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PMC BANK WITHDRAWAL LIMITS INCREASED

The Reserve Bank on Thursday increased the cash withdrawal limit to Rs 25,000 per account-holder from Rs 10,000  but  the six-months curbs will continue.

The regulator also said the relaxation in withdrawals will take care of over 70 per cent of the customers of the cooperative bank focused on low-income customers.

The RBI had on September 24 imposed a slew of restrictions on PMC Bank after finding many irregularities in its books, including massive under-reporting of NPAs. The lender is not allowed to offer new loans or accept deposits. It has been decided to allow the depositors to withdraw a sum not exceeding Rs 10,000 (including Rs 1,000 already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account, the RBI said. Meanwhile two directors of HDIL that set off the crisis at PMC Bank by defaulting were arrested on Thursday. Rakesh Wadhawan and Sarang Wadhawan, senior executives at Housing Development and Infrastructure Ltd (HDIL), were arrested by the Economic Offences Wing .                                                                                                                                                             

The police complaint that the PMC officials misled the Reserve Bank of India for over a decade from 2008 to August 2019. The fictitious loan accounts were not entered into the bank’s core banking system. The complaint also named the bank’s then chairman Waryam Singh and its managing director Joy Thomas, along with other bank officials for criminal breach of trust, forgery and falsification of records of the bank

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