Bad loans and frauds are just some of the symptoms of illness that is afflicting the Indian banking sector. Even the Reserve Bank of India is worried that the common man is losing confidence
A former Jet Airways staff, Sanjay Gulati, had already lost his job earlier this year following the grounding of the airlines.
Members of the Finance Ministry and the RBI will look into the matter of the PMC scam and try to amend the laws so that cases like these can be curtailed
The apex court said the PMC bank account holders can approach High Court concerned for relief.
The move follows the weekend assurance by finance minister Nirmala Sitharaman to urge the Reserve Bank to look into the woes of the depositors of the cooperative bank with urgency.
Customers of the bank, who are facing severe restrictions on withdrawal of funds since the dire situation of the bank came to light, demand that there should be 'only jail and no bail' for the accused.
Manmohan Singh said government's import-export policies were hurting the Indian economy.
According to the initial investigation, PMC bank's losses since 2008 are Rs 4,355.46 crore.
The Reserve Bank of India has raised the withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd to Rs 25,000 from Rs 10,000.
Mumbai Police's Economic Offences Wing filed an FIR the case for forgery and criminal conspiracy against PMC officials.
The depositors will be able to withdraw the said amount from their savings, current or any other deposit accounts at the bank.
The delegation in its complaint alleged that at least 14 people were involved in misappropriation of funds of the account holders.