New Delhi: Shiromani Akali Dal (SAD) National Spokesperson Manjinder Singh Sirsa took a swipe at the Reserve Bank of India for the alleged irregularities of the crisis-hit Punjab & Maharashtra Cooperative Bank.

On Monday, news agency ANI quoted the SAD leader as saying, “We have not given our money to someone walking on the streets. We have given our money to the government. RBI is responsible and it must return our money.” Since the cooperative bank is governed by RBI, which also decides the bank’s formats, the responsibility of the PMC bank matter lies on RBI, noted Manjinder Singh.

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 created huge panic among depositors, stunning the banking and corporate circles ahead of the festival season.

Subsequently, the ED had launched a separate probe in the alleged money-laundering case on September 27 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.