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Will make amendments if they help in better regulation: FM
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SME Times News Bureau | 10 Oct, 2019
Facing flak from several quarters on the PMC Bank fraud case, Finance
Minister Nirmala Sitharaman on Thursday said that if amendments help in
better regulation, the Centre would go ahead with the required
legislative procedure.
Speaking to reporters at the BJP office
here, Sitharaman said that she would meet the Reserve Bank of India
(RBI) Governor this evening and convey the issues and urgency displayed
by the PMC Bank customers.
The Minister met the customers of Punjab & Maharashtra Co-operative (PMC) Bank in Mumbai earlier in the day.
Sitharaman
further said that she has asked secretaries of the concerned Ministry
to study in detail the shortcomings and if necessary look at ways in
which the respective Acts have to be amended. She said that in the
meeting to be held to decide on amendments in Act for better regulation,
along with representatives from the Finance Ministry a Deputy Governor
level officer of the apex bank would also be present.
Sitharaman
said that she has explained to the customers that the RBI is taking
action, doing what should be done as per the law. She further told the
media that in such instances where there is malpractice and boards get
bypassed, the central bank handles the matter.
During the
conversation with the PMC Bank depositors, the Finance Minister also
informed them that the Finance Ministry is working with Rural
Development Ministry.
The PMC Bank fraud came to light in late
September, when the RBI barred the bank from carrying out the majority
of its routine business transactions for a period of six months,
sparking panic among the depositors and sending shock-waves in the city
banking and business circles.
Days after fraud came to light, the
now-suspended managing director of the bank Joy Thomas, in a letter to
the RBI acknowledged the wrongdoing, and said the bank even opened a
number of dummy accounts to replace the stressed accounts held by
Wadhawans-led Housing Development and Infrastructure Limited (HDIL).
The
Economic Offences Wing of Mumbai Police and the Enforcement Directorate
(ED) are investigating the matter and have made few arrests and
attached properties and assets so far.
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