PMC has enough liquidity, depositors’ money fully safe, claims suspended MD

RBI increases withdrawal limitation

Asserting that most of its own loans are wholly procured, Mr. Thomas said this a substantial account - HDIL - has been the only real reason behind its current emergency that resulted in the regulatory actions on Tuesday when Reserve Bank of India (RBI) outmoded its direction and set it below a secretary to its subsequent 6 weeks.
In a effort to allay worries of depositors and clients of both Punjab & Maharashtra co operative lender (PMC), its frozen managing manager enjoyment Thomas has promised the creditor holds ample liquidity to satisfy all of liabilities, and also every cent of people remains safe.

The RBI experienced Tuesday levied a ton of limits onto the lender for just six months, so letting withdrawal of just $1000 for its bank depositors, leaving the clients feared.

Together with the aforementioned comfort, significantly more than 60 percent of those depositors of this bank should be in a position to draw their whole balance.
He says the existing catastrophe was exclusively as a result of huge account - HDIL. 
RBI explained that the aforementioned comfort was given with a view to cutting down the adversity of depositors.
"It's been chose allowing depositors to draw an amount not exceeding $10,000 (for example the $1000 already removed ) of their entire balance stored at most savings banking accounts or present account or another deposit accounts," that the RBI said in a discharge.

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