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Won't Let PMC Meet Same Fate as Other Banks, Will Discuss Issue With Modi, Fadnavis Assures Depositors

Aggrieved depositors put forth their woes to the CM, who gave them a patient hearing, but said he could not give them any assurance as the model code of conduct was in force.

News18.com

Updated:October 12, 2019, 12:04 PM IST
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Won't Let PMC Meet Same Fate as Other Banks, Will Discuss Issue With Modi, Fadnavis Assures Depositors
File image of Maharashtra Chief Minister Devendra Fadnavis. (PTI)

Thane: Maharashtra Chief Minister Devendra Fadnavis has told the depositors of the scam-hit PMC Bank that he would discuss the issue of their distress with Prime Minister Narendra Modi when he meets the latter on October 13.

A group of Punjab and Maharashtra Cooperative (PMC) Bank customers met Fadnavis on Friday after an election rally he addressed here to campaign for BJP candidate and sitting MLA Sanjay Kelkar, who is contesting from Thane City constituency.

Aggrieved depositors put forth their woes to the CM, who gave them a patient hearing, but said he could not give them any assurance as the model code of conduct was in force.

Fadnavis said he would be meeting Modi on October 13, and he had already prepared a brief on the PMC Bank issue for the meeting.

"After the elections on October 21, we will follow up on this issue and ensure that the bank is bailed out at any cost. It will not meet the same fate as the other co-operative banks," he said.

PMC Bank is facing a crisis after an alleged Rs 4,500 crore scam came to light last month. The RBI has capped withdrawals from the bank at Rs 1,000 and later increased it to Rs 25,000 following protests by depositors. The bank had allegedly lent over 70 per cent of its Rs 9,000 crore in loans to near-bankrupt realty player HDIL.

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