PMC Bank approached the Finance Ministry to raise fund
New Delhi: The Punjab and Maharashtra Cooperative Bank has recently approached the Finance Ministry for the help of raising funds, as the bank is facing issues from last year and they mention that the depositor’s money is stuck and the bank does not have adequate fund. So, the bank wants help from the government to come out of this situation.
Earlier the Reserve Bank of India took control and capped the withdrawals but there are thousands of customers who are unable to access their account from last year. The RBI clearly state that to the Delhi High Court that currently, it would not be possible to raise the withdrawal limit beyond Rs 1 lakh imposed on the bank, citing lack of liquidity as against a total deposit liability of Rs 10,000 crore as on March 26, 2020, liquid assets available with the PMC bank were to the tune of Rs 2,955.73 crore which is “grossly insufficient” to fully pay all its depositors, as reasons.
As per reports, the PMC Bank approached for the possible merger as its efforts to recover the funds from a big-borrowers.
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