Now, PMC withdrawal limit raised to Rs 50,000

MUMBAI: Reserve Bank of India on Tuesday once again increased the withdrawal limit for PMC Bank depositorsby Rs 10,000 to Rs 50,000. Depositors, though, say it is not enough to survive on.

This is the fourth time that the RBI has raised the limit. On September 23, when the crisis broke, the RBI capped the withdrawal limit at Rs 1,000 per depositor. After protests and representations by depositors, politicians and bank unions, it increased the limit to Rs 10,000. In October, it was further increased to Rs 25,000 and then Rs 40,000.
"The RBI, after reviewing the bank's liquidity position and its ability to pay its depositors, has decided to further enhance the limit for withdrawal to Rs 50,000, inclusive of Rs 40,000 allowed earlier," the RBI said in a statement.
Depositors, though, say Rs 50,000 is too little. "Particularly so for senior citizens who have no other source of income and depend entirely on interest from their deposits. Look at the case of (late 74-year-old depositor) Andrew Lobo. We all knew he was in a critical condition, in need of a lung transplant. But despite having Rs 26 lakh in his account, he couldn't even pay for medicines," said Harpeet Singh Guleria, a jewellery shop owner with Rs 25 lakh in PMC Bank.
For 83-year-old heart patient Nanik Malkani, his worries are more over payment to his caretakers and nurse. "I need to pay their salaries. I have to buy medicines too. Roughly, my monthly expenses are Rs 30,000. I have deposits of Rs 1.5 crore but am unable to withdraw."

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