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FM takes up PMC Bank customers’ issues with RBI Governor

FM takes up PMC Bank customers' issues with RBI Governor

New Delhi, Oct 12 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman has raised the worries of the Punjab and Maharashtra Cooperative (PMC) Bank customers about their money with Reserve Bank of India (RBI) Governor Shaktikanta Das.

"Spoken to governor RBI on the PMCBank matter. He assured me that clients & their concerns will be kept on top priority. I wish to reiterate that FinMinIndia will ensure that customers concerns are comprehensively addressed. We understand the justified worries of the customers", the FM tweeted.

Sitharaman had earlier in the week met PMC Bank depositors in Mumbai and assured them the cooperative bank laws could be changed, if required.


The RBI has also announced a new email-based reporting system for cooperative banks.

The RBI raised the withdrawal limit to Rs 25,000 per account for PMC Bank depositors. Last week, the banking sector regulator had raised the limit to Rs 10,000 from the initial Rs 1,000.

"With the above relaxation, more than 70 per cent bank depositors will be able to withdraw their entire account balance," RBI said.

The bank has come on regulatory radar after Housing Development & Infrastructure Ltd (HDIL) and it's directors failed to repay Rs 4,355 crore loan taken from PMC Bank, putting the bank under liquidity stress. This prompted the RBI to appoint an administrator for oversee business under restrictions.


( 229 Words)

Source: IANS

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FM takes up PMC Bank customers' issues with RBI Governor

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at


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