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PMC scam: ‘78% depositors allowed to withdraw entire balance’ says Nirmala Sitharaman

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PMC scam was one of the major scams which brought lives of thousands related to it, at stake. After the scam, RBI had restricted withdrawals from its account. This was due to financial irregularities which in turn impacted thousands of depositors.

Now, Finance Minister Nirmala Sitharaman said that nearly 78 per cent of PMC Bank’s depositors are now allowed to withdraw their entire account balance, as reported by news agency ANI.

In October, police had claimed that Punjab and Maharashtra Co-operative Bank used more than 21,000 false accounts in order to conceal the loans it made to a real estate firm.

Mumbai Police made a number of arrests in connection with the alleged Rs 4,355-crore PMC Bank scam. Amongst those arrested include the former chairman Waryam Singh and former managing director Joy Thomas of PMC bank.

 

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