78% of account holders of PMC bank can withdraw entire money, says Nirmala Sitharaman


Few months back Punjab Maharashtra co-operative bank (PMC) was shut by Reserve Bank of India. The account holders of PMC bank were brought to a standstill as they could not withdraw their money. However, now Finance Minister Nirmala Sitharaman on Monday informed that 78% of account holders of the scam-hit bank can withdraw their entire account balance.

Speaking in the Lok Sabha, the Finance Minister asserted that in case of medical emergencies, marriages and other crisis situations, a depositor of the PMC Bank can withdraw upto Rs 1 lakh by invoking the ‘hardship provisions’ of the RBI.

“Nearly 78% of depositors of this bank are now allowed to withdraw their entire account balance. They are small depositors. With this, the concerns of all small depositors are take care of,” Sitharaman stated during the question hour.

She also apprised the House that steps are being taken to seize properties of promoters of the PMC Bank. “As regard to promoters,we have ensured that the attached properties of the promoters can be given to RBI under certain conditions, so those properties can be auctioned out and the money can be given to depositors”, the Finance Minister said.