{"id":7597,"date":"2019-12-04T11:00:18","date_gmt":"2019-12-04T05:30:18","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=7597"},"modified":"2020-12-07T14:57:34","modified_gmt":"2020-12-07T09:27:34","slug":"pmc-bank-depositors-rbi-increases-the-withdrawal-limit-to-rs-50000","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/pmc-bank-depositors-rbi-increases-the-withdrawal-limit-to-rs-50000\/","title":{"rendered":"Good News for PMC Bank Depositors- RBI increases the Withdrawal Limit to Rs 50,000"},"content":{"rendered":"\n<p class=\"has-drop-cap\">On November 5, RBI has extended the deposit withdrawal limit for all the PMC bank depositors to \u20b950,000. It&#8217;s inclusive of the limit \u20b940,000 which was relaxed earlier. This outrageous step of the Reserve Bank of India will enable 78% of the Punjab and Maharashtra Cooperative bank&#8217;s depositors to withdraw their entire account balance.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a358e35218\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a358e35218\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/pmc-bank-depositors-rbi-increases-the-withdrawal-limit-to-rs-50000\/#Highlights_of_the_Story\" title=\"Highlights of the Story\">Highlights of the Story<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/pmc-bank-depositors-rbi-increases-the-withdrawal-limit-to-rs-50000\/#Nirmala_Sitharaman_Viewpoint_on_the_hike_to_PMC_Bank_Depositors\" title=\"Nirmala Sitharaman Viewpoint on the hike to PMC Bank Depositors\">Nirmala Sitharaman Viewpoint on the hike to PMC Bank Depositors<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/pmc-bank-depositors-rbi-increases-the-withdrawal-limit-to-rs-50000\/#Conclusion\" title=\" Conclusion  \"> Conclusion  <\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Highlights_of_the_Story\"><\/span>Highlights of the Story<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To safeguard the interest of <strong>PMC bank depositors<\/strong>, RBI has increased the deposit limit. It all started back on <strong>September23<\/strong>. Have a glimpse of the entire story:&nbsp;<\/p>\n\n\n\n<ul><li>The Punjab and &amp; Maharashtra <strong><a href=\"https:\/\/www.pmcbank.com\/english\/home.aspx#\"><em>Cooperative Bank<\/em><\/a><\/strong> (PMC) has come upon a regulatory radar after the Housing Development &amp; Infrastructure Ltd.  Its company&#8217;s directors failed to repay a massive amount  \u20b94355 crore loan from PMC Bank.<\/li><li>Considering the <strong>liquidity crisis<\/strong>, the PMC bank prompts RBI to appoint an administrator. The bank wants RBI to look after the matter and oversee business under restrictions.<\/li><li>RBI took over administration of PMC banks on September 23. It  curbs them from executing any operations for the next six months over alleged <strong>financial irregularities<\/strong>. Thereby, it restricts the bank from performing basic functions such as lending and deposit withdrawals.<\/li><li>This action of RBI shook all the branches of PMC payments networks and resulted in <strong>shutting of its ATMs<\/strong> for about two months.\u00a0<\/li><li>Not only the banks but the customers were also taken aback by the RBI&#8217;s decision. The <strong>BPMC bank customers<\/strong> were left queuing up at the regional bank branches to access their accounts. Besides, online banking services remain inaccessible.<\/li><li>The <strong>Reserve Bank of India<\/strong> has inflated the <strong>PMC bank depositor&#8217;s<\/strong> withdrawal limit four times in a row.<\/li><li>The initial withdrawal limit that was set by <strong>RBI is \u20b91000<\/strong> per customer which was relaxed to <strong>\u20b910,000 within two days<\/strong>. Further, it gets <strong>increased to \u20b925,000 and later to \u20b940,000<\/strong>.<\/li><li>Moreover, RBI has permitted the depositors to withdraw cash from the <strong>PMC bank&#8217;s ATMs<\/strong> within the relaxed limit of Rs 50,000.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nirmala_Sitharaman_Viewpoint_on_the_hike_to_PMC_Bank_Depositors\"><\/span>Nirmala Sitharaman Viewpoint on the hike to PMC Bank Depositors<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>On Monday in <strong>Lok Sabha<\/strong>, the <strong>Finance Minister, Nirmala Sitharaman<\/strong> proclaim that <strong>nearly 78% depositors<\/strong> of the <strong>scam-hit PMC<\/strong> bank get permitted to withdraw their entire deposits even through the <strong>ceiling of \u20b950,000 on withdrawal persist<\/strong>. <\/p>\n\n\n\n<p>Further, Nirmala adds that in case of a medical emergency, marriage or other financial crises a PMC bank depositor can withdraw up to \u20b91 lakh through invoking &#8220;hardship provisions&#8221; of the Reserve Bank of India.<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">78% depositors of <a href=\"https:\/\/twitter.com\/hashtag\/PMCBank?src=hash&amp;ref_src=twsrc%5Etfw\">#PMCBank<\/a> can withdraw their entire account balance: FM <a href=\"https:\/\/twitter.com\/nsitharaman?ref_src=twsrc%5Etfw\">@nsitharaman<\/a>  <a href=\"https:\/\/t.co\/MHvj2tui7h\">https:\/\/t.co\/MHvj2tui7h<\/a> <a href=\"https:\/\/t.co\/MxJzQvDJab\">pic.twitter.com\/MxJzQvDJab<\/a><\/p>&mdash; Economic Times (@EconomicTimes) <a href=\"https:\/\/twitter.com\/EconomicTimes\/status\/1201494778254221312?ref_src=twsrc%5Etfw\">December 2, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong> Conclusion <\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"shadow4\">The financial position of the PMC bank has substantially diluted because of the scam of Housing Development &amp; Infrastructure Ltd. Soon after, when the Reserve Bank of India takes notice of the poor liquidity position of PMC, it took measure thereafter. RBI undertakes actions in appointing an Administrator to ensure that the bank&#8217;s available resources are protected and do not get diverted or misused.<\/div>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/swaritadvisors.com\/learning\/how-to-obtain-prepaid-wallet-license-in-india\/\">How to Obtain Prepaid Wallet License in India<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On November 5, RBI has extended the deposit withdrawal limit for all the PMC bank depositors to \u20b950,000. It&#8217;s inclusive of the limit \u20b940,000 which was relaxed earlier. This outrageous step of the Reserve Bank of India will enable 78% of the Punjab and Maharashtra Cooperative bank&#8217;s depositors to withdraw their entire account balance. Highlights [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":7610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,544],"tags":[786],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/7597"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=7597"}],"version-history":[{"count":19,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/7597\/revisions"}],"predecessor-version":[{"id":17591,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/7597\/revisions\/17591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/7610"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=7597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=7597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=7597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}