PMC Bank crisis: Finance Ministry, RBI to study issue together, says FM Sitharaman

Oct 10, 2019

Mumbai, Oct 10 (ANI): Finance Minister Nirmala Sitharaman who today met account holders of PMC Bank in Mumbai said that the crisis is not directly related to Finance Ministry as RBI is its regulator. “I've asked the secretaries of the ministry to study in detail as to what is happening. Representatives of RBI will also be there to understand shortcomings, what happened, & also to therefore, if necessary, look at the ways in which the respective acts will have to be amended,” said Finance Minister. Her comments come amid protests by bank customers over limiting withdrawal amount by RBI from PMC to 25,000 and Economic Offence Wing’s cases against loan defaulters Housing Development and Infrastructure Limited (HDIL) Directors Rakesh and Sarang Wadhwan.