Four MPs from the Shiv Sena met Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday, suggesting measures that can be taken to provide relief to depositors of Punjab and Maharashtra Cooperative (PMC) Bank. Among the suggested measures is recapitalisation of the bank by the State and the Centre.
A memorandum
Sena MPs Anil Desai, Rahul Shewale, Gajanan Kirtikar and Union Minister for Heavy Industries Arvind Sawant gave Mr. Das a memorandum.
One of the measures is the merger of PMC Bank with a public or private sector bank, stating that it will find sufficient value in mergers. It has also suggested lifting directions on the bank based on assurance/indemnity provided by big depositors so that bank can revive its day-to-day operations.
The MPs also said RBI needs to strengthen its inspection process by deploying more skilled staff and needs to increase insurance cover from ₹1 lakh to ₹5 lakh.
Mr. Desai said, “Merger is the safest way as far as depositors are concerned. These are people’s life savings and right ahead of Deepavali they are suffering. Mr. Das was positive but said certain steps cannot be taken until the final assessment is done. However, they want people to keep faith in the banking system.”
