New Delhi: Finance Minister Nirmala Sitharaman on Thursday met the depositors of Punjab and Maharashtra Cooperative (PMC) Bank and assured them that the central government will take action against such bank frauds. Earlier in the day, the depositors were protesting at the BJP office in Nariman point of Mumbai upon the arrival of the finance minister.

Having met some of the PMC bank depositors who were badly affected by the crisis, Nirmala Sitharaman addressed in the meeting that the central government have been asked to analyse the situation and look into the shortcomings of the case. “Discussions and negotiations are going on,” said the finance minister adding that she has asked the Secretaries to study if need be to amend any acts related to such banks for the welfare of the people.

Sitharaman clarified that the Finance Ministry is not directly related to the PMC bank matter as the RBI is the regulator. She was quoted by news agency ANI as saying, “But from my side, I’ve asked the secretaries of my ministry to work with Rural Development Ministry & Urban Development Ministry to study in detail as to what is happening.”

A depositor named Krishna was quoted by news agency ANI as saying, “I don’t know what they’re doing, don’t care what they’re doing, I want my money back. I won’t be able to earn again whatever I’ve put in the bank.”

On September 24, the RBI restrained the PMC Bank from carrying out a majority of its routine businesses for a period of six months. This not only created huge panic among depositors but also stunned the banking and corporate circles ahead of the festive season. Subsequently, on September 27, the ED had launched a separate probe in the alleged money-laundering case and raided six locations in Mumbai. The investigating agency also seized various movable assets including the private jet and cars of Housing Development and Infrastructure (HDIL) promoters Rakesh and Sarang Wadhawan in connection with the PMC bank case.

About PMC Bank:

Established in 1984 in Mumbai, PMC bank is now a multi-state cooperative banking entity. Currently, the bank has a network of 137 branches in Delhi and six states including Maharashtra, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. Besides, PMC bank is one of the top 10 cooperative banks in India.