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RBI increases PMC Bank withdrawal limit to Rs 10,000

  •   Thu, Sep 26 2019 06:43:43 PM

Daijiworld Media Network - New Delhi 

New Delhi, Sep 26: The Reserve Bank of India (RBI) has relaxed the withdrawal limit set for the customers of Punjab and Maharashtra Co-operative (PMC) Bank. 

Earlier, the RBI had put a withdrawal limit cap of Rs 1,000 per account. However, after severe backlash on September 26, it relaxed the limit to Rs 10,000 per account. 

“It has been decided to allow the depositors to withdraw a sum not exceeding Rs 10,000 (including Rs 1,000 wherever already withdrawn) of the total balance held,” RBI said in an official release which was released on Thursday. 

The RBI in its statement adds that the decision has been taken in view of "hardship of the depositors" and added that it will take further steps to "safeguard the interest of the depositors of the bank.” 

PMC Bank is a multi-state scheduled urban co-operative bank with its area of operation spreading across Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. 

As of March 2019, PMC Bank has a deposit base of Rs 11,600 crore.

  
  

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Comment on this article

  • SmR, Karkala

    Thu, Sep 26 2019

    As account holders of the PMC Bank fret over RBI restrictions, it has now come to light that as many as 12 of the directors of the bank have close ties with the BJP, co-director, Ranjeet Singh BJP member.

    Ranjeet Singh, a co-director, is a party member who is said to now be seeking a ticket from Mulund for the assembly elections. He is the son of MLA Sardar Tara Singh, who is a four-time MLA from BJP. Ranjeet wants to replace his 75-year-old father, and had tried to bag a ticket in the 2017 BMC elections, but was defeated by Kirit Somaiya with a really small margin.

    The reason behind a punitive action by RBI against PMC Bank was primarily a ₹2500 crore loan to HDIL. PMC Bank has public deposits of Rs 11,000 crores and exposure of Rs 2500 crores to a single entity. Itis sinking because of loans to HDIL. We have become a Spineless Country and each one of us is to blame for this. There's a clear case of Loot and Scoot which is happening.

    Don't keep money in stocks, Nimmo will sink them
    Don't keep money in PMC BANK like unreliable banks
    Don't keep the money as cash, can be demonetized
    Don't keep money in real estate, full of scams
    Don't keep money in gold, can sink anytime

    Invest in Gau Matas, totally safe
    #Fekunomics

    The NewRBI Governor Shashikant Das educational qualification is MA (History). Hope and pray he doesn't make RBI also a History after succeeds 4 Economics Scholars.

    This is case massive corruption in PMC BANK Punjab & Maharashtra Co-op bank.

    1. Bank has given a loan of 2500 crores to just one Mumbai based builder HDIL, how can depositors money be safe?
    2. Despite HDIL defaulting on repayments, PMC Bank’s auditors didn’t classify the loan to HDIL as an NPA?
    3. Why Indian banks are failing despite merger?
    4. What is the fault of small account holders in this which RBI punishing for Rs2500 crores of PMC blown by HDIL?
    5. Why RBI is not freezing HDIL assets for PMC default?
    6. Why Co-Director and 12 Directors links with BJP, not investigated?
    Jai Hind

    DisAgree Agree [3] Reply Report Abuse

  • Lame, Mangalore

    Thu, Sep 26 2019

    #sab theek hai

    DisAgree Agree Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Thu, Sep 26 2019

    BEGINNING OF THE END???

    DisAgree Agree Reply Report Abuse

  • Anil, Dubai

    Thu, Sep 26 2019

    All bloody drama .....
    the days are near for auction of nation ..........

    DisAgree [1] Agree [14] Reply Report Abuse

  • Sahil, Mangaluru

    Thu, Sep 26 2019

    Strange why account holder and depositor need to suffer. 20000 even can't run one. Month house hold. Expenditure.

    DisAgree [1] Agree [11] Reply Report Abuse

  • Armando, urwa

    Thu, Sep 26 2019

    Next is YES BANK. Nobody will get more than Rs 2000

    DisAgree [2] Agree [10] Reply Report Abuse

  • PINTO, Mangalore

    Thu, Sep 26 2019

    Next is LIC..

    DisAgree [1] Agree [13] Reply Report Abuse

  • Jossey Saldanha, Atlanta

    Thu, Sep 26 2019

    Only on 10th September 2019 Auditor of PMC Bank gave 'A' Class certificate to their Accounts.
    Dal Mein Kuch Kala Hai ...

    DisAgree [2] Agree [19] Reply Report Abuse


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