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PMC Bank crisis: Only few depositors have withdrawn the entire permissible amount

PMC Bank crisis: Only few depositors have withdrawn the entire permissible amount

It has come to light that not all the depositors of Punjab and Maharashtra Cooperative (PMC) Bank have withdrawn the entire permissible amount from their accounts. The Reserve Bank of India (RBI) had relaxed the withdrawal limit to Rs 50,000 per account holder in November.  According to a report in the Hindu, only Rs 400 crore has been withdrawn in the last two months from PMC bank. The estimated amount of outflow for the bank post the relaxation is Rs 1,300 crore.

The Reserve Bank of India (RBI) had issued a notice to the bank to shut down its operations from September 23. Post this, an atmosphere of panic had spread amongst the PMC Bank account-holders who were unable to withdraw money from their own accounts. They have been staging protests and asking Chief Minister and Finance Minister to look into the matter urgently.

Initially, the withdrawal limit was set at ₹1,000 per account holder which was later revised to ₹10,000. In the month of October, this limit was revised to ₹25,000 and subsequently to ₹50,000.

Also Read: PMC Bank Crisis: Bombay HC Asks RBI To File Affidavit Stating Steps Taken For Depositors

Taking into note the number of medical emergencies by the depositors, RBI stated that depositors can withdraw ₹50,000 only in a case of medical emergency but now the same amount is applicable for everyone.

There have been several arrests made in regards to this case, which includes the promoters of HDIL bank and former Chairman and MD of the PMC bank. The chargesheet filed by EOW in this matter runs into 32,959 pages.

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