INDIA

Nirmala Sitharaman: Nearly 78 per cent PMC Bank Depositors Allowed To Withdraw Entire Balance

Mumbai: Finance Minister Nirmala Sitharaman said on Monday that about 78 per cent of depositors of Punjab and Maharashtra Corporation Bank are now allowed to withdraw their entire account balance.

The Finance Minister said, “In relation to promoters, we have ensured that the attached assets of the promoters can be given to RBI under certain conditions, so those assets can be auctioned and money can be given to depositors,” the finance minister said.

Ms Sitharaman said the Rs 50,000 withdrawal ceiling for depositors continues but for scenarios like marriage, education, livelihood and other “hardships”, the withdrawal limit if Rs 1 lakh.

According to the Economic Offenses Wing (EOW) of the Mumbai Police, the PMC bank management is in cahoots with a business family allegedly concealed from massive debt defaults by HDIL group firms investigating banking regulators.

EOW had said that more than 70 per cent of the bank’s shares went to the HDIL group, creating a huge crisis when the realty group defaulted on repayment.

In September, the RBI restricted the activities of PMC Bank for six months and asked it not to grant or renew any loans and advances after major financial irregularities were reported.

PMC Bank is a multi-state scheduled urban co-operative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.

With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

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