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Govt’s economic policies are at fault but hardworking people bear brunt: Priyanka Gandhi on PMC Bank crisis

FE Online
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Congress leader Priyanka Gandhi Vadra on Wednesday slammed the PM Narendra Modi government over operational restrictions on the crisis-hit Punjab and Maharashtra Co-operative Bank, alleging that the Centre's economic policies are at fault but the brunt is being borne by hardworking people. The Reserve Bank of India had on Tuesday placed the urban co-operative bank under operational restrictions such as not allowing it to give fresh loans, accept fresh deposits and borrowing of funds, among others, for six months. The RBI cited irregularities, including under-reporting of higher NPAs, for imposing operational restrictions on the co-operative bank. As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account during the six-month period. This is one of the major restrictions that affect the customers and led to chaos outside PMC Bank branches in Mumbai. The curbs include ATM transactions and online banking. Taking to Twitter, the Congress general secretary posted the video of a woman account holder of the bank crying after the RBI decision.

"These cries are of a woman account holder of the Punjab & Maharashtra Co-operative Bank. People are upset because they are unable to withdraw their money from the bank due to a surprise order by the RBI," Priyanka Gandhi Vadra said in a tweet. "The government's economic policies are at fault. The fault lies with the top officials. But, the brunt of it is being borne by innocent and hardworking people," she added. Earlier in the day, Congress leader Sanjay Nirupam asked the RBI to lift curbs on cash withdrawals by account-holders of the bank. He said that the regulator must fix accountability on individual directors for lapses. In a letter to RBI Governor Shaktikanta Das, the Congress leader said the curbs on withdrawals will badly affect customers heavily dependent on the bank for their financial needs.