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FM assures PMC Bank customers that she would speak with RBI Guv to enable withdrawal

By Vishal S

New Delhi, Oct 10: Union Finance Minister Nirmala Sitharaman on Thursday met crisis-hit PMC bank's customers and assured them that she would talk to RBI Governor Shaktikanta Das about allowing them to withdraw their money.

Customers of crisis-hit PMC Bank took to Mumbai's streets to protest against the alleged inaction by the Reserve Bank of India (RBI) against PMC officials in the banking fraud.

Union Finance Minister Nirmala Sitharaman

The customers had gathered outside the BJP office where Sitharamanwas to hold a press briefing on the Maharashtra elections.

[Panic amongst account holders after RBI imposes restrictions on PMC Bank]

"Once again this evening, I shall talk to him (RBI governor) and convey the sense of urgency and distress that the clients of PMC have expressed before me and I shall request him to expedite the clearing of or giving permission for withdrawal of their monies which are deposited. So, I shall talk to the Reserve Bank governor this evening about it," the minister said.

Distressed PMC customers accused the RBI of not taking strict action against the erring officials.

"Finance Ministry may have nothing to do with it (PMC bank matter) directly because RBI is the regulator. But from my side, I have asked the secretaries of my ministry to work with Rural Development Ministry and Urban Development Ministry to study in detail as to what is happening," she added.

[PMC Bank withdrawal limit increased to Rs 25,000 from Rs 10,000]

The PMC issue came to light when a whistle blower from the bank wrote to the RBI on September 17 warning about the bank's hidden exposure to the HDIL group.

On September 24, the Reserve Bank imposed operational restrictions on Punjab and Maharashtra Co-operative Bank (PMC Bank), resulting in chaos outside its branches in the financial capital.

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