SME Times News Bureau | 12 Oct, 2019
Finance Minister Nirmala Sitharaman has met Reserve Bank of
India (RBI) Governor Shaktikanta Das and raised before him the worries of the
Punjab and Maharashtra Cooperative (PMC) Bank customers about their money, said
the minister in a tweet.
"Spoken to governor RBI on the PMC Bank 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.