What exactly happened in PMC Bank?

Punjab and Maharashtra Cooperative Bank (PMC Bank) has been facing regulatory actions and investigation over alleged irregularities in certain loan accounts. The central bank also limited the amount a customer could withdraw from their account during the next six months — to Rs 1,000 at first, and later to Rs 25,000.

Why PMC Bank closed Quora?

The reasons for such supercession is mismanagement and fraud in the day to day management of the operations of the bank by its management and the board of directors. In the INTERESTS of the safety of the depositors monies in any bank , RBI can impose restrictions to prevent any run on the bank.

What happened to PMC Bank account holders?

Depositors of stressed banks like Punjab & Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act. At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims.

What will happen to PMC depositors?

NEW DELHI : Depositors of stressed Punjab and Maharashtra Co-operative (PMC) Bank and 20 other co-operative banks will soon be able to get their money with a limit up to ₹5 lakh per depositor as the Deposit Insurance and Credit Guarantee Corporation (DICGC) has initiated the process to pay their ensured sum within 90 …

What is the withdrawal limit of PMC Bank?

₹1 lakh
Once the SFB is floated, PMC Bank would be merged into it. The bank has been under All Inclusive Directions of the RBI from the close of its business on September 23, 2019, which has been extended till December 31, 2021. At present, the deposit withdrawal limit for PMC Bank has been capped at ₹1 lakh.

How much can I withdraw PMC?

The Reserve Bank of India (RBI) in a response filed in Delhi High Court stated that depositors Punjab Maharashtra Cooperative (PMC) Bank are already allowed to withdraw up to Rs 5 lakhs on hardship grounds for treatment of terminal illnesses, including treatment of COVID-19.

What will happen to PMC Bank Quora?

All the depositors of PMC bank will not withdraw their deposits . once taking over is announced , customers confidence will go up. Some part f the depositors will demand immediate payment and that should be met, thevremaining will be like any Other Bank transactions Only.

Will PMC depositors get their money?

The draft amalgamation scheme for Punjab and Maharashtra Cooperative Bank (PMC) and Centrum-BharatPe promoted Unity Small Finance give some good news and bad news to the PMC Bank’s aggrieved high-value depositors. The good news is that all depositors will get their money back.

Will depositors get money from PMC Bank?

According to the scheme, Unity SFB will pay the amount received from the Deposit Insurance and Credit Guarantee Corporation (DICGC) to all the eligible depositors of PMC Bank, which would be an amount equal to the balance in their deposit accounts or ₹5 lakh, whichever is less.

Is my money safe in PMC Bank?

The Reserve Bank of India (RBI) has assured the Punjab and Maharashtra Cooperative (PMC) Bank depositors that their money is safe. RBI officials have told us that our money is safe.