December 2, 2019 10:25 PM

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Nearly 78% PMC bank depositors allowed to withdraw entire balance: Sitharaman

<span style="color: #222222;">Finance Minister Nirmala Sitharaman today said that nearly 78 per cent depositors of the scam-hit Punjab and Maharashtra Co-operative Bank, PMC, have been allowed to withdraw their entire deposits.<br />'' <br />'' In reply to a question in the Lok Sabha, Sitharaman said, however, the ceiling of  50 thousand rupees withdrawal will continue. She also said in case of medical emergencies, marriages and other crisis situations, a depositor of the PMC Bank can withdraw up to one lakh rupees by invoking the 'hardship provisions' of the RBI.<br />'' <br />'' The Minister also said, steps are being taken to seize properties of promoters of the PMC Bank and to auction such properties and repay depositors with the money obtained.<br />'' <br />'' <br />''<br />''In September this year, the RBI had imposed operational curbs on PMC Bank and appointed an administrator following the detection of alleged financial irregularities.</span><br />

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