No way to protect normal savings, system brutally unfair: HDFC Chairman

He said trust and confidence were the backbone of any financial system and one should never underestimate the power of ethics and values

Amid the crisis at Punjab & Maharashtra Co-operative Bank (PMC), HDFC Chairman Deepak Parekh said it was “brutally unfair” that there were regular loan waivers and corporate loan write-offs but no financial system to protect the common man’s savings.

The scam at PMC Bank has affected thousands of its depositors as their money is stuck with the urban cooperative bank's after the Reserve Bank of India (RBI) had put withdrawal limits at Rs 25,000 per accounts last month.

The restrictions from the RBI came in after it found the bank’s exposure to real estate developer HDIL was in too much in excess