No need to panic as banking sector remains sound, stable: Shaktikanta Das

Allaying fears of any threat to the banking system, Reserve Bank governor Shaktikanta Das on Friday asked the public not to panic as the entire banking system, including cooperative ones, continue to remain sound and stable.

In the wake of the crisis at Punjab & Maharashtra Cooperative (PMC) Bank, the RBI is reviewing the existing regulatory framework for cooperative banks and will discuss the matter with the government, Das said.

The statement assumes importance as PMC is the 24th cooperative bank to be placed under RBI administrators in 2019 and there are many regulatory and administrative gaps in the system