INSUBCONTINENT EXCLUSIVE:
PMC Bank: The RBI said the move is aimed at "reducing the hardship" of PMC Bank depositors.The Reserve Bank of India (RBI) on Thursday
In a statement, the central bank said PMC Bank customers can now withdraw Rs 10,000 from their account, instead of Rs 1,000
customers to withdraw only a sum of Rs 1,000 from their accounts over the next six months.More than 60 per cent of PMC Bank depositors will
be able to withdraw their entire account balance, the RBI said in its statement
"closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of
systems of the bank and wrong/under-reporting of its exposures under various Off-site Surveillance reports"
Putting the co-operative bank under its lens, the RBI barred PMC Bank from renewing or granting any loans, or making investments without its
prior approval.The sudden move led to protests and long queues outside PMC Bank branches
co-operative banks that typically service small local communities in certain districts or states.Over two dozen of these co-operative banks
are now under the RBI's administration, but PMC Bank - with deposits of Rs
11,617 crore as of March 31 - is by far the largest to be hit by such measures.Get Breaking news, live coverage, and Latest News from India
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