Nearly 78% PMC bank depositors allowed to withdraw entire balance: Sitharaman

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National News

Dec 02, 2019

10:25PM

Nearly 78% PMC bank depositors allowed to withdraw entire balance: Sitharaman

@nsitharaman

Finance Minister Nirmala Sitharaman today said that nearly 78 per cent depositors of the scam-hit Punjab and Maharashtra Co-operative Bank, PMC, have been allowed to withdraw their entire deposits.

In reply to a question in the Lok Sabha, Sitharaman said, however, the ceiling of 50 thousand rupees withdrawal will continue. She also said in case of medical emergencies, marriages and other crisis situations, a depositor of the PMC Bank can withdraw up to one lakh rupees by invoking the 'hardship provisions' of the RBI.

The Minister also said, steps are being taken to seize properties of promoters of the PMC Bank and to auction such properties and repay depositors with the money obtained.

In September this year, the RBI had imposed operational curbs on PMC Bank and appointed an administrator following the detection of alleged financial irregularities.