FM Nirmala Sitharaman assures change in cooperative bank laws if required

Tells PMC Bank depositors that government and Reserve Bank working on solving their problems

The government is ready to bring in changes in the laws governing multi-state cooperatives, which also run banks, Finance Minister Nirmala Sitharaman said on Thursday. She also said a three-member committee comprising two secretaries of the finance ministry and a deputy governor of the Reserve Bank of India (RBI) would be set up to look into the issues of multi-state co-operative banks.

While speaking at a press conference here, Sitharaman said, “If amendments are going to help us curb malpractices and regulate and empower them better, the RBI will do it.” She added that the committee that would look into the