Account holders of Punjab and Maharashtra Co-operative (PMC) Bank can now withdraw money up to Rs 1 lakh within a six-month period, stated a report.
The new norm came as a major relief to the bank account holders as they will now be able to withdraw a sum of Rs 60,000 from the earlier limit of Rs 40,000 for the purpose of a medical emergency.
On Wednesday morning, BJP Maharashtra Vice-President Kirit Somaiya tweeted, “PMC Bank now Rs 50,000 withdrawal (in addition to Rs 40,000) allowed for medical/educational urgency. Needy person has to apply to their branch.”
The PMC Bank is a multi-state cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. An alleged scam of Rs 4,355 crore in the PMC bank came to light a few weeks ago. The Supreme Court initially covered withdrawals at Rs 1,000 and then hiked it to Rs 40,000. According to reports, the PMC bank created over 21,000 fictitious accounts to hide bad loans extended to Housing Development and Infrastructure Limited, which is almost-bankrupt. The bank also under-reported its NPAs to the RBI.