New Delhi: Amid widespread protests from depositors in the Punjab and Maharashtra Cooperative (PMC) Bank fraud case, Union Finance Minister Nirmala Sitharaman on Thursday said she met the protesters outside the BJP office in Mumbai.

She said though her ministry has nothing to do with the matter directly, still, she will take all actions to curb such bank frauds. She also said that along with her ministry, the RBI will take required actions in the PMC Bank fraud case. Here are the top developments.

  • Finance Minister Nirmala Sitharaman on Thursday said she has met the PMC bank depositors outside the BJP office in Mumbai.
  • She said that she has asked the secretaries of other ministries in general and her ministry in particular to study in detail the crisis of the PMC Bank.
  • Prior to her arrival at the BJP office in Mumbai, depositors of the PMC Bank staged a protest to bring draw the finance minister’s attention to their crisis.
  • Sitharaman said that though her ministry has nothing to do with the PMC bank matter directly as the RBI is the chief regulator of all banks. But she will ask the secretaries of my ministry to work with Rural Development Ministry and Urban Development Ministry to study in detail as to what is happening.
  • Along with her ministry officials, representatives of the RBI will also be given the task to understand the shortcomings and what actions can be taken in the PMC matter.
  • She said that if amendments are going to help curb malpractices, better regulate banks, then her ministry and the RBI are ready to do it.
  • The statement from the minister comes as the customers of the PMC Bank accused the RBI of not taking enough action against the officials involved in the PMC Bank scam.
  • Talking about the economic slowdown which the country is facing hard, Sitharamn said her ministry is taking all necessary actions to boost the economy.