INSUBCONTINENT EXCLUSIVE:
PMC Bank: Shaktikanta Das said that RBI hasacted promptly and swiftly on the issueReserve Bank of India (RBI) Governor Shaktikanta Das on
Friday said that all aspects of Punjab and Maharashtra Co-Operative Bank (PMC Bank) issue are being looked into
" RBI will not allow any co-operative bank to collapse," said Mr Das at a press conference after the Reserve Bank of India's monetary
Last month, the RBI took the rare step of limiting withdrawals from PMC, causing depositors to besiege the bank's branches to retrieve
"We have announced a cadre of officers who will look after the PMC Bank issue," he added.Shaktikanta Das further said that the country's
banking sector is sound and stable and there is no reason for any panic
Maintaining that cooperative banks are also sound, he said, "one incident cannot be and should not be used to generalise about the health of
all cooperative banks.""The RBI will review all the regulations of cooperative banks and will discuss with the government if required," he
Friday, maintaining its "accommodative" policy stance in a bid to revive economic growth
That marks the fifth straight reduction in the key lending rate so far this year.In last four bi-monthly policy decisions, the six-member
Monetary Policy Committee reduced the repo rate by 110 basis points
Repo rate is the key interest rate at which the Reserve Bank of India lends short-term funds to commercial banks.Get Breaking news, live
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