PMC Bank crisis: Depositors can withdraw up to ₹1,00,000 in case of medical emergencies

PMC Bank crisis: Depositors can withdraw up to ₹1,00,000 in case of medical emergencies

RBI has come up with another interim relief measure for the depositors Punjab and Maharashtra Cooperative (PMC) Bank. The account holders of the crisis-hit bank can approach the RBI-appointed administrator for withdrawal up to Rs. 1 lakh in case of medical emergencies. This announcement was made by RBI to the Bombay High Court on Tuesday.

In an affidavit filed in the court in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal limit at  ₹50,000 for scenarios like marriage, education, livelihood and "other hardships".

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 their own money.

Initially, the withdrawal limit was set as ₹1,000 which was later revised to ₹10,000. In the month of October, this limit was revised to ₹25,000 and then ₹40,000 and further to even 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.  

The scam has already claimed eight lives and in most cases, it has been seen that the depositors did not have enough money to meet their medical expenses. The bank crisis had earlier claimed lives of Bharti Sadarangani, Sanjay Gulati, Nivedita Bijlani, Murlidhar Dharra, Fattomal Punjabi, Keshumalbhai Hinduja, Kuldeep Kaur Vig and Andrew Lobo.  

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