The account holders of Punjab and Maharashtra Cooperative Bank trapped in the scam are yet to get relief from the Reserve Bank of India.
Depositors of the Punjab and Maharashtra Cooperative Bank (PMC), facing the RBI ban, have suffered a major setback. Actually, RBI has extended the ban period for 3 months. Please tell here that on September 23, 2019, the RBI had banned PMC Bank for 6 months. The duration of this ban was to end on 22 March 2020. In this way, the ban period has increased to three months. Now on 22 June 2020, the term of the ban of PMC Bank is coming to an end. This is a major setback for bank account holders.
What did the RBI say
The statement issued by the central bank said that the RBI is closely monitoring the situation. Along with this, the bank is having regular meetings with the administrator and advisory committee. It should be noted that the Reserve Bank has no powers to prepare a plan for the reconstruction of the cooperative bank. Nevertheless, RBI is trying to make a plan in the interest of depositors and for the stability of the cooperative banking sector. In such a situation, it has become necessary to extend the ban for three months.
Read this – PMC bank account holders can get relief, medical emergency to withdraw 1 lakh rupees
What is RBI’s ban
Explain that the RBI has banned PMC Bank for violation of rules and disturbances. With this, the limit for withdrawing cash of the bank’s customers has also been fixed. In the initial days, this limit for the customers of the bank was only 1 thousand rupees. However, later the RBI has increased this limit several times. At the same time, customers of the bank cannot even take new loans due to the ban. While the bank cannot take any financial decision.
What is the charge on PMC Bank?
The management of PMC Bank has been accused that loans were given to Housing Development and Infrastructure (HDIL) by keeping the rules in mind. The bank gave this loan to HDIL at a time when this company was going through the process of bankruptcy. The important thing is that PMC Bank also misled the RBI regulating banks in this case. Investigating agencies have been questioning the promoters of HDIL and the management of PMC Bank in this case for a long time.
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