Ensure PMC depositors get their money back: Patole to state, RBI

Maharashtra Assembly speaker Nana Patole has directed the state government and the Reserve Bank of India (RBI) to ensure that all depositors of Punjab and Maharashtra

Published on: Jul 30, 2020, 23:37:59 IST

By Naresh Kamath, Mumbai

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Maharashtra Assembly speaker Nana Patole has directed the state government and the Reserve Bank of India (RBI) to ensure that all depositors of Punjab and Maharashtra Cooperative (PMC) Bank get back their money back.

After hearing grievances of the depositors, Patole asked the RBI to come up with a revival package, similar to the one for YES Bank. He also asked the state co-operative commissioner to act swiftly to restore the confidence of depositors.

Patole further said the economic offences wing (EOW) should ensure that the culprits are not spared.

PMC Bank depositors contended they are finding it hard to run their households, especially in view of the lockdown, since their entire savings was locked up in the bank since September 2019. Most of them are working class or small-scale entrepreneurs.

The RBI had imposed restrictions on the bank in September 2019 alleging financial irregularities.

ABOUT THE AUTHOR
Naresh Kamath
Naresh is a Special Correspondent with Hindustan Times, Mumbai, since 2005. He covers the real estate sector, in addition to doing political reportage.

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