PMC Bank Account Holders Can Now Withdraw Additional Rs 50,000 For Emergency Apart From Rs 40,000 Withdrawal Limit
PMC Bank Customers. (Photo Credits: IANS)

Mumbai, October 23: In a big relief, for Punjab Maharashtra Co-operative (PMC) bank account holders can now withdraw additional Rs 50,000 for emergencies, apart from the Rs 40,000 withdrawal limit. The depositors have to apply in their branches to withdraw extra money for medical or educational emergency. The announcement was made by the bank on Wednesday. Bharatiya Janata Party (BJP) Maharashtra Vice-President Kirit Somaiya also tweeted to give this information. PMC Bank Crisis: Joy Thomas, Suspended Bank Chief, Admits to Have Hid Info About Stressed HDIL Accounts From RBI.

Somaiya tweeted, “#PMCBank now ₹50,000 withdrawal (in addition to ₹40,000) allowed for medical/education urgency. Needy person has to apply to their branch.” On October 14, the Reserve Bank of India (RBI) increased the withdrawal limit from Rs 25,000 to Rs 40,000 for the depositors of the Bank. PMC Bank Crisis Likely to Affect Mumbai, Navi Mumbai Gurudwaras' 550th Birth Anniversary Celebrations of Guru Nanak Dev as Nearly Rs 100 Crore Lies in Accounts.

Kirit Somaiya's Tweet:

The withdrawal limit was increased after the meeting of Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das. In September, the RBI had imposed a restriction on the withdrawal of money from the PMC Bank. The central bank had barred PMC Bank from allowing withdrawals of more than Rs 1,000 per account for the next six months. However, two days later, the RBI enhanced the withdrawal limit for depositors of PMC Bank to Rs 10,000 and finally to Rs 25,000 earlier this month.

According to reports, five people lost their lives while protesting against the bank authorities. On October 22, a special court in Mumbai on Tuesday extended the Enforcement Directorate custody of accused Rakesh Wadhawan and Sarang Wadhawan till October 24. Till now, Economic Offences Wing (EOW) of Mumbai Police had arrested five people in the PMC Bank fraud case -- including former managing director Joy Thomas and top officials of Housing Development and Infrastructure Ltd.