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RBI Takes Over PMC Bank, Provides Toll-Free Number for Grievances and Redressal

On 24 September, the RBI had placed restrictions on the amount that can be withdrawn from the Punjab & Maharashtra Cooperative Bank, Mumbai, setting the limit at Rs 1,000.

News18.com

Updated:September 30, 2019, 5:42 PM IST
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RBI Takes Over PMC Bank, Provides Toll-Free Number for Grievances and Redressal
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New Delhi: In a fresh notification issued on Monday, the Reserve Bank of India (RBI) superseded the Board of Punjab and Maharashtra Cooperative Bank and provided a toll-free numbers to be used by customers for grievances and redressal.

"Depositors can access the website www.pmcbank.com for any grievance redressal and call on toll free number 1800223993 for enquiries," said the bank in a statement.

On 24 September, the RBI had placed restrictions on the amount that can be withdrawn from the Punjab & Maharashtra Cooperative Bank, Mumbai, setting the limit at Rs 1,000.

The central bank placed the urban co-operative bank under directions for six months from the close of business of the bank on September 23, 2019, creating panic among the banks depositors sending shock waves in city trading community.

The PMC Bank had been barred from granting, renewing and loans and advances, making any investments, accepting fresh deposits, etc, without the prior written approval from RBI.

Earlier in the day, terming the crisis an "eye opener", Minister of State for Finance Anurag Thakur said the banking sector regulator RBI is looking into various aspects, including lapses on part of auditors.

The bank came under stress due to alleged financial irregularities forcing the Reserve Bank of India (RBI) to impose restriction on the Mumbai-based lender.

"The role of regulators is very important but at the same time the role of auditors, directors, bank officials is equally important. And what they have been doing for last so many years and people responsible for it, I think regulator (RBI) is looking into this. At this stage, I would not like to say much to that.

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