PMC Bank: Withdrawal Limit Increased to Rs1 Lakh for Medical Emergencies
Moneylife Digital Team 24 October 2019
Account holders of Punjab and Maharashtra Co-operative (PMC) Bank can now withdraw additional money of up to Rs60,000 for medical emergencies. This amount is reportedly in addition to the Rs40,000 withdrawal limit set earlier.
 
Hence, a depositor facing medical emergency would now be able to withdraw a total of Rs1 lakh within a period of six months. In order to avail this additional amount PMC depositors will have to approach their respective branches and apply in person, while providing sufficient proof of their situation.
 
This new development comes after a delegation of protesting depositors met with RBI officials on Tuesday. The delegation, which was protesting at Mumbai’s Azad Maidan, was assured by RBI that their money was safe. They were also assured that RBI will come up with a solution and possibly convey it through a press conference or a press release between October 25 and 27.
 
Recent reports from RBI have revealed that the financial position of PMC bank had been substantially impaired due to fraud perpetrated on it by certain persons. RBI had hence imposed restrictions on the bank to ensure available resources were protected and not misused or diverted.
 
RBI has said that it is closely monitoring the developments and will continue to take necessary steps in the interest of the depositors of the bank. Initially, the withdrawal amount was limited to just Rs10,000 within a period of six months which was later increased to Rs25,000 and most recently to Rs40,000. However the restriction on the time frame of six months continues to remain.
Comments
Dattaram Dessai
3 years ago
The RBI is granting a BHIK to PMC bank holders. A,FIR should be filled against RBI Governor who is responsible for death of five PMC investors.
It appears to me that they should solve the problem on priority as many death or suicides can occur.
The new elect Chief Minister of Maharashtra should come forward for help of unfortunate investors of PMC bank.
Vijay Nargund
3 years ago
Right
lcs 0001
3 years ago
Most of PMC BANK depositors has voted against BJP. Now it's must for BJP pm and can to take immediate action and to do something for helpless PMC deposit holders
Thanks to PMC deposit holders unity.







sanjay mengle
Replied to lcs 0001 comment 3 years ago
shiv sena ,udhaw thakre should support BJP in forming government only if all PMC Depositers are paid there money back.
Annu Viswanath
Replied to lcs 0001 comment 3 years ago
Why blame the BJP for the activities of criminal minds?
Vishal Pawar
Replied to Annu Viswanath comment 3 years ago
Why not to blame, why we depositors should suffer for fraud done by the Bank and Builders, why we should celebrate Black Diwali when our hard earned money is in Bank. You will not understand our pain unless you lose your savings in Bank.
Why Government is not saving us by merging the bank Or by giving bail out package.
it is all in their hands but not in their Hearts to save us.
Jaydeep Vaze
Replied to Vishal Pawar comment 3 years ago
Hello vishal i understand your pain. But there wont be any takers for this bank as the bank has a hole of Rs. 2000 crore. No other bank will be ready to merge it.
kichu b
3 years ago
Todays election results says it all. BJP s performance has been poor. BJP could have easily won 140 plus,had PM modi intervened in PMC bank scam and just given a favourable assuarance to the account holders, unfortunately he kept mum,despite even ex PM, Dr.Manmohan Singh , making a request.

This shows that of the 16 lacs accountholders in PMC bank, atleast around 10 lacs are Maharashtra voters, who i believe vent their ire against BJP.

BJP lost a golden oppurtunity to be a common mans government.
sanjay mengle
Replied to kichu b comment 3 years ago
I request Shiv sena Udhaw Thakre to support BJP in forming government only if BJP Promises to return all account holders there money back.
kichu b
3 years ago
Todays election results says it all. BJP s performance has been poor. BJP could have easily won 140 plus,had PM modi intervened in PMC bank scam and just given a favourable assuarance to the account holders, unfortunately he kept mum,despite even ex PM, Dr.Manmohan Singh , making a request.

This shows that of the 16 lacs accountholders in PMC bank, atleast around 10 lacs are Maharashtra voters, who i believe vent their ire against BJP.

BJP lost a golden oppurtunity to be a common mans government.
Newme
3 years ago
Now people in medical emergency have to spend time in gathering the documents and to show the proof. Even in a scam Babus create more bureaucratic work.
Farooque Khan
Replied to Newme comment 3 years ago
The RBI never directed the scamsters and the auditor of RBI who used to give good reports of the bank is going scotfree and we the depisitors are being guided by RBI to give proofs of our medical and educational emergencies. Wow this is really great scamstars were not asked any questions by RBI and were allowed to loot our hard earned money and we the depisitors should show them why we need our own hard earned money.
Vijay Nargund
Replied to Farooque Khan comment 3 years ago
Well said
Annu Viswanath
Replied to Farooque Khan comment 3 years ago
Well said.
Vijay Varshney
Replied to Newme comment 3 years ago
You are right. We are running from pillar to post just to get our own money which is being burnt by so called govt /RBI babus by giving fake Audit reports. SHAME MODI GOVT.
Annu Viswanath
Replied to Vijay Varshney comment 3 years ago
That's the sad part. We slog for so many years to collect lakhs and these criminals swindle in crores and enjoy life.




naveen pahwa
Replied to Annu Viswanath comment 3 years ago
It seems only culprit of the system is who deposit their hard earned money in such a crap banking system for which actually none is responsible. Now to get our own money we have to beg from others and actually in real terms we the people at their marcy...........
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