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Need laws to protect money deposited in banks: Baba Ramdev

Baba said that Prime Minister Narendra Modi does not run the country’s economy, but 130 crore countrymen. “For this, everyone should work together and increase their production,” he said.

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International Yoga guru Baba Ramdev on Thursday demanded a law which guarantees the security of bank deposits. His statement has come a few weeks after the Punjab and Maharashtra Cooperative (PMC) Bank scam was unearthed. Two depositors have also died since the scam has surfaced. Apart from this, the depositors of PMC Bank have continuously been protesting.

Baba Ramdev said a law should be made to protect “100 per cent of the money” that the bank customers deposit. He also expressed confidence that the Modi government will make laws for the money deposited in the banks.

Baba Ramdev also said that there are economic challenges before the country that should be accepted. “This should not be denied. The government is committed to solving the economic slowdown and also engaged in resolving it. Small improvements are being made for this,” he said.

He said that Prime Minister Narendra Modi does not run the country’s economy, but 130 crore countrymen. “For this, everyone should work together and increase their production,” he said.

PMC Bank is one of the top 10 co-operative banks in the country. It has 137 branches. The RBI imposed regulatory restrictions — including limits on the withdrawal from each account — on the PMC Bank after it came to light that the bank had violated several regulations.
Apart from this, Surjeet Singh Arora, former director of PMC bank, Rakesh Wadhawan and Sarang Wadhawan, directors of HDIL and former chairman of PMC bank, SK Waryam Singh have also been arrested.

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