RBI Hold’s PMC Bank Under Directions Till 6 Months

( Shivam Dubey )

The Reserve Bank of India (vide Directive dated September 23, 2019) has placed the Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra, under Directions. where the Depositor’s could not withdraw money more then ₹1000 till 6 months.

On 23 sept morning, Depositor’s started receiving text messages fromPMC Bank. In which written that, I, Mr. Joy Thomas, M.D., regret to inform you that your PMC Bank has been put under regulatory restriction under Section 35A of B.R. Act by RBI for a period of 6 months due to irregularities disclosed to RBI. As the M.D. of the Bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of 6 months. All efforts are made to remove the restrictions by rectifying the irregularities. I know it is a difficult time for all of you and any apology may not restore the pain you are undergoing. Please co-operate with us. We assure that we will definitely overcome this situation and stand strong.

A PMC Bank baranch in Kalyan East, Tata Power. where 16000 account holders including savings bank account, current account and  other deposit account. The turn over of branch is 63 crore. The maximum account holders are from slum area’s or middle class people. because of this branch situated in MIDC, the company proprietors open their current account in PMC. Now the problem is with the MIDC worker who gets paid by the proprietor from this bank.

What holder’s could enjoy festivals like Navratri and Diwali?

In this case RBI issue press releases: