CURBS OF NOTEBANDI DAYS ONCE AGAIN: CONG

The Congress on Wednesday highlighted the panic among bank depositors with fears about the safety of their money in various banks, noting that in store are the restrictions that the people had suffered after the demonetisation.

It said this fear gripped the people across the country, the fear that they may have the same fate that befell on the account holders of the Punjab and Maharashtra Cooperative (PMC) Bank, Mumbai, from the severe curbs of the Reserve Bank of India (RBI), not allowing cash withdrawals of more than Rs 1,000 for six months and the bank barred from taking fresh deposits or giving loans.

A tweet on the Congress website says the banks are in bad shape because of the spiralling NPAs (non-productive accounts) clogging their funds, primarily because of the faulty economic policies of the government.

Playing up with hashtag #BJPSeBanksBachao, the Congress asked: "When will the govt address the persistent rise of NPAs? Are they waiting for another slew of banks to face a similar fate as PMC and thousands more people to suffer the consequences?"

"Are more banks & depositors going to suffer a similar fate," the Congress asked, noting that "the restrictions placed on PMC depositors seem eerily similar to those placed on the entire nation during the disastrous period of Demonetisation."

Banks are in bad shape because of the spiralling NPAs clogging their funds, primarily because of the faulty economic policies of the government