Congress demands FIR against PMC bank directors

After RBI restricted PMC bank customers to withdraw cash from their accounts, the people protested outside the bank's branches in cities including Mumbai

Congress demands FIR against PMC bank directors

Congress on Monday launched a 'begging agitation' against Reserve Bank of India (RBI) in connection with the ongoing PMC bank crisis.

Moreover, Congress has asked to remove the restrictions imposed for withdrawing cash from Punjab and Maharashtra Cooperative (PMC) bank while demanding an FIR against the directors of the bank. 

Earlier, after RBI restricted PMC bank customers to withdraw cash from their accounts, the people protested outside the bank's branches in cities including Mumbai. 

While asking the bank to allow the customers to withdraw their money in special and emergency cases, Congress asserted that an FIR should be filed against directors before they leave the country. 

As per reports, of the 12 PMC bank directors, many of them have links with the Bharatiya Janata Party (BJP). One of the co-directors, Ranjeet Singh, is the son of Sardar Tara Singh who has been a four-time MLA from Mulund constituency in Mumbai. 

Earlier in 2017, Ranjeet had asked for a BJP ticket in the Brihanmumbai Municipal Corporation (BMC) elections. However, the party gave ticket to its MP Kirit Somaiya's son – Neil Somaiya.

The RBI issued a notice imposing several restrictions in PMC bank operations for six months and set the limit of withdrawal at only 1,000 over under-reporting of bad loans. 

Also Read - PMC Bank Crisis: PIL In Bombay HC Opposes RBI Curbs

However, Ranjeet and his father said that the directors had nothing to do with the loan payments.