Nirmala Sitharaman assures PMC bank depositors, says will speak to RBI governor

New Delhi : Finance Minister Nirmala Sitharaman on Thursday assured depositors of PMC bank that she will speak with the RBI Governor to provide appropriate time so that its clients can withdraw money from their accounts.

She met a group of angry customers of the cooperative bank in Mumbai this afternoon just before addressing a press conference. Several customers were seen protesting outside the BJP office where she was scheduled to hold the press meet.

"I will once again talk to the Governor of Reserve Bank this evening to convey the distress of PMC clients," Ms Sitharaman. "I've asked the secretaries of the ministry to study in detail as to what is happening. Representatives of the RBI will also be there to understand shortcomings, what happened and also to therefore, if necessary, look at the ways in which the respective acts will have to be amended," the Finance Minister added.

"The Ministry of Finance may have nothing to do with it directly because RBI is the regulator but from my side, I've asked the secretary of my ministry to work together with the Rural and Urban Development Ministry," she said.

What is the PMC Bank crisis?

Last week Rakesh and Sarang Wadhwan, the promoters of the crisis-hit real estate firm HDIL, were arrested by the Economic Offences Wing of Mumbai Police after their firm set off a crisis at PMC Bank by defaulting on loans worth Rs. 4,355 crore.

While many people are claiming that the money in Indian banks is no more safe, the RBI has issued an official statement asking people not to believe in such rumours as the money parked in Indian banks is completely safe and secure.