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PMC Bank crisis: Depositors can now withdraw additional Rs 50,000 for emergencies

PM Bank crisis: BJP Maharashtra Vice-President Kirit Somaiya tweeted on Wednesday morning that needy depositors can apply for the same at their respective branches.

twitter-logo BusinessToday.In   New Delhi     Last Updated: October 23, 2019  | 09:27 IST
PMC Bank crisis: Depositors can now withdraw additional Rs 50,000 for emergencies
PMC Bank crisis: Additional Rs 50,000 withdrawal limit permitted

The troubled Punjab and Maharashtra Co-operative (PMC) Bank customers can now withdraw an additional Rs 50,000 for emergencies, apart from the withdrawal limit of Rs 40,000. BJP Maharashtra Vice-President Kirit Somaiya tweeted on Wednesday morning that needy depositors can apply for the same at their respective branches.

"PMC Bank now Rs 50,000 withdrawal (in addition to Rs 40,000) allowed for medical/educational urgency. Needy person has to apply to their branch," tweeted Somaiya.

This comes as a relief for thousands of PMC Bank depositors who have been protesting against the regulatory impositions by the Reserve Bank of India. RBI had, when it passed the impositions, said that depositors can only withdraw Rs 10,000 from their accounts. It was later increased to Rs 25,000 after lot of protests and was eventually increased to Rs 40,000 recently.

RBI officials met a delegation of PMC Bank depositors on Tuesday who were protesting at Mumbai's Azad Maidan over the bank's withdrawal limits. The officials assured the depositors that their money is safe. The delegation also demanded Rs 25 lakh as compensation for the kin of the customers who died due to the crisis.

The apex bank said that it will come up with a solution and possibly convey the same through a press conference or a press release between October 25 and 27.    

The Prevention of Money Laundering (PMLA) court on Tuesday extended the Enforcement Directorate (ED) custody of HDIL promoters Rakesh Wadhawan and son Sarang Wadhawan, who are accused in the case, till October 24.

Also read: PMC Bank withdrawal limit raised to Rs 40,000 from Rs 25,000: RBI

Also read: PMC Bank scam: Ex-director's police remand extended till October 24

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