Thursday, September 26, 2019

PMC Bank in Trouble, Account holders seen crying

Click Here To Read in Hindi
Many account holders of PMC Bank (Punjab and Mumbai cooperative bank) are fighting for withdrawl of their own hard earned money. Many people in Mumbai seem to be crying in queque in front of the bank for their own money. Read this complete blog to find everything related to PMC Bank.

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To read about PMC Bank go here - https://www.pmcbank.com

What Happened ?


PMC Bank was founded in 1983. Everything was going well until it sanctioned a loan to HDIL (House Development Infrastructure Limited) a real estate group. The total amount of of loan amounted be Rs. 2500 Crore.

Afterwards HDIL was unable to payback the loan amount to PMC Bank. Then RBI entered the whole scenario and thrashed PMC for giving loan to HDIL in a unjustified way. It suspected PMC Bank employees to be associated in some sort of scam with HDIL.

Measures Taken by RBI


RBI restricted PMC from doing transactions for 6 months and put it on a check. It also reduced withdrawl limit for bank account holders to Rs. 1,000 daily.

Political Scenario


This whole situation turned poltical soon as Maharashtra election is just in next month.

NCP chief spokesperson Nawab Malik said, "It is the RBI and the government's responsibility to intervene and create trust in the minds of the people. They should take steps to ensure that people's money does not go down the drain,"

To which BJP replied that HDIL has given Pawar Homes as donation to Sharad Pawar, which clearly reflects the association of NCP in the conspiracy.

Current Situation


After seeing the whole situation Account Holders of the bank feared that the Bank will ran away with their hard earned money.

RBI Increased the withdrawl limit to RS. 10,000 a day for the bank account holders to provide them some ease..


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