Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / PMC crisis: Nirmala Sitharaman says she'll talk to RBI Governor
  • Business

    PMC crisis: Nirmala Sitharaman says she'll talk to RBI Governor

    Shalini Ojha
    Written by
    Shalini Ojha
    Twitter
    Last updated on Oct 10, 2019, 02:49 pm
    PMC crisis: Nirmala Sitharaman says she'll talk to RBI Governor
  • Finance Minister Nirmala Sitharaman met distressed customers of the crisis-hit Punjab and Maharashtra Co-operative Bank (PMC) on Thursday and assured them she will speak to Shaktikanta Das, the Governor of Reserve Bank of India (RBI), this evening.

    Dozens of customers gathered outside the venue of her press meet to air their grievances.

    She also said amendments will be brought to avert such a meltdown.

  • In this article
    What is the PMC Bank crisis all about? Obviously, customers of the bank suffered Finance Ministry not involved but will speak to RBI: Sitharaman Earlier, RBI told depositors there's no need to worry Separately, Mumbai police listed alleged crimes of HDIL officials Customers protested outside court, spoke about their ordeal
  • Crisis

    What is the PMC Bank crisis all about?

    What is the PMC Bank crisis all about?
  • Founded in 1984, PMC Bank was one of the most prominent cooperative banks in India. Till a scam was unearthed.

    Apparently, the top brass issued loans to bankrupt Housing Development and Infrastructure Ltd (HDIL). A loan to the tune of Rs. 6,500 crore, four times its regulatory cap, was given.

    Last week, two HDIL directors were arrested by Mumbai Police's Economic Offense Wing.

  • Sufferings

    Obviously, customers of the bank suffered

  • As it happens in bank frauds, the honest customers suffered. Initially, RBI said customers can withdraw only Rs. 1,000 from their bank accounts. Later, the cap was increased to Rs. 10,000 and last week to Rs. 25,000.

    But customers feel this amount is still not enough.

    Hoping to get some reprieve, they reached the place where Sitharaman addressed the media in Mumbai.

  • Statement

    Finance Ministry not involved but will speak to RBI: Sitharaman

    Finance Ministry not involved but will speak to RBI: Sitharaman
  • Underlining that her Ministry has nothing to do with decisions of regulator RBI, Sitharaman said, "I will once again talk to the Governor of Reserve Bank this evening to convey the distress of PMC clients."

    She also added, "I've asked the secretaries of the Ministry to study in detail as to what is happening."

    RBI representatives will also understand the shortcomings, she said.

  • RBI's statement

    Earlier, RBI told depositors there's no need to worry

    Earlier, RBI told depositors there's no need to worry
  • The meltdown has sparked fears among customers and raised concerns about the Indian banking system. But on October 1, RBI released a statement to diffuse such emotions.

    "There are rumors in some locations about certain banks including cooperative banks, resulting in anxiety among the depositors. RBI would like to assure the general public that the Indian banking system is safe," the statement read.

  • Probe

    Separately, Mumbai police listed alleged crimes of HDIL officials

    Separately, Mumbai police listed alleged crimes of HDIL officials
  • Meanwhile, police told a local court on Wednesday that Rakesh Kumar Wadhawan and Sarang Wadhawan, the arrested officials of HDIL, diverted Rs. 90 crore of loan taken from PMC to clear their dues at Bank of India.

    Cops sought further custody of the two promoters as well as former chairman of PMC bank, Waryam Singh.

    Their police custody was extended till October 14.

  • Protest

    Customers protested outside court, spoke about their ordeal

  • Notably, the troubled customers of PMC staged a protest outside court yesterday. Some of them carried placards that read "No Bail, Only Jail".

    A protesting woman told ET her husband suffers from leprosy and they managed to save some lakhs in the Andheri branch of PMC.

    "Both the government and the RBI aren't acting enough to safeguard our interests," she told the daily.

  • Mumbai
  • Punjab
  • Mumbai Police
  • Finance Ministry
  • Nirmala Sitharaman
  •  
View all questions (4)
Latest News
  • Trivendra Singh Rawat resigns as Uttarakhand Chief Minister
    Trivendra Singh Rawat resigns as Uttarakhand Chief Minister
    Politics
  • Volvo XC40 Recharge, with 418km of range, unveiled in India
    Volvo XC40 Recharge, with 418km of range, unveiled in India
    Auto
  • India Women bounce back, beat SA Women in 2nd ODI
    India Women bounce back, beat SA Women in 2nd ODI
    Sports
  • Manchester United's 2020-21 season in numbers
    Manchester United's 2020-21 season in numbers
    Sports
  • Sanjay Leela Bhansali contracts coronavirus, 'Gangubai Kathiawadi's shooting stopped
    Sanjay Leela Bhansali contracts coronavirus, 'Gangubai Kathiawadi's shooting stopped
    Entertainment
Related Timelines
  • Amid coronavirus crisis, RBI extends loan moratorium till August
    Amid coronavirus crisis, RBI extends loan moratorium till August
    Business
  • Day 3: Nirmala Sitharaman announces stimulus for agriculture, allied activities
    Day 3: Nirmala Sitharaman announces stimulus for agriculture, allied activities
    India
  • Why Sitharaman's stimulus package has left stock market unimpressed
    Why Sitharaman's stimulus package has left stock market unimpressed
    Business
  • With reduced EPF contribution, your take-home salary will now increase
    With reduced EPF contribution, your take-home salary will now increase
    Business
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda Batman Football News
BMW Vaccine Reliance Jio OPPO Amazon Food News, Healthy Recipes Royal Challengers Bangalore Toyota Fashion Tips West Bengal Elections
Mercedes Kane Williamson Nawazuddin Siddiqui Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers
Neha Kakkar Premier League Big Bang Theory X-Men
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021