Monday , October 18 2021

Relief to PMC bank account holders, can withdraw 1 lakh rupees in medical emergency

New Delhi : Depositors of the Punjab and Maharashtra Cooperative Bank (PMC), who are facing RBI restrictions, can withdraw Rs 1 lakh from their account in case of a medical emergency. The Reserve Bank has given this information in the affidavit filed in the Bombay High Court. Due to being caught in the scam, the RBI has imposed a 6-month ban on PMC Bank.

The RBI affidavit states that the withdrawal limit is 50 thousand rupees in case of problems like marriage, education, living, etc. The affidavit stated that such a threshold was necessary to protect the interests of the bank and its depositors. Reserve Bank lawyer Venkatesh Dhond, Justice S.C. Dharmadhikari and Justice R.I. Chagla told the bench that depositors struggling with difficulties can meet the administrator appointed by the central bank and demand withdrawal of up to Rs 1 lakh. The central bank also told the court that a large number of disturbances have been found in the PMC bank. The bench will next hear the matter on December 4.

In fact, the RBI has banned PMC Bank for 6 months due to the violation of rules and disturbances. With this, the limit for withdrawing cash from the bank’s customers has also been fixed. In the initial days, this limit was only 1 thousand rupees for the customers of the bank.

However, later the RBI has increased this limit several times. At the same time, customers of the bank cannot even take new loans due to the ban. In these conditions, the needy customers are not able to withdraw their own money from the bank and they have to face various kinds of problems in everyday life.

The management of PMC Bank has been accused that loans were given to Housing Development and Infrastructure (HDIL) keeping the rules under control. The bank gave this loan to HDIL at a time when this company was going through the process of bankruptcy. The important thing is that PMC Bank also misled the RBI regulating banks in this case.

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