RBI Enforces Restrictions On PMC Banks- Customers Cannot Withdraw More Than Rs.1,000

There is a hue and cry over RBI putting restrictions on their Punjab and Maharashtra Cooperative (PMC) Bank customers allowing them to only withdraw a sum of rupees 1000 from their accounts.

The decisions have been made sudden without giving prior notice to their customers wherein there were many customers who even went to the bank a day prior to this decision to deposit their money in the bank yet they were not been alerted regarding this decision.

According to the Directions, depositors will be allowed to withdraw a sum not exceeding rupees 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions,” the RBI stated.

The PMC bank will not be able to renew any loans and advances. They will not be any investment, liability, the borrower of funds, acceptance of fresh deposits, disburse or agree to disburse any payment or dispose of any of its properties or assets except as notified in the RBI directions dated September 23, 2019, as mentioned in the statement.

Joy Thomas, PMC Managing Director stated- “As the MD of the Bank, I take full responsibility and assure all the depositors that these regulations will be rectified before the expiry of six months.”

The restrictions are levied on the customers for a period of six months from the close of business of the bank on 23 September, said RBI.

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