of Rs 25,000 for the next six months. This condition has been imposed by the Reserve Bank of India (RBI) after the scam came to the light. The apex bank initially allowed just Rs 100 withdrawal; however, it was increased to Rs 10,000 and then hiked to Rs 25,000 on Thursday (October 3, 2019). Meanwhile, Punjab and Maharashtra Cooperative Bank (PMC Bank) has 137 branches and over Rs 11,000 crore in deposits.

-PTC News