78 pc depositors of PMC Bank can withdraw entire deposits: Government

Nearly 78 per cent depositors of scam-hit PMC Bank have been allowed to withdraw ir entire deposits even though ceiling of Rs 50,000 on withdrawal continues, Union Finance Minister Nirmala Sitharaman said in Lok Sabha on Monday. Sitharaman also said in Lok Sabha that in case of medical emergencies, marris and or crisis situations, a depositor of Maharashtra-based PMC Bank can withdraw upto Rs 1 lakh by invoking 'hardship provisions' of RBI.

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Sitharaman on PMC depositors

"Nearly 78 depositors are w allowed to withdraw ir entire account balance. y are small depositors. With this, concerns of all small depositors are take care of," she said during Question Hour.

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minister said steps are being taken to seize properties of promoters of PMC Bank, auction such properties and repay depositors with money obtained. Sitharaman said Rs 50,000 withdrawal ceiling for depositors continues but for scenarios like marri, education, livelihood and or "hardships", withdrawal limit if Rs 1 lakh. According to Mumbai Police's Ecomic Offences Wing (EOW), PMC Bank manment, allegedly in cahoots with a business family concealed from banking regulators' scrutiny huge loan defaults by HDIL group firms.

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Over 70 per cent of bank's vances went to HDIL group, which led to a huge crisis when realty group defaulted on repayment, EOW h said. RBI h on 24 September imposed operational curbs on PMC Bank and appointed an ministrator following detection of alleged financial irregularities.

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