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On-site supervision and central bank's jurisdiction, suggests RBI employees' body in wake PMC Bank scam

Updated : October 15, 2019 05:18 PM IST

All cooperative banks in the country should be brought under onsite supervision and the Reserve Bank of India’s jurisdiction in order to protect customers from the kind of scams that has plagued Punjab & Maharashtra Co-operative (PMC) Bank, the All India Reserve Bank Employees Association (AIRBEA) on Tuesday suggested.
AIRBEA went on to emphasise its objection to the rumoured resurrection of the FRDI (Financial Resolution and Deposit Insurance) Bill, saying it would put bank depositors’ money at risk.
The Mumbai-based cooperative bank was put under regulatory restrictions by the Reserve Bank of India (RBI) last month following suspicion of widespread corruption in its functioning.
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