FinMin seeks new appointments in PNB, Allahabad Bank

In the wake of the banking scams unearthed recently, the Finance Ministry on Monday wrote to the Banks Board Bureau (BBB) asking them for new appointments to be made in the top level of Punjab National Bank (PNB) and Allahabad Bank.

Top officials from the Ministry told ANI that as of now, no relaxation of Prompt Corrective Action (PCA) framework is being discussed.

There are currently 11 banks are under the PCA, which, the Ministry said, need to make individual strategies to come out of it.

The official also noted that in the entire procedure, relief may be provided to Micro, Small and Medium Enterprises (MSMEs) by allowing those facing PCA framework-related issues to shift their accounts to other banks.

Last Thursday, Piyush Goyal, who is temporarily in charge of the Finance Ministry, had attended the meeting convened by the Department of Financial Services with all the 11 banks under the PCA and took stock of the banking system.

In the same meeting, the banks had submitted individual action plans to come out of the PCA.

Along the sidelines of the meeting, Goyal said he would ensure that the central government gives every possible support to strengthen the banking system in the country.