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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US rules out use of nuclear weapons against Iran
Washington DC: The White House has reportedly ruled out the use of nuclear weapons against Iran, even as uncertainty continues over ongoing peace negotiations and a deadline set by US President Donald Trump approaches.
Issues bout a possible escalation had increased after US Vice President JD Vance said that the United States has “tools in our toolkit that we so far haven’t decided to use” in dealing with Iran.
His remarks came amid rising tensions and ahead of a deadline linked to peace efforts.
The situation has attracted attention as Trump warned Iran that its “whole civilization will die tonight tonight” if an agreement is not reached by Tuesday at 8 pm.
This statement led to speculation about the possibility of extreme military measures, including a nuclear strike.
Following Vance’s comments, the White House issued a clarification distancing itself from such interpretations. In a post on X, it said, "Literally nothing @VP said here 'implies' this, you absolute buffoons." In a later statement, it added that “only the president knows” what action will be taken regarding Iran.
Literally nothing @VP said here "implies" this, you absolute buffoons https://t.co/7JU3wXMaWX
— Rapid Response 47 (@RapidResponse47) April 7, 2026
