D Raja: PMC Bank scam a failure of financial sector under Modi govt

At a time when Punjab and Maharashtra Co-operative Bank (PMC) workers are agitated and are demanding ir money back, Finance Minister Nirmala Sitharaman ackwledged customers. She assured m that she will once again speak with Reserve Bank of India (RBI) Goverr Shaktikanta Das, but this has t gone down well within  left party.

Former parliamentarian and Leer of Communist Party of India D Raja slammed Central Government saying that ruling dispensation under leership of Narendra Modi has completely failed in financial sector.

"Firstly, all se scams once again prove that present government heed by Mr. Modi has been failing to man finance sector particularly banking sector. Scams like PMC scam and or loots took place in banks, w government has anunced merger of banks to help corporate houses in name of ease of doing business. This is co-operative Bank and ordinary people and ir very hard-earned money has been deposited, w y are t able to take back ir money," said D Raja.

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Actions must be taken against looters

Former Member of Parliament, Mr. Raja said that our main concern is that people should get back ir money and actions must be taken against looters.

"Why this scam took place? Who failed? Who ate guilty? All se questions must be answered and govt should effectively intervene, I don't kw what powers RBI has today. Wher RBI has automous power to deal with this situation, I have idea about this. If finance minister has directed Reserve Bank n what's timeframe, what's intervention RBI is going to do because my concern is people should get ir money. Looters must t go scot-free and law must take it's course," ded D Raja.

Finance Minister on October 10 held a meeting with agitated PMC banks customer and after meeting, Nirmala Sitharaman dressed a press conference where she assured that she will speak to RBI goverr on urgency regarding matter.

" finance ministry may have thing to do with it directly because RBI is regulator of cooperative banks. But, I've asked secretaries of my ministry to work with rural development ministry and urban development ministry to study in detail as to what is happening. Representatives of RBI will also be re to understand shortcomings, what happened and also to refore, if necessary, look at ways in which respective acts will have to be amended," she said.

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