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Account holders worried after RBI places restrictions on PMC bank
Updated On: 25 September, 2019 07:28 AM IST | Mumbai | Hemal Ashar
Flurry of worries for Punjab and Maharashtra Co-Operative Bank account holders after RBI announcement
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Bank employees paste a closure notice issued by the RBI on a wall of Punjab and Maharashtra Cooperative Bank building, at Fort. Pic/PTI
The sky turned ominously dark for lakhs of account holders of Punjab and Maharashtra Cooperative Bank Limited on Tuesday morning as the Reserve Bank of India placed the bank under directions. Concerned crowds thronged to different branches as they learnt the bank was "in trouble" and they would be allowed to withdraw just '1,000 from their accounts. The 'directions' remain in force for a period of six months from the closure of business of the bank on September 23.
Usha D'Cruz from Andheri was reeling under the shock for hours after the news broke. "This is shocking. More so, because there was no indication of any trouble. I have an account there for years. I have had no problems all this while. This bank used to remain open from 8 am to 8 pm and I used to bank in the Versova branch. It was so convenient. I would term the service as super-efficient. Now, look at how it has crumbled." "We can withdraw '1,000, of what use is that? I was planning a vacation in these holidays. It will be on hold. There is talk that things will settle down eventually but of what use are assurances?" she finished.
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