It’s a good news and sigh of relief for the depositors of Punjab and Maharashtra Co-operative Bank (PMC Bank), the withdrawal limit has been augmented from Rs 1,000 to Rs 10,000.
On Thursday THE RBI said in a statement that, “It has been decided to allow the depositors to withdraw a sum not exceeding Rs 10,000 of the total balance held, subject to conditions stipulated in the RBI Directive dated September 23, 2019,”.
THE RBI also stated that, Board of the bank has also been superseded under sub sections (1) and (2) of Section 36 AAA read with Section 56 of the Banking Regulation Act, 1949 and an Administrator has been appointed. The Administrator is taking mandatory steps in this regard.
The Central bank declared “The above alleviation has been granted with a view to reduce the hardship of the depositors. The RBI is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank”.
According to the highly placed sources, the plan to limit withdrawals came after the RBI found asymmetry in loans allowed to real estate group Housing Development Infrastructure (HDIL) to the tune of Rs 2,500 crore.