{"id":220874,"date":"2019-10-15T16:30:35","date_gmt":"2019-10-15T11:00:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=220874"},"modified":"2019-10-15T15:41:13","modified_gmt":"2019-10-15T10:11:13","slug":"reserve-bank-enhances-withdrawal-limit-for-depositors-of-punjab-and-maharashtra-cooperative-bank-ltd","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/15\/reserve-bank-enhances-withdrawal-limit-for-depositors-of-punjab-and-maharashtra-cooperative-bank-ltd\/","title":{"rendered":"Reserve Bank enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">It may be\u00a0<a class=\"links\" href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=48313\" target=\"_blank\" rel=\"noopener noreferrer\">recalled<\/a> that the Reserve Bank of India on October 03, 2019 had permitted the depositors of Punjab and Maharashtra Cooperative Bank Ltd. to withdraw up to Rs 25,000 (Rupees Twenty Five Thousand Only) of the total balance in their accounts.<\/p>\n<p style=\"text-align: justify;\">The <span style=\"color: #0000ff;\"><strong>Reserve Bank of India, after reviewing the bank\u2019s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to Rs 40,000 (Rupees Forty Thousand only), inclusive of Rs 25,000 allowed earlier. With the above relaxation, about 77% of the depositors of the bank will be able to withdraw their entire account balance.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">The financial position of the bank has been substantially impaired due to fraud perpetrated on it by certain persons. As soon as the matter came to the notice of Reserve Bank of India, the action was taken in appointing an Administrator and ensuring that the bank\u2019s available resources are protected and not misused or diverted.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, based on a complaint filed by the bank against its officials and borrowers associated with the fraud\/financial irregularities in the bank and manipulation of its books of accounts, the Economic Offences Wing, Maharashtra Police has started its investigations into the matter. Further, Forensic Auditors have been appointed by the Administrator of the bank to look into the related transactions. The Administrator and the 3 member Advisory Committee appointed by the RBI in terms of Section 36AAA (5)(a) read with Section 56 of the Banking Regulation Act 1949 are working for speedier resolution of the various issues being faced by the bank in conducting its operations.<\/p>\n<p style=\"text-align: justify;\">The Reserve Bank is closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank.<\/p>\n<hr \/>\n<p><strong>Reserve Bank of India<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 14-10-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It may be\u00a0recalled that the Reserve Bank of India on October 03, 2019 had permitted the depositors of Punjab and Maharashtra Cooperative 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permitted the depositors of Punjab and Maharashtra Cooperative Bank Ltd to withdraw up to Rs 10,000\/- (Rupees Ten Thousand Only) of the total balance in their accounts. The Reserve Bank of India again reviewed the bank\u2019s liquidity position and,\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":221800,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/05\/reserve-bank-enhances-withdrawal-limit-for-depositors-of-punjab-and-maharashtra-cooperative-bank-ltd-to-rs-50000\/","url_meta":{"origin":220874,"position":1},"title":"Reserve Bank enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd. to Rs 50,000","author":"Bhumika Indulia","date":"November 5, 2019","format":false,"excerpt":"It may be recalled that the Reserve Bank of India on October 14, 2019, had permitted the depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd. to withdraw up to Rs 40,000\/- (Rupees Forty Thousand Only) of the total balance in their accounts. The Reserve Bank of India, after reviewing\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":220085,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/26\/rbi-increases-withdrawal-limit-for-pmc-bank-from-rs-1000-to-10000\/","url_meta":{"origin":220874,"position":2},"title":"RBI increases withdrawal limit for PMC Bank from Rs 1,000 to 10,000","author":"Bhumika Indulia","date":"September 26, 2019","format":false,"excerpt":"Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) \u2013 Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra - Relaxation in withdrawal limit of Deposit Accounts Punjab and Maharashtra Cooperative Bank Ltd., Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank has been placed under All-Inclusive Directions under sub-section (1)\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219936,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/24\/directions-under-s-35a-of-banking-regulation-act-1949-aacs-punjab-and-maharashtra-cooperative-bank-ltd-mumbai-maharashtra\/","url_meta":{"origin":220874,"position":3},"title":"Directions under S. 35A of Banking Regulation Act, 1949 (AACS) \u2013 Punjab and Maharashtra Cooperative Bank Ltd., Mumbai","author":"Bhumika Indulia","date":"September 24, 2019","format":false,"excerpt":"The Reserve Bank of India (vide Directive dated September 23, 2019) has placed the Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra, under Directions. According to the Directions, depositors will be allowed to withdraw a sum not exceeding Rs 1,000 (Rupees one thousand only) of the total balance in every\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":227450,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/23\/rbi-extends-regulatory-restrictions-on-pmc-bank-for-a-further-period-of-3-months\/","url_meta":{"origin":220874,"position":4},"title":"RBI extends regulatory restrictions on PMC Bank for a further period of 3 months","author":"Bhumika Indulia","date":"March 23, 2020","format":false,"excerpt":"Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra, a Multi-State Urban Cooperative Bank was placed under All-Inclusive Directions under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on September 23, 2019 vide\u00a0Directive DCBS.CO.BSD-1\/D-1\/12.22.183\/19-20 dated September 23,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226608,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/rbi-yes-bank-ltd-placed-under-moratorium\/","url_meta":{"origin":220874,"position":5},"title":"RBI | Yes Bank Ltd. placed under Moratorium","author":"Bhumika Indulia","date":"March 6, 2020","format":false,"excerpt":"The financial position of Yes Bank Ltd. (the bank) has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering the invocation of bond covenants by investors, and withdrawal of deposits. The bank has also experienced serious\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/220874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=220874"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/220874\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=220874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=220874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=220874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}