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PMC Bank depositors await clarity on withdrawals - The Hindu BusinessLine
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Extension of directions, a setback to depositors - The Hindu BusinessLine
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Distraught depositors want PMC Bank revived soon
May 02, 2021
In desperate need of money to ride out Covid wave two
Distraught depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank want the Reserve Bank of India (RBI) to speed up revival/reconstruction of the bank as they are in dire need of money to meet exigencies arising from the second wave of the Covid-19 pandemic.
Some of the depositors, especially the elderly, are barely able to get by despite having lakhs and crores of rupees locked up in the bank, as the RBI clamped down on deposit withdrawal since September 24, 2019, capping it at ₹1 lakh per depositor for the entire period that the bank is under Directions.