Now, PMC Bank Depositors Can Withdraw Rs25,000
Moneylife Digital Team 04 October 2019
The Reserve Bank of India (RBI) has raised withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank) to Rs25,000 from Rs10,000. RBI has also appointed a three member committee to assist the administrator of PMC Bank.
 
"The RBI again reviewed the bank's liquidity position and, with a view to reducing the hardship of the depositors, has decided to further enhance the limit for withdrawal to Rs25,000. With the above relaxation, more than 70% of the depositors of the bank will be able to withdraw their entire account balance. The Reserve Bank is monitoring the position of the bank and will continue to take necessary steps in the interest of depositors," the central bank said in a release.
 
The RBI has also decided to appoint a committee of three members in terms of section 36AAA(5)(a) read with Section 56 of the Banking Regulation Act 1949, to assist the Administrator of Punjab and Maharashtra Cooperative Bank Ltd.
 
Earlier on Thursday economic offences wing (EOW) of Mumbai police arrested two directors of the Housing Development Infrastructure Ltd (HDIL) in the PMC Bank scam.
 
Rakesh Wadhawan and his son Sarang Wadhawan, accused of loan default, have been arrested by the EOW.
 
Properties worth Rs3,500 crore of HDIL have also been frozen by the EOW, an official told IANS. "We arrested the two directors of HDIL after a detailed interrogation," the official added.
 
PMC Bank used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country's depositors and investors.
Comments
Dharam Vir Narang
3 years ago
Properties mortgaged by HDIL should be disposed and customers should allowed to access their accounts by the RBI.
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