Govt should come out with white paper on PMC bank fraud: Cong

Govt should come out with white paper on PMC bank fraud: Cong

Agency News

New Delhi, Oct 11: The Congress on Friday demanded that the government bring out a white paper on the alleged Punjab and Maharashtra Cooperative (PMC) Bank scam so that it can be found what exactly happened in the matter.

Addressing the media here, AICC spokesperson Gaurav Vallabh said that many people were already aware about the withdrawal limit that was to be fixed due to the scam. He said that there were some people who already knew about RBI's move to set a limit on withdrawals form the ban and thereby those people took out their money before this was implemented.

The Congress has said that the government should not only bring out the names of the ones responsible for the fraud, but also release a list of those people who withdrew more than Rs 50000 before the fixing of the limit.

The Congress leader also expressed concerns over the situation of other banks and said that the situation of some other banks as well is not good. He alleged that PMC bank had approved around 73 per cent of its total loan limit to one person, which was clear violation of banking norms.

Congress leader further alleged that there have been similar irregularities in other banks as well, due to which loans worth Rs 2,75,000 lakh crores that were given away by these banks have been written off as bad debts ( NPA) which has started to slow down the recovery . (UNI)