PMC Bank: Depositors Can Withdraw Rs 50,000 Extra For Emergencies Now

New Delhi, News Nation Bureau | Updated : 23 October 2019, 10:50 AM
PMC Bank depositors can apply for the withdrawal at their respective branches for any medical or educational emergency
PMC Bank depositors can apply for the withdrawal at their respective branches for any medical or educational emergency (Photo Credit : File Photo )

In relief to customers of the Punjab and Maharashtra Co-operative (PMC) Bank, they can now withdraw an additional Rs 50,000 for emergencies, apart from the current withdrawal limit of Rs 40,000. This is good news for thousands of PMC Bank depositors who have been protesting against the regulatory impositions by the Reserve Bank of India. Kirit Somaiya, BJP Maharashtra Vice-President, tweeted on Wednesday morning that depositors can apply for the withdrawal at their respective branches for any medical or educational emergency.

"PMC Bank now Rs 50,000 withdrawal (in addition to Rs 40,000) allowed for medical/educational urgency. Needy person has to apply to their branch," tweeted Somaiya.

RBI had, when it passed the impositions, said that depositors can only withdraw Rs 10,000 from their accounts. It was later increased to Rs 25,000 after lot of protests and was eventually increased to Rs 40,000 recently.

Meanwhile, a Mumbai court on Tuesday extended the ED custody of HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested in connection with Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank scam, till October 24.

The Enforcement Directorate (ED) produced Housing Development Infrastructure Ltd's (HDIL) chairman and managing director Rakesh Wadhawan and his son before special Prevention of Money Laundering Act court judge P Rajvaidya, after their remand ended on Tuesday. It sought further custody of the father-son duo to probe them further in connection with the scam.

The Wadhawans were arrested last month by Mumbai Police's Economic Offences Wing (EOW). The EOW earlier this month registered a case against them and top officials of the PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank. It alleged that the bank management, in cahoots with the Wadhawans, concealed from the banking regulators' scrutiny huge loan defaults by the HDIL group firms.

The bank officials replaced 44 loan accounts of the HDIL with 21,049 fictitious accounts to camouflage huge loan defaults by the real estate group, it said. ED case of money laundering was based on the FIR registered by the EOW. 

First Published: Wednesday, October 23, 2019 10:29 AM
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