PMC Bank withdrawals have been limited at Rs 1,000 per account: Read here

The Reserve Bank of India has imposed operational restrictions on Punjab and Maharashtra co-operative bank. As per the RBI instructions to PMC Bank, withdrawals have been limited at Rs 1,000 per account and at the same time bank is not allowed to make any fresh loans. The RBI monitors the bank’s health and issues such directions in case of concerns over the financial health of an institution. However, no specific reason were specified by RBI to its restriction on PMC bank.

The branch officials were replying to queries, trying to assuage concerns of the harrowed customers. While the PMC bank has stopped all transactions also they are allowing customers to take out their belongings from the locker in lots.

RBI restriction will remain for six months at least. A Statement issued by RBI on Monday conference “According to the directions, depositors will be allowed to withdraw a sum not exceeding rs 1000 of the total balance in every savings bank account or current account, subject to conditions by RBI.

MD of the bank Thomas assured all the depositors by stating “As the MD of the bank, I take responsibility and assure all the depositors that these irregularities will be rectified before the expiry of 6 months. All efforts are made to remove the restrictions by rectifying the irregularities.”