PMC Bank: Finance Minister Sitharaman faces protesters; promises legislation
Mumbai: Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative (PMC) Bank, and promised to bring in legislative changes for upholding of their interests.
The depositors had gathered outside the BJP's office here ahead of Sitharaman's scheduled press interaction in the run up to the October 21 Maharashtra Assembly elections.
The PMC Bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
PMC is in bad health allegedly due to its exposure to the near bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances.
At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the "shortcomings" of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.
"They will discuss legislative steps needed to prevent such incidents from happening and empower the regulator better," Sitharaman said.
The BJP-led government will bring in a legislation to this effect in the winter session of Parliament, she said.
The minister said she will speak to RBI Governor Shaktikanta Das about the interest of the depositors and convey their urgency and distress.
She also told the irate depositors that the RBI is looking into the matter.
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Hijab decision taken out of fear of Karnataka Muslim convention, alleges Kumaraswamy
Bengaluru: Union Minister H. D. Kumaraswamy has alleged that the Karnataka government announced its decision on the hijab issue out of fear of the ‘Karnataka Muslim Convention’ scheduled to be held in Bengaluru on May 16 organized by Federation of Karnataka Muslim Organisations.
Addressing a press conference at the JD(S) state office, GP Bhavan, in Bengaluru on Thursday, Kumaraswamy said he respects all religions and has expressed his views on the issue on several public platforms in the past.
Questioning the timing of the government’s move, he said the Congress has been in power for three years and had taken no decision on the hijab issue during that period.
He alleged that the decision was taken only because the ‘Karnataka Muslim Convention’ is scheduled to be held at Town Hall in Bengaluru on May 16.
“If the government had the courage, it should have taken this decision immediately after coming to power. Why did it remain silent for three years?” he asked.
Kumaraswamy accused the Congress of making the announcement to appease a particular community.
He further said the matter is still pending before the courts and claimed that an interim order relating to the hijab issue remains in force.
According to him, issuing such an order before the legal proceedings are concluded amounts to disrespect towards the judiciary.
Kumaraswamy also alleged that the Congress brought the issue back into focus after the Davanagere by-election results.
