'PMC Bank depositors will get their money back at any cost': Maharashtra CM Devendra Fadnavis

On Tuesday, while releasing BJP manifesto Maharashtra Chief Minister Devendra Fadnavis said that PMC Bank depositors will get back the money at any cost.

"After elections, we will take this issue to the Centre. We will request the Centre to help depositors get their money back. I will personally be following up on this," Devendra Fadnavis on PMC Bank issue. Adding further Fadnavis said that the PMC Bank depositors will get back the money at any cost. He also said that the defaulter's assets will be seized to settle the defaulted amount. "I will make sure the defaulter's assets are seized to settle the defaulted amount," Maharashtra Chief Minister said.

The PMC Bank has been placed under "directions" by the RBI since last month, wherein depositors' withdrawals have been capped. The limits were increased to Rs 40,000 by the RBI on Monday, and the central bank said 77 percent of the customers will be able to fully withdraw their deposits with this move. The limits were earlier capped at Rs 1,000, and subsequently raised to Rs 10,000 and Rs 25,000 as the bank's liquidity position improved.

Harried depositors of the bank, which has deposits of over Rs 11,000 crore, have been protesting across the city and also forced Finance Minister Nirmala Sitharaman to meet them last week when she was out to address a pre-election media conference. Sitharaman then urged RBI Governor Shaktikanta Das to urgently look into the woes of the depositors, after which the deposit withdrawal limits were hiked to Rs 40,000. Four people, including promoters of realty firm HDIL to which the bank made the sour loans, and the lender's former chairman and ex-managing director have so far been arrested in connection with the alleged Rs 4,355 crore scam.

(With inputs from Agencies)

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