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PMC Bank case: Depositors confident of recovering money after meet with CM Uddhav Thackeray

PMC Bank scam: The depositors said that they are hopeful of recovering their money and that the PMC Bank would be revived in the future

twitter-logoBusinessToday.In | June 28, 2020 | Updated 15:48 IST
PMC Bank case: Depositors confident of recovering money after meet with CM Uddhav Thackeray
PMC Bank crisis: Depositors meet CM Uddhav Thackeray

A delegation of Punjab and Maharashtra Co-operative Bank depositors met Maharashtra Chief  Minister Uddhav Thackeray at his residence on Sunday. The CM assured the depositors that he would help and will meet then again next week.

One of the delegation members Gurjyot Singh Keer told news agency ANI, "The Chief Minister has assured us that he is with us and he will meet us once again next week. He asked his management to look into the issue. We are confident that the Chief Minister will help us and we are thankful to him."

The depositors said that they are hopeful of recovering their money and that the PMC Bank would be revived in the future.

In view of alleged financial irregularities, the Reserve Bank of India imposed regulatory restrictions on the PMC Bank for six months. The apex bank prohibited the co-op bank from granting and renewing loans and advances and from making any investment to incur any liability.

The RBI had also capped the withdrawal limit to Rs 1,000 which was subsequently increased to Rs 50,000.

Moreover, The RBI Central Board on Friday reviewed the functioning of the urban cooperative banks and enforcement framework in the backdrop of the PMC Bank scam that affected lakhs of depositors.

The Central Board headed by RBI Governor Shaktikanta Das also discussed the current economic situation, as well as the domestic and global challenges facing the country, the central bank said in a release.

Also read: Reality Check: Poor governance makes co-operative banks vulnerable to NPAs

Also read: PMC Bank case: Senior officials used codes to hide dummy loans, says RBI

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