Just before her press conference, Union minister Nirmala Sitharaman faced irate depositors of Punjab and Maharashtra Co-operative (PMC) Bank outside the BJP's office in Mumbai PTIUnion finance minister Nirmala Sitharaman on Thursday said she will speak with Reserve Bank governor Shaktikanta Das to expedite the process for withdrawal of money by customers of the PMC Bank. The RBI recently came down hard on the Punjab & Maharashtra Co-operative Bank (PMC) for under-reporting bad loans. Depositors, the RBI said, can withdraw just Rs 1,000 in the next six months, leaving them in the lurch ahead of the festival season. Just before her press conference, the Union minister faced irate depositors of Punjab and Maharashtra Co-operative (PMC) Bank, and promised to bring in legislative changes for upholding of their interests. Talking about the meeting between the secretaries of the finance ministry and deputy governor of the RBI, Sitharaman said, "They will discuss legislative steps needed to prevent such incidents from happening and empower the regulator better."

Source: The Telegraph October 10, 2019 09:11 UTC