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Arti Chavan made post

What was the problem with PMC Bank and why did the RBI put a freeze on the bank withdrawals? Is it another case like Global Trust Bank?

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Jeet answered.
11 months ago


The Co-operative banks internal debacle gets always unnoticed unless RBI imposes liquidation or similar sort .

Still there are some regulations wherein senior citizens or a needy person with the valid proof of purpose can take his money out but that too is a headache procedure.
Only the bank internal employees and close associates knows the real truth if you ever get tip of such debacle please remove your money at once keeping a very small amount in the account which wont cause a havoc when the crisis situation occurs.



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11 months ago


The RBI has put a restriction that account holders can only withdraw Rs.1000 from their accounts for the next 6 months. However, Punjab and Maharashtra Cooperative Bank (PMC Bank) has also been barred from fresh advances, fresh investments and also from accepting fresh deposits from the public. Any new loans or investments will be permitted only subject to the prior approval of the RBI.

Over the last few months, the RBI had issued several warnings to PMC Bank over the quality of their deposits and their dubious solvency. To protect the interests of the depositors and its customers, the RBI had to resort to this decision. The RBI did not give the opportunity or advance warning to the depositors to prevent a run on the bank and that is something most depositors have been protesting about. More details on the subject are still awaited.


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Priyanka Singh answered.
11 months ago


Joy Thomas, Managing Director (MD) of Punjab and Maharashtra Cooperative (PMC) Bank has been suspended. The suspension was undertaken by an official appointed by the Reserve Bank of India (RBI). RBI has appointed JB Bhoria, to supervise bank. RBI will be giving further notice/instruction sover banking business to JB Bhoria.
Reason for PMC to come news? According to one of the RBI reports, PMC has come under irregularities in loans granted to real estate group Housing Development Infrastructure (HDIL).
However, this is not the complete information about the case, many updates are yet to be released from the centre officials.


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Tanya Mehta answered.
11 months ago


The Reserve Bank of India (RBI) upgraded the withdrawal limit for Punjab and Maharashtra Cooperative (PMC) Bank from Rs.1000 to Rs.10000.
Accordingly to the recent report dated September 26, 2019, it has been decided to allow the depositors to withdraw a sum not exceeding Rs 10,000 (including Rs 1,000 wherever already withdrawn) of the total out of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to the conditions stipulated in the RBI directive dated September 23, 2019,"- (Source) the central bank stated in a notification on its website.