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Nirmala Sitharaman: Nearly 78 per cent PMC bank depositors allowed to withdraw entire balance

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Finance Minister Nirmala Sitharaman on Monday said that nearly 78 per cent of depositors of Punjab and Maharashtra Corporation bank are now allowed to withdraw their entire account balance.

"Nearly 78 per cent of depositors of this bank are now allowed to withdraw their entire account balance," she said while speaking in Lok Sabha on the Punjab and Maharashtra Corporation (PMC) bank scam.

"As regard to promoters, we have ensured that the attached properties of the promoters can be given to RBI under certain conditions, so those properties can be auctioned out and the money can be given to depositors," the Finance Minister added.

In September, the RBI had restricted activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances after major financial irregularities were reported.

PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh.

With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 12:55 IST
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