Regulator, auditor should be held responsible for fraud in PMC Bank: Anurag Thakur

Union Minister of State for Finance Anurag Thakur today said the regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or any other bank.

Speaking at an event in New Delhi, Mr Thakur said that in case of PMC Bank, the Reserve Bank of India has allowed withdrawal of 40,000 rupees, which covers around 77 per cent of the affected people and they have been assured of up to one lakh rupees.

Mr Thakur said, the BJP-led Government has brought in reforms to make balance sheet of banks healthy, which have doled out huge amount of loan during UPA-2 regime. The Minister said, bank like PNB, which three years back was facing question, is in profit today.

He said the government has been able to bring back 1.78 lakh crore rupees just because of the Insolvency and Bankruptcy Code. The Minister noted that the government is taking the decision to make the fundamentals of the economy strong.

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