Big Relief for PMC Bank Customers! RBI raises withdrawal limit to Rs 10,000; MD George Thomas sacked

In a bid to provide relief to around 60 per cent of the 7 lakh customers of the Punjab and Maharashtra Co-operative (PMC) Bank, the Reserve Bank of India (RBI) has raised the withdrawal limit of the bank customers from Rs 1,000 in next six months to Rs 10,000. In another move, the apex bank of India decided to sack the Managing Director of PMC Bank George Thomas as well.

As per Zee Business TV sources at the PMC Bank, the RBI move will aide around 60 per cent of its net customers as they are small and marginalised investors. However, the move is still not enough as the people will be able to withdraw Rs 10,000 in six months. The PMC Bank has near 7 lakh customer base and the RBI's decision to bar the bank from any transaction for next six months came as a shocker to them.

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The Reserve Bank of India (RBI) had placed the Punjab & Maharashtra Cooperative (PMC) Bank Ltd, Mumbai from carrying out any kind of business transactions, in Mumbai on Tuesday, sparking panic among the bank's depositors and sending shock waves in city trading community. The apex bank's Chief General Manager Yogesh Dayal had said that as per the RBI directions, depositors cannot withdraw more than Rs 1,000 of the total balance in their savings/current/other deposit accounts. 

The PMC Bank has been barred from granting and renewing loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from RBI. After the RBI directives, the PMC Bank had been barred from granting, renewing and loans and advances, make any investments, incur any liability, including borrower of funds or accept fresh deposits, etc., without the prior written approval from RBI.