‘Can’t Pay Rent With Rs 10,000’: PMC Bank Customers in Distress

With their money now frozen for the next six months, PMC Bank account holders shared their woes with The Quint.

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“I deposited money in the bank two days ago and now the bank is shut. I have to pay Rs 65,000 by cheque. Where will I get the money from?”
Paramjeet Kaur Sachdev, Resident, Sion, Koliwada

Like Paramjeet, many people have been rendered helpless after the Reserve Bank of India imposed restrictions on the Punjab and Maharashtra Co-operative (PMC) Bank on Tuesday, 24 September.

Initially, the RBI had capped the withdrawal amount to Rs 1,000 per month per account for the next six months.

But after a massive backlash, RBI relaxed the limit to Rs 10,000 for six months. 

Depositors, however, don’t think that’s enough.

In Mumbai’s Punjabi Camp at Sion, Koliwada area, every second person has an account at the PMC Bank. With their money now frozen for the next six months, these account holders shared their woes with The Quint.

Depositors in Distress

39-year-old Paramjeet Kaur Sachdev has had an account with the bank for years now. She needs to pay her rent right away, but with a withdrawal limit of only Rs 10,000, she falls way behind the required amount.

“I have to pay the rent. Where will I get so much money from? I am worried. I have an account in this bank only. I don’t have so much money that I have accounts in multiple banks.”
Paramjeet Kaur Sachdev, Resident, Sion, Koliwada

Another depositor, 51-year-old Shama Suresh Vohra, found the bank reliable when she had to avail a loan for her daughter’s wedding. But the recent turn of events have come as a shock.

“We have had our fixed deposit for a while now. We have FD, current account and we manage all money from this account.” 
Shama Suresh Vohra, Depositor

For 73-year-old Amrik Singh Chopra, standing in long queues to withdraw Rs 10,000 is not feasible. He invested in the PMC Bank as they were providing higher rates of interest as compared to other banks. But now, like many others, he regrets his decision.

“They were letting us withdraw Rs 1,000 and now Rs 10,000. I am a senior citizen and went to withdraw money. I am unable to stand. I got pushed in the queue so I left.”
Amrik Singh Chopra, Depositor

Residents who are now scrambling to make ends meet have their hopes pinned on the RBI.

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