'Brutally unfair' that system can't protect common man's savings: Parekh

"To my mind, there is no greater cardinal sin in finance than misuse of the common man's hard earned savings"

Amid the crisis at Punjab & Maharashtra Cooperative Bank (PMC), HDFC chairman Deepak Parekh said it is "brutally unfair" that we have regular loan waivers and corporate loan write-offs but no financial system to protect the common man's savings.

The scam at PMC Bank has affected thousands of its depositors as their money is stuck with the urban cooperative bank's after RBI had put a withdrawal limits at Rs 25,000 per accounts last month.

The restrictions from the RBI came in after it found the bank's exposure to real estate developer HDIL was in too much in excess of what