PMC Scam: FM Assures Legislative Amendments In Parliament If Needed

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Amid the protests by PMC Bank depositors, Finance Minister Nirmala Sitharaman on Thursday addressed a press briefing assuring adequate action in the case

Written By Monica Aggarwal | Mumbai | Updated On:

Amid the protests by irate Punjab and Maharashtra Cooperative (PMC) Bank depositors, Finance Minister Nirmala Sitharaman on Thursday addressed a press briefing assuring adequate action in the case. The Finance Minister asserted that she has asked secretaries of the Ministry of Finance to work closely with concerned ministries in order to find out what went wrong. Furthermore, she stated that, if necessary, acts will be amended by the Finance Ministry for the welfare of the victims affected due to the scam. 

"I have asked the secretaries of the Ministry of Finance to work together with rural development ministry and urban development ministry study in detail as to what is happening, to understand as to where there were shortcomings. Also to look at the need for amendment in the acts, if necessary," Nirmala Sitharaman said.

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The Finance Minister also stated that if the amendments in the necessary acts will help in curbing malpractices and regulations of the regulators then the Finance Ministry will take necessary action. 

"If amendments are going to help us curb malpractices and to better regulating them and better empower the regulator themselves - the RBI - we will do it. The group which will be looking into this will be chaired by the two secretaries of Finance Ministry, will also have one deputy governor level official so that we understand and take necessary legislative steps to prevent such things from happening in future. In the forthcoming winter session of the Parliament, if necessary, we will be bringing important legislation," the Finance Minister added. 

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Assurance of talks with RBI Governor

She went on to assure that she will continue to be in touch with RBI Governor and convey the sense of agency in the matter and distress that the depositors of the PMC bank are going through. The Finance Minister added that she will request RBI Governor Shaktikanta Das to expedite permission for withdrawal of money the PMC bank users have deposited. 

READ | PMC Bank Scam Victims' Demand For Justice Reaches BJP's Mumbai Office

PMC bank victims stage protest

Nirmala Sitharaman's press briefing came shortly after PMC bank depositors barged into BJP Mumbai office seeking justice and return of their savings. As the PMC bank depositors entered the office, a heated confrontation was witnessed between them and BJP workers at the spot. Speaking to media, the depositors demanded justice and sought assurance on their savings from the PMC bank.

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