More property seized compared to level of fraud in PMC bank: Amit Shah

Union Home Minister Amit Shah has said that more property has been seized compared to the level of fraud in the Punjab and Maharashtra Co-operative (PMC) Bank case and assured investors that their interests will be protected.

"In case of PMC Bank, more property has been seized than the amount of fraud. Everyone's money has to come (to them). There is a process that will be completed in some time," Shah told India Today TV.

The remarks came on a day Reserve Bank of India raised the withdrawal limit for depositors of PMC Bank to Rs 40,000 from the earlier limit of Rs 25,000.

Finance Minister Nirmala Sitharaman had earlier in the day said she was closely monitoring the developments at PMC Bank and had a discussion with RBI Governor who had assured that customers' interest will be protected.

PMC has been facing problems allegedly due to its exposure to realty player Housing Development & Infrastructure Ltd to which it loaned a substantial part of its advances.

In its statement on enhancing withdrawal limit, the RBI said it had reviewed the bank's liquidity position and its ability to pay its depositors, has decided to further enhance the limit for withdrawal to Rs 40,000, inclusive of Rs 25,000 allowed earlier.

With the relaxation, about 77 per cent of the depositors of the bank will be able to withdraw their entire account balance, it said.

The RBI said that the financial position of the bank has been substantially impaired due to fraud perpetrated on it by certain persons and it had taken action soon after the matter came to its notice.

Shah also said that India's economy is in a good shape compared to the global situation.

Shah, who is also BJP president, said the Narendra Modi government fulfils what it says and the National Register of Citizens will be implemented in the country at an appropriate time and Citizenship Bill will be brought.

On the abrogation of Article 370 in Jammu and Kashmir, Shah said that only three countries in the world raised selective questions on it.

"The rest of the world has been in favour of India's stance of repealing Article 370 and has accepted it is India's internal matter. This is a major diplomatic success for India," he said.

On the issue of Ram Temple in Ayodhya, Shah said that the people of the country will accept the Supreme Court's verdict. He expressed confidence that both sides will accept the verdict and the matter will be resolved amicably.