All 12 directors of PMC Bank linked to BJP: Congress

NAGPUR: Congress spokesman

Gourav Vallabh

on Monday alleged that all 12 directors of the troubled

Punjab and Maharashtra Cooperative Bank

had links with the BJP. “One of them, Ranjit Singh, is son of BJP leader Tara Singh and is also on the board of HDIL, the construction company whose Rs 2000 crore loan has dragged the bank into the red,” said Vallabh.


Vallabh was drafted to the city to highlight the “economic disaster” that Narendra Modi government was pushing the country into. Talking to reporters here, he said PMC case was a classic case of Demonetisation 2.0 that would have ripple effect on several smaller cooperative banks that parked funds with PMC. “It is a systemic failure and RBI warnings were ignored. The state government and its cooperative department should answer why it allowed the bank to go under,” said Vallabh. He sought removal of limits on withdrawals to needy individual depositors and easing of restrictions on housing societies.

“The economy is in doldrums and it is a man-made disaster. The Modi government has fired two bullets, Demon and GST, to kill the economy,” said Vallabh. He claimed 10 lakh employees were on the verge of losing jobs in auto sector. The manufacturing sector’s growth rate had dropped from 12% to 0.6% .

“Every published data of Modi government points to economic downslide, yet the government is in denial. Instead of surgery to treat cancer, it is applying balm to soothe sentiments,” said Vallabh.

According to him the latest survey report published by HRD ministry reveals one in every three youths in age group 20-24 was unemployed in the country. But in Maharashtra itself 1.90 lakh government posts were left vacant.

He blamed this on wrong policies of the BJP-led government. “Even BJP MP Subramanian Swamy has said that Union finance Nirmala Seetharaman knows a lot on every subject but economics. In 2008, India faced global recession but the country was not hit hard because of deft handling of situation by then prime minister Manmohan Singh. Today Modi government has no control on it and is busy in headlines management,” Vallabh added.


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