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Last Updated : Sep 27, 2019 03:50 PM IST | Source: Moneycontrol.com

PMC Bank crisis: RBI Officers' Co-op Society has Rs 105 crore FD stuck with the troubled bank

RBI's Officers' Co-op Credit Society Ltd has a fixed deposit of Rs 105 crore with the Mumbai-based bank, as per the report.

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Even employees of the Reserve Bank of India (RBI) also have their deposits stuck with crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank, Business Line reports.

Also read | Explained: The PMC Bank crisis and why customers are panicking

RBI's Officers' Co-op Credit Society Ltd has a fixed deposit (FD) of Rs 105 crore with the Mumbai-based bank, as per its FY2019 balance sheet that was accessed by the publication. Officers of the RBI are members of the Society.

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Also read | PMC Bank crisis: RBI raises withdrawal limit for customers to Rs 10,000

The Society's biggest deposit rests with the PMC Bank. Other co-operative banks who hold its deposits include Bharat Co-operative Bank with Rs 100 crore, Thane Bharat Sahakari Bank and Apna Sahakari Bank with Rs 85 crore each, Solapur Janata Sahakari Bank at Rs 50 crore and Rs 25 crore with Cosmos Co-operative Bank, according to the report.

Also read | PMC Bank crisis: Board cancels AGM, loans given to HDIL under RBI scanner

To diversify their risks in case of co-operative banks going cash-dry, co-op societies put their funds across various co-operative banks. The report noted that this is an issue that comes with the rule that co-operative societies are allowed to put their funds only with co-operative banks as fixed deposits.

PMC Bank has been put under the central bank's regulatory curbs for the next six months, with withdrawal limits for customers capped at Rs 10,000.

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First Published on Sep 26, 2019 10:14 pm
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