After PMC bank shut down leaving hundreds cashless, Finance Minister Nirmala Sitharaman explained that her ministry could not intervene with the cooperative bank.
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00:00Minister of Finance may have nothing to do with it directly because the RBI is the regulator.
00:30RBI rules! RBI rules! RBI rules!
01:00In such instances where there is some malpractice,
01:30and the boards get bypassed, the Reserve Bank is the one which takes care of placing a resolution.
01:39But one other thing which I did tell them is, does that mean that the Government of India is not doing a thing about it?
01:45Not at all. Ministry of Finance may have nothing to do with it directly because the RBI is the regulator.
01:52And they are doing what is by law to be done.
01:55I have asked the secretaries of the ministry to study in detail as to what is happening.
02:06Of course the representative from the Reserve Bank also will be in the meeting.
02:11To understand where there were shortcomings, what happened.
02:15And also to therefore, if necessary, look at the ways in which the respective acts will have to be amended.