Tue. Jan 19th, 2021

PMC bank scam: Government gives big relief to account holders, in these circumstances can double the amount

Finance Minister Nirmala Sitharaman told in Lok Sabha that the account holders of PMC Bank can withdraw double the limit in the emergency situation.

The government has given huge relief to the account holders of Punjab and Maharashtra Co-operative Bank (PMC Bank), who are victims of thousands of crores of rupees scam. Under this, in case of emergency, the account holder can withdraw twice the amount already decided. Finance Minister Nirmala Sitharaman gave this information in the Lok Sabha on Monday (2 December 2019). Explain that under the existing provisions, account holders of stricken PMC bank can withdraw Rs 50,000 from scams. In response to a question asked during the Question Hour, the Finance Minister said that in case of marriage, medical needs or other emergency situations, the account holders will be able to withdraw up to Rs 1 lakh of Rs 50,000. This can be done under the emergency provisions of RBI.

More than three quarters of people will be able to withdraw their money
With the new provision made by the central government regarding withdrawal from PMC Bank, more than three-fourths (78%) of account holders will be able to withdraw their entire deposits. Nirmala Sitharaman said in the Lok Sabha, ‘Nearly 78% of account holders have been approved to withdraw the entire deposit. These people are small account holders. With this (withdrawal of one lakh rupees in emergency situations), the concerns of small account holders have been fully taken care of.

Property of promoters of PMC Bank will be sold

Finance Minister said that the process of seizing and selling the property of promoters of PMC Bank is going on. The money raised from selling the property will be returned to the account holders whose deposits are stuck. However, the Finance Minister did not specify the period of completion of this entire process.

The result of the scam given in this way
Promoters of PMC bank are accused of scam of thousands of crores of rupees. In fact, PMC Bank Management wrongly loaned thousands of crores of rupees to the realty company HDIL (Housing Development and Infrastructure Limited). It is alleged that such a huge amount was given deliberately ignoring the RBI guidelines. According to the Crime Branch of Mumbai Police, up to 70 percent of the total loans given by PMC Bank were given to HDIL. It also included account holders’ money. In such a situation, due to the default of HDIL, the money of the account holders also sank. Now hundreds of bank depositors are forced to stumble from rate to rate.