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PMC Bank scam: FM says steps are underway

Thursday, October 10, 2019 • Common Comments

PMC Bank scam: FM says steps are underway

Union Finance Minister Nirmala Sitharaman has today said that her Ministry is taking steps to address the burning issue of the Punjab and Maharashtra Cooperative Bank scam.  Her words have come as a sort of relief to depositors, who are distressed over losing their hard-earned savings.

"The Finance Ministry has nothing to do with the PMC bank matter because ti's the Reserve Bank of India that is the regulator.  Nevertheless, I have asked the secretaries of my ministry to work with the Rural Development Ministry and the Urban Development Ministry to study the developments in detail," she said, adding that certain representatives of the RBI will also be available to understand the nitty-gritty of the issue.

"If necessary, the officials will also look at ways in which Parliamentary Acts will have to be amended to resolve all outstanding issues," she said.

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