Canindia News

Congress demands white paper on PMC Bank scam

New Delhi, Oct 11 (IANS) The Congress party on Friday launched an attack on the Centre in connection with the Punjab and Maharashtra Co-op (PMC) Bank scam, demanding that the government issue a white paper on the matter.

Party spokesperson Gaurav Ballabh alleged here that “the scam is related to the son of sitting BJP MLA, so it has to be probed throughly.”

The PMC Bank had given 73 per cent of its loans only to one entity – HDIL – he alleged.

He also demanded that the cap on withdrawal by customers should be immediately removed. In this regard, the party has said that the government is hiding behind Reserve Bank of India (RBI) regulations and saying that that the government does not regulate banks is mere diversionary tactics.

Congress leader Priyanka Gandhi has also tweeted about the evident pain of PMC depositors.

The party has also pointed out that rating agency Moody has said that India’s GDP has gone down by 3 per cent owing to the demonetisation measure.

Investigative agencies are currently probing the PMC Bank scam, while HDIL promoter and the bank Chairman are in police custody.

An FIR was filed in this connection with Mumbai Police by PMC Bank Manager (Recovery Department) Jasbir Singh Matta alleging that as many as 21,049 fictitious bank accounts were created to disguise the loans disbursed in violation of RBI norms.

It is also alleged that HDIL accounted for nearly 73 per cent of the bank’s total loans. Out of the Rs 4,355 crore of loans under the scanner, around Rs 2,146 crore were transferred to accounts held by the HDIL promoters.

An RBI probe has found that the PMC Bank directors had replaced 44 suspicious loan accounts with 20,149 fictitious bank accounts where individual balances were low.

The 44 borrower accounts allegedly linked to HDIL were masked by tampering with bank software. PMC Bank MD Joy Thomas is alleged to be behind masking the borrower accounts.




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1 comment

D Hingorani October 13, 2019 at 3:33 am

RBI cannot wash its hands, nor the Finance Ministry and Nor the Central Govt. These Mall Practises were going on for the Past 8-10 years. The RBI Auditors have Miserably failed to detect the FRAUD. It appears that they were going to enjoy the HOSPITALITY OF THE BANK AND SIGN ON THE DOTTED LINES ON THE DRAFT PREPARED BY THE BANK.
This has shaken the trust of the Depositeres Today NO bank in the country is Safe because the Regulator its NOT doing its job. When there was a SCAM in PNB nothing happened to the depositers of PNB. Why has RBI done this for PNCB. Why has my money being blocked. I am paying my taxes, yet I have to beg for my money. Why are all the DIRECTOS and the Staff and the INTERNAL Auditers of the BANK NOT on the FOOT PATH? Why NO action has been initiated against the ED and staff of the RBI who are looking after the working of Cooperative Banks. Maharashtra is the only State which has forced the Coop Housing societies to park their funds in the Coop Banks so that the Politicians can play around and SIPHON our funds. If the CM and Central Govt can pay a couple of Thousands crores to wave off the Farmers Loans why are the quiet for this? I had asked for emergency money from the Administrator on 01 and 04 Oct 2019. There is NO response till tod ate, why? Can the RBI Governor Please respond. I would request the RBI to allow the MPC Bank to start Normal operations forthwith to regain customer confidence which has been very badly shaken. also the withdrawl should be increased to Rs 50,000.00 PM immediately.


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