Manmohan Singh on PMC Bank Matter: 'Appeal to PM Narendra Modi, Nirmala Sitharaman and Devendra Fadnavis to Resolve Grievances of Affected 16 Lakh People'

Mumbai, October  17: Former prime minister Dr Manmohan Singh on Thursday appealed to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and Maharashtra Chief Minister Devendra Fadnavis to look into the Punjab and Maharashtra Co-operative (PMC) Bank matter and resolve the grievances of the "affected 16 lakh people."

"It is very unfortunate what has happened in the case of this bank. I appeal to the Maharashtra Chief Minister, the Prime Minister and the Finance Minister to look into this matter and resolve the grievances of the affected 16 lakh people," Singh told media here. "I expect the government of India, RBI and the government of Maharashtra to put their head together and provide a credible, pragmatic and effective solution to this case where 16 lakh depositors are trying for justice," he added. Dr Manmohan Singh Hits Back at Nirmala Sitharaman For Blaming Him For Bank Crisis, Seeks PM Narendra Modi's Intervention in PMC Bank Matter.

A delegation of 15 depositors of PMC Bank is meeting Manmohan Singh today to discuss their grievances and request his intervention in the matter in the bank scam case.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits. Nirmala Sitharaman Asks MSMEs to Respond by Oct 22 if They Would Provide Bill Discounts to Corporates Who Owe Them Rs 40,000 Crore.

The Enforcement Directorate (ED) has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by Housing Development and Infrastructure Limited (HDIL) in connection with the case.According to the police, PMC bank officials gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.