New Delhi: In a big relief to the depositors of the Punjab and Maharashtra Cooperative (PMC) bank, Union Finance Minister Nirmala Sitharaman on Monday informed that 78% of account holders of the scam-hit bank can withdraw their entire account balance. Also Read - PMC Bank Case: Depositors Hold Protest After RBI Files Affidavit in Bombay High Court

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. Also Read - Respite For PMC Bank Depositors as RBI Enhances Withdrawal Limit to Rs 50,000

“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.

Last month, the RBI, had given relief to the depositors of the bank, by increasing the withdrawal limit to Rs 50,000 from the earlier Rs 40,000. The RBI had capped the deposit withdrawal at Rs 10,000 per account but later raised it to Rs 40,000. In September this year, the RBI had restricted the activities of the bank for six months after massive irregularities surfaced in it.