RBI limit puts PMC Bank customers in a quandary

With RBI putting a limit on withdrawal, PMC Bank accountholders are in a predicament.

A bank official accepted that a few accountholders got agitated after the bank put up the notice on Tuesday
NEW DELHI: Mallika Jha rushed to the Malviya Nagar branch of Punjab and Maharashtra Cooperative (PMC) Bank on Wednesday to withdraw money to pay for her sister’s hospital bill. She was in for a rude shock when she was told that she could only withdraw Rs 1,000 daily for the next six months.

With RBI putting a limit on withdrawal, PMC Bank accountholders are in a predicament. Neeraj Rana, the manager of a restaurant in Amar Colony, said now he won’t be able to pay rent or his daughter’s school fees. “When I complained to the bank manager, he told me that he couldn’t do much,” added the resident of Old Double Storey.

Now that the festive season has started, things have started looking tough for many accountholders. Harbans Singh, a resident of Tilak Nagar who has a clothing shop, was distraught about the unavailability of money. “Dussehra and Diwali are round the corner. This will affect our business badly. We have to pay our distributors and keep cash in hand. It’s going to be very difficult without access to my bank account,” he added.


Another shop owner, Deepak Kumar (37), said, “All my e-commerce payment systems are linked with this account. With the new withdrawal limit, I can’t even pay my vendors. This will affect my business; especially in the festive season.”

“I opened this account in my son’s name 13 years ago. This morning, I was told that I can only withdraw Rs 1,000 daily for the next six months. We need money regularly as my wife is unwell,” said Madan Lal (59), an autorickshaw driver. “They cannot change the rules and expect us not to have any problems,” said Meena Yadav, a household help who had deposited her savings in the bank a year ago.

A bank official on anonymity said, “All officials at the six branches in the city have been asked to assure accountholders that the problem being faced by them will be resolved soon and they should not worry about it.” The official accepted that a few accountholders got agitated after the bank put up the notice on Tuesday.
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