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FM on PMC Scam: Government will bring legislation

Finance Minister Nirmala Sitharaman met a group of distressed customers of the cooperative bank in Mumbai on Thursday just before she addressed a press conference. She said that customers are upset over the revised Rs. 25,000 limit on withdrawals imposed by the Reserve Bank of India saying it is still too little. She added that a meeting on the issue will take place with secretaries of the ministry and RBI representatives. 

She further added that they have been asked to look at the ways in which the respective Acts will have to be amended. She added that these amendments can be brought in the upcoming winter session of Parliament.

Finance Minister Nirmala Sitharaman said that, the Government will bring in a law, if needed, to ensure that PMC Bank-like scams can be prevented. 

Addressing media persons in Mumbai, she also assured customers of Punjab and Maharashtra Cooperative Bank that the Reserve Bank of India will sort out the issue.