Will Ask The RBI To Ease Withdrawal Norms For PMC Bank Depositors: FM

The Hindu Business Line|October 11, 2019

Will Ask The RBI To Ease Withdrawal Norms For PMC Bank Depositors: FM
Finance Minister Nirmala Sitharaman said on Thursday that she will speak to the Reserve Bank of India Governor Shaktikanta Das and convey the distress of depositors of Punjab and Maharashtra Cooperative Bank (PMC Bank).

The Finance Minister will request Das to consider expediting the withdrawal of funds by despositors. She also promised legislative changes, if required.

At present, PMC Bank is under directions of the RBI and depositors can withdraw only ₹25,000. Sitharaman, who met protesting depositors of PMC Bank, however, did not give a timeline for the withdrawal, and said that it would depend on the RBI and the administrator.

articleRead

You can read upto 3 premium stories before you subscribe to Magzter GOLD

Log-in, if you are already a subscriber

GoldLogo

Get unlimited access to thousands of curated premium stories and 5,000+ magazines

READ THE ENTIRE ISSUE

October 11, 2019