People throged outside PMC Bank as RBI imposes restrictions on PMC Bank
People throged outside PMC Bank as RBI imposes restrictions on PMC Bank

Finance Minister Nirmala Sitharaman on Saturday said the Reserve Bank of India has assured her that the central bank will keep concerns of Punjab and Maharashtra Cooperative Bank Ltd's depositors as its top priority.

"Spoken to governor @RBI on the #PMCBank matter... I wish to reiterate that @FinMinIndia will ensure that customers concerns are comprehensively addressed," Sitharaman posted on Twitter.

Last month, the RBI superseded the board of the bank and imposed limits on withdrawal due to various financial irregularities, including under-reporting of a big exposure to a real estate company.

The central bank had initially capped the withdrawal limit at 1,000 rupees, which was first raised to 10,000 rupees and then to 25,000 rupees. However, many depositors have been holding protests to remove the limit.

On Thursday, Sitharaman had met some of these depositors.

Former managing director of the bank, Joy Thomas, and promoters of HDIL Ltd, to whom the bank had made large advances, have already been arrested in the case.

Free Press Journal

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