On September 24, there was a sudden news that the Reserve Bank of India (RBI) has banned the Punjab and Maharashtra Co-operative (PMC) Bank for up to 6 months. Under this, there has been a ban on taking new loans from the bank, while the cash withdrawal limit has also been fixed.
By the way, RBI has taken this action because of fraud and misleading on PMC bank. But this decision of the central bank has increased the uneasiness of the customers of PMC bank. The needy customers are not able to withdraw their own money from the bank and they have to face various kinds of difficulties in everyday life.
Punjab and Maharashtra Co-operative (PMC) bank account holder Sanjay Gulati was also facing the same problem. But Sanjay Gulati could not fight these conditions and died due to heart attack. Sanjay Gulati's family says that he has four accounts in PMC bank, in which there is a deposit of Rs 90 lakh. Due to his son's disabilities, Sanjay regularly needed money but he was not able to withdraw money from the bank. This is the reason why he was upset for the last few days.
11,617 crore deposit
Lakhs of customers are trapped in the 35-year-old PMC Bank. According to the last annual report of the bank, there are 11 thousand 617 crore deposits of customers in the bank. Of these, the term deposit is close to Rs 9 thousand 326 crore, while Rs 2 thousand 291 crore is deposited as a demand deposit. In such a situation, the question now is how the customers' money got stuck in PMC bank and how much amount is deposited. Let's know the whole issue…
Why took action on PMC Bank?
Actually, the management of PMC Bank is accused of disturbances. It is alleged that the management of the bank misinformed the RBI about its non-performing assets and loan disbursements. About 73 per cent of the loan given by PMC Bank has been given to only one company Housing Development and Infrastructure (HDIL), which is already going through the process of bankruptcy.
Recently, the bank's former MD Joy Thomas, in a letter to the RBI, admitted his mistake and gave information about the bank's fraud. In this letter, he said that the entire loan asset of PMC Bank is Rs 8,880 crore, but HDIL was given a loan of Rs 6,500 crore which is 73 per cent of it. This is four times more than the lending limit. The important thing is that PMC Bank did not inform the RBI in this regard. Please tell here that the RBI regulates banks. In such a situation, any decision of any bank is taken under the supervision of RBI.
At the same time, the investigation of Mumbai Police has revealed that PMC bank officials directly transferred Rs 2000 crore to the personal accounts of top officials of the disastrous company HDIL. This amount was sanctioned in the name of loan to HDIL. According to the rule, this amount should go to the company's accounts, but it was sent directly to the accounts of the top officials.
Current Status of PMC Bank
However, investigation of investigation agencies is going on in this whole matter. HDIL promoter Rakesh Kumar Wadhawan and his son Sarang Wadhawan have been arrested in the case. Apart from this, former chairman of PMC bank Joy Thomas and Varyam Singh are also behind bars.
According to Finance Minister Nirmala Sitharaman, he has met RBI Governor Shaktikanta Das regarding the crisis of PMC bank and any concrete steps can be taken soon. At the same time, in response to a question by TV Today Network's News Director Rahul Kanwal, Home Minister Amit Shah has assured that there will be no problem in returning money to the customers of PMC Bank.
He said that under the legal process, people will get money in one to two months. Meanwhile, the RBI has raised the cash withdrawal limit for the third time. Now the customers of PMC Bank will be able to withdraw 40 thousand rupees in 6 months. Let us know that PMC Bank has 137 branches and it is one of the top-10 co-operative banks in the country. The headquarters of this bank is in Mumbai.
