PMC Bank customers can not withdraw more than Rs 1,000 from their accounts: RBI

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Mumbai: In the setback to the customers of Punjab and Maharashtra Cooperative Bank Limited, Reserve Bank of India (RBI) has put restrictions on money withdrawal. RBI has placed the PMC bank under Directions.

According to the directions, depositors will be allowed to withdraw a sum not exceeding Rupees 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions. The Directions will be applicable for six months.

In a released notification, RBI said that, “Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra without prior approval in writing from the Reserve Bank, will also not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI directions dated September 23, 2019.”

The Directions are imposed in exercise of powers vested in the Reserve Bank under Sub-section (1) of Section 35A of the Banking Regulation Act, 1949 read with Section 56 of the said Act. A copy of the Directive dated September 23, 2019, is displayed at the bank’s premises for perusal by interested members of public.

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