Release the unconstitutional limit from PMC bank customers for withdrawal of own money

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On September 23rd 2019, RBI issued instructions to Punjab & Maharashtra Cooperative Bank (PMC Bank) to practically freeze all customer accounts, thereby allowing a meagre Rs.1000 withdrawal from each customer account for the next 6 months. (UPDATE: New withdrawal limit is Rs.10000 as shared by RBI on 26th September, 2019 evening New withdrawal limit is Rs. 25000 as shared by RBI on 3rd October, 2019 evening)

There were some irregularities noted in the NPA reporting of the bank. In stead of imposing stricter norms for recovery, restructuring and resolution of its' irregular assets along with limits on lending, the RBI has undertaken a betraying step on the trusting customers who are keeping their hard-earned money in the bank, paying income tax and reporting all money in their bank account. (PMC management lent money to HDIL even after they were declared insolvent and RBI didn't notice this)

This money in the accounts does not belong to RBI or to PMC Bank. This is rightfully the middle class man's money earned by toiling day and night and even saved for daily expenses or important events or needs arising the next day or the day after that. Lot of customers are crying and fainting in front of PMC branches across the country. There are marriages scheduled, loan ECS pending and a lot more.

Hence, we sincerely request respected officials - RBI Executive Director Rabi Mishra, RBI Governor Shaktikanta Das, Finance Minister Nirmala Sitharaman, and the Prime Minister of India to release the limit immediately and allow people to access their money and resolve this aggrieved state of innocent people.