PMC Bank crisis | RBI restricts withdrawals, harrowed citizens air grievance on Twitter

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In what came as a shock to account holders of Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) on September 25, the Reserve Bank of India (RBI) announced a withdrawal cap of Rs 1,000.

The restriction will be in effect for the next six months, starting September 23. The apex bank has also mentioned that it would consider modifying these restrictions if the situation changes for the better.

Bank authorities said they will be sharing a copy of the directive with every account holder.

Meanwhile, Joy Thomas, the Managing Director of PMC Bank has urged all distressed customers to cooperate, but the harrowed lot took to social media to vent their grievance.

Dear @RBI please issue one more notification on how to survive with Rs 1000 in 6 months #pmcbank

— InGenious (@Bees_Kut) September 24, 2019

It's heartbreaking to see the panic on the faces of depositors of #pmcbank

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Were the RBI and government not aware of the collapse of #pmcbank until today?

The mishandling of institutions by the Modi government is putting indian economy under huge risk.

— Dinesh Gundu Rao (@dineshgrao) September 24, 2019

This #PMCbank action by RBI stinks to high heavens.

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If the bank was involved in some sort of major fraud, why do the depositors have to bear the brunt?

— meghnad (@Memeghnad) September 24, 2019

And what should the account holder do on receiving this https://t.co/Ir8x9kxP2Q 1k is all that we can withdraw over 6 months. We stopped keeping cash at home because you encouraged online transaction and now we can't even withdraw our own hard earned money. @nsitharaman #pmcbank pic.twitter.com/WwlTEi6mNU

— Amruta Lokhande (@amrutaloki) September 24, 2019

Keeping the money at home - fear of demonetisation

Keeping it in bank - fear of withdrawal restrictions by RBI

Where am I suppose to keep my money?

In govt lockers by paying traffic challans?#pmcbank #RBIScam
pic.twitter.com/fHlLYqz2Pq

— Manoj Yadav (@rowdymannu) September 24, 2019

Innovative approach to saving sick banks while ensuring that we zoom towards a $5Trillion economy by 2024
Don't let people withdraw their hard-earned money from their own banks. br>आम आदमी तो मज़ाक बन के रह गया है#Banking #PMC_BANKhttps://t.co/B1CsXqOmlv

— Akash Banerjee (@TheDeshBhakt) September 25, 2019