PMC Bank crises: Good news for account holders! Mortgaged properties up for sale soon
The bank account holders may get their money back, if all the properties are sold. The police have already seized properties worth Rs 4,000 crore along with buildings, jewellery, lockers etc.
According to Zee Media sources, the mortgaged properties of PMC Bank will soon be up for sale. There was a special meeting on Monday to discuss the sale of all mortgaged properties of with HDIL. The meeting was done to ensure the systematic relation among the concerned authorities and agencies, in order to initiate the procedural investigation and resolution so that the depositors can get their money back. RBI, ED and the local police attended this special meeting.
According to the sources, the apex bank RBI, police and Enforcement Directorate (ED) had a meeting to discuss the PMC bank's matter. The meeting was mainly to discuss the sale of mortgaged properties of the bank. The bank account holders may get their money back, if all the properties are sold. The police have already seized properties worth Rs 4,000 crore along with buildings, jewellery, lockers etc. EoW on the othe hand have seized luxury cars, planes, bunglows and yachts of the officials.
The RBI had imposed withdrawal restrictions on account-holders after it found alleged irregularities to the tune of Rs 4,355 crore due to diversion of money to infrastructure firm HDIL. Following which, the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. The withdrawal limit has been raised in a staggered manner to Rs 50,000.
Watch Zee Business Live TV below
The restrictions triggered a huge public outcry as customers were unable to withdraw their savings. This prompted the RBI to gradually increase the withdrawal limits. On September 26, the deposit withdrawal limit was increased to Rs 10,000, and on October 3, to Rs 25,000. On October 14, the limit was raised to Rs 40,000, and on November 5, further to Rs 50,000. With withdrawal limits raised to Rs 50,000, 78% of the depositors of the bank can now withdraw their entire account balance.
Founded in 1984 by S Gurcharan Singh Kochhar, in a small room in Mumbai, the bank had now grown to a network of 137 branches in six states and ranked among the top 10 cooperative banks in the country.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.