Money & Banking

PMC Bank customers protest withdrawal limit imposed by RBI

Our Bureau Mumbai | Updated on September 24, 2019 Published on September 24, 2019

Anxious depositors in a Punjab & Maharashtra Co-op Bank branch in Mumbai on Tuesday. - Paul Noronha

Customers of the Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) were seen crying and protesting at various branches of the bank spread across the city.

The depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance, subject to conditions stipulated by the RBI.

PMC Bank customers are worried about the fate of the ECS mandates and post-dated cheques they have given towards EMIs for home, auto, vehicle loans, and payment of life insurance premiums.

Customers outside PMC's Wagle Estate branch (Thane) told BusinessLine that their fear is that they may be classified as loan defaulters, with lenders taking recovery action due to failure of the  ECS mandate or post-dated PMC cheques bouncing.

Palvinder Singh Nanda, a transport operator, said PMC Bank is known for its good customer service. But with his current account now frozen, he would have to open this account with another bank. Due to higher interest rates, the common man had placed deposits with the bank. With withdrawal frozen at Rs 1,000 per customer, senior citizens who had placed their lifetime savings with the bank, may find the going tough


Here are some reactions from Twitter.

@1989Avinash @PMC_Bank says they are under 35A of BR by the @RBI and the thing is I have all my savings stuck in that bank and they say I cannot withdraw my money now.. What do I do.. People here have all their savings in the bank and the bank says they can’t help

InGenious @Bees_Kut Dear @RBI please issue one more notification on how to survive with Rs 1000 in 6 months #pmcbank

@imranmkkhan Keeping the money at home - fear of demonetisation Keeping it in bank - fear of withdrawal restrictions by RBI Where am I suppose to keep my money? In govt lockers by paying traffic challans?

@ankitaa_rk I regret opening my account in this bank#pmcbank Hands trembling as I write this. My all savings gone

Published on September 24, 2019
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