Mumbai Cong chief asks RBI to raise PMC bank withdrawal limit

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Mumbai Congress chief Eknath Gaikwad on October 5 said withdrawal limit for customers of the scam-hit Punjab and Maharashtra Cooperative Bank (PMC) should be raised as the 25,000 limit for six months was inadequate.

Some officials of PMC bank are accused of providing loans to HDIL group and in the process causing losses of Rs 4,355.43 crore to the bank.

In a memorandum to the Reserve Bank of India, Gaikwad said the law promises the depositors that their money would be available to them whenever they need it, which in this case was not being followed.

“The withdrawal limits need to be raised so that day to day working does not come to a standstill for customers. They RBI should allow customers to withdraw money for family or medical emergencies. The security of money is being denied to PMC customers,” he said.

He also sought to know from the RBI the future of PMC bank and demanded a revival package for cooperative banks from the government. Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.