PMC Bank: Panic-stricken customers gather in branches after RBI sets Rs 1000 withdrawal limit

The Reserve Bank of India (RBI) imposed regulatory restrictions on Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC). Following the RBI order that account holders will be able to withdraw only Rs 1,000 from their accounts, angry customers have thronged the bank's branches demanding some explanation.

Videos circulating on social media show hordes of angry customers in PMC Bank's branches. PMC Bank customers on Twitter have also voiced their opinion and said that it is unfair that people won't be allowed to withdraw their own money from the banks. Some users have also said how they only have an account in PMC Bank and following the announcement it will be difficult for them to sustain for six months. The impositions will be enforced for six months from September 23, when the order was passed.

Customers have also urged the RBI to allow them to withdraw their money before implementing the restrictions. Some PMC Bank customers have asked Finance Minister Nirmala Sitharaman to take notice of this issue.

PCM bank Closed as per RBI guidelines ... Customers can only withdraw 1000 rps. @RBI @PMC_Bank pic.twitter.com/4Mb8XppdKu

- Paul6555 (@Paul44813262) September 24, 2019

#HowdyMody #HowdyEconomy

pic.twitter.com/oSPcgQLxEH SO @RBI imposes restrictions on #PMC Bank; withdrawal restricted to Rs 1,000 per account @nsitharaman @anandmahindra @Swamy39

- HONEST (@IndiaWakeUpz) September 24, 2019

Pmc bank kandivali east .No proper circular given by bank to their customers chaotic situation airse inside the bank.Notice has been displayed in english many people not even getting what they had written. PLEASE look into to this matter.

@MumbaiPolice @abpmajhatv @TV9Marathi pic.twitter.com/emhxveT7QU

- PRAVIN SHELAR (@shels_7) September 24, 2019

#pmcbank @RBI @PMOIndia All my money is in PMC bank and now the withdrawal limit is only 1000 for 6 months. No money. Will have to take loan now.

- Gavin (@__u_s_e_r___) September 24, 2019

#pmcbank shut down

Dear @RBI sitting in Ac room you cant understand problems of people having lacks of rupees in pmc bank you need to give chance for withdrawing money our life is dependent on bank and suddenly you restrict bank. Please help us give us some time.

Thankyou

- Karan thakkar (@Kthakkar_97) September 24, 2019

It is very pathetic done by @PMC_Bank no intimation no letter and blocked all account please take care of this @RBI and how to get my money this is how plastic money work I have no money to use need it back request u to look into it and take strict action

- Pooja Mahadik (@PoojaMa89510219) September 24, 2019

#pmcbank @PMOIndia should step in and revise the policy wherein the End User will not be affected by such activities of @RBI . Why harrass the consumer's?? #pmc

- Vishal Subhash Rajemahadik (@dhyaansesuno) September 24, 2019

Has your ship sunk ??

RBI regulations on PMC bank, leaving all account holders helpless. need all our funds out of ur bank asap. Can you run ur house with 1000/month ?? That's the withdrawal limit set by RBI for 6 months. Need an update asap.

- Shalini Chaturvedi (@Shalzsethiya) September 24, 2019

Sad. Scores of investors who had accounts in #PMC bank are in tears as the bank shut down pic.twitter.com/QUHFuBgCmN

- NeetaKolhatkar (@neetakolhatkar) September 24, 2019

On Monday, the RBI stated, "According to the Directions, depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions."

PMC Bank's Managing Director Joy Thomas said in a statement that the bank has been put under regulatory restrictions by the RBI because of irregularities. "As the MD of the Bank, I take full responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months," Thomas said.

The bank has a total of 137 branches across six states - Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.

Also read: RBI puts restrictions on PMC Bank; customers can't withdraw more than Rs 1,000 from account