New Delhi: The Reserve Bank of India on Thursday raised the withdrawal limit to Rs 10,000 for account holders of Punjab and Maharashtra Cooperative Bank (PMC Bank) from an earlier cap of Rs 1,000.

“On a preliminary assessment of Punjab and Maharashtra Cooperative Bank Ltd (Mumbai), RBI has decided to allow the depositors to withdraw a sum not exceeding ₹10,000 of the total balance held in every savings bank account or current account or any other deposit account,” as per an official notification from the Reserve Bank of India.

Meanwhile, the account holders of PMC bank on Thursday gathered outside Sion branch in protest against RBI’s restriction of its activities for 6 months. Gurucharan Singh Talwar, a PMC bank account holder since the last 20 years, told news agency ANI, “I had saved money so that I don’t need to ask money from anyone for my daughter’s wedding. Her wedding is scheduled in November this year. How can we manage with just Rs 1000 in next six months?”

Earlier in the day, the employees of PMC Bank sat outside the residence of an owner of Housing Development and Infrastructure Ltd (HDIL) group in protest against the loan defaulter. In view of this incident, BJP leader Kirit Somaiya on Thursday wrote a letter to RBI seeking a criminal inquiry against HDIL company and PMC bank for alleged looting of customers’ deposit amount.

Meanwhile on September 24, speaking about the withdrawal limit, PMC Bank’s Managing Director Joy Thomas informed that the RBI had put the PMC bank under regulatory restrictions owing to some alleged irregularities. These restrictions are applicable for a period of six months, informed the apex bank’s Chief General Manager Yogesh Dayal.

These RBI directions had then sparked panic among the depositors, sending shock-waves across the city banking and business circles. Addressing the distressed customers, Joy Thomas, as quoted by news agency IANS, said, “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.”

About PMC Bank:

Established in 1984 in Mumbai, PMC bank is now a multi-state cooperative banking entity. Currently, the bank has a network of 137 branches in Delhi and six states including Maharashtra, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. Besides, PMC bank is one of the top 10 cooperative banks in India.