In view of the Corona disaster, the Reserve Bank of India (RBI) has given relief to the customers of the scammed Punjab and Maharashtra Co-operative (PMC) Bank. The RBI has increased the withdrawal limit from the bank account to PMC to Rs 1 lakh, besides the RBI has extended the restrictions on the bank for another 6 months. Now the ban will remain in force till December 22 on the bank
.Till now it was allowed to withdraw 50 thousand rupees
In a statement issued on Friday by the RBI, it has been said that the new exemption for withdrawal of Rs 1 lakh includes the old exemption. Earlier, RBI had given permission to the account holders of PMC Bank to withdraw up to Rs 50,000 from their account. Apart from this, RBI has also increased the limit for withdrawal of money from four other co-operative banks. These include Sri Guru Raghavendra Sahakara Bank Bengaluru, Youth Development Bank Limited Kolhapur, Kerala Mercantile Co-operative Bank Limited Kozhikode and Hindu Co-operative Bank Limited Pathankot.
Many restrictions are imposed on PMC bank after the scam surfaced
On September 23, 2019, the RBI imposed several restrictions on the alleged scam of Rs 4,355 crore in PMC Bank. PMC Bank officials were accused of wrongly giving loans to real estate developer HDIL, hiding loan information and financial irregularities. Initially PMC bank depositors were allowed withdrawals of just Rs 1,000. However, it was now increased to 50,000 rupees in several stages.
RBI is working to find a solution
The statement said that the RBI, along with all stakeholders, is exploring possibilities of finding solutions to the problem of PMC Bank. However, the solution process has been affected due to the applied lockdown due to Kovid-19. RBI has said that the recovery of bad loans is causing problems due to legal process. RBI says that it is keeping a close watch on PMC bank and all necessary steps are being taken in the interest of account holders.
