Hyderabad, Sep 26 (GCBusiness) All India Bank Employees Association (AIBEA) and All India Co-operative Bank Employees Federation (AICBEF) sought the intervention of Union Government on the Reserve Bank of India (RBI) clamping a ban on withdrawals (more than Rs 1,000) from the Punjab Maharashtra Cooperative (PMC) Bank.
In a letter to Finance Minister Nirmala Sitharaman, AIBEA General Secretary Ch Venkatachalam and AICBEF General Secretary Tapan Kumar Bose on Thursday said the Centre has to take action on the officials of RBI who are responsible for not taking timely action on PMC Bank problems besides criminal action to be initiated on the top officials of PMC bank for the acts of suppression and mismanagement and lift the ban on the restrictions on customers to withdraw their own money.
If there has been any mismanagement of PMC Bank, RBI should take serious action on the top officials of the Bank who are responsible instead of putting the depositors into untold troubles, Mr Venkatachalam said in a separate release.
Similarly, as the Regulator, RBI knows everything what is going in all the Banks. How the irregularities in PMC Bank was overlooked by RBI and how can it escape from this responsibility, he said.
If such things will continue, people would tend to lose faith in the Banks. This will pose a serious problem to the economy, the top Union leader said.
He said at a time when the economy is in crisis, instead of taking the support of the people, the Government and the RBI seem to be punishing the customers, again and again.
We have already experience the horrible experience of femonetisation when the Government and the RBI put the common people into indescribable torture to withdraw their own money.
Last year the Government had brought the FRDI Bill by which an attempt was made to usurp the money of the poor depositors to salvage an ailing Bank created by big loan defaulters.
Then started the attack in the form of penalty charges for not maintaining minimum balance and steep hike in various service charges to off-set the losses incurred on account of provisions for bad loans of corporate defaulters.
Then came the transfer of Rs. 1,76,000 crore from the Reserves of RBI to the Central Government.
This was followed by announcement of Revenue foregone to the extend of Rs.1,46,000 crore in favour of the big corporate companies and reduction in corporate tax, Mr Venkatachalam said.