Why Are PMC Bank Customers Struggling to Get Their Own Money?

RBI has told PMC Bank that it shouldn’t transact or do business for six months, at least.

(Photo: Altered by The Quint)

Imagine you’re one of the thousands of people who have scrounged and saved, every rupee you possibly could, to make a nice little nest, for a rainy day or a special occasion like your child’s marriage.

One fine day your bank tells you you can’t touch the money you’ve worked so very hard for. And you can do little to nothing about it.

If you’re a customer of Punjab and Maharashtra Co-operative or PMC Bank, you don’t have to imagine any of this because this is reality.

Why? Well, because as of this week, the RBI has told PMC Bank that it shouldn’t transact or do business for six months, at least. And to top it off, anyone who has an account in PMC was told that they can only withdraw Rs 1,000, which was later increased to Rs 10,000… in the next six months.

And that’s what we discuss on today’s the Big Story podcast.