The central banking institution asked the bank to restrict their activities for six months and refrain from renewing or granting loans
Account holders stand outside a brack of the Punjab and Maharashtra Cooperative Bank in Shahid Bhagat Singh Marg at Fort. Pic/Suresh KK
The restrictions put on the Punjab and Maharashtra bank by the Reserve Bank of India has thronged its account holders on a panic mode. The customers of this multi-state scheduled cooperative bank, that has 137 branches in their network, will be allowed to withdraw a sum not exceeding more than Rs 1000 at a time and will not be able to make any investment or incur any liability, including borrowal of funds. The bank has also been asked to refrain from accepting fresh deposits.
The Twitterati, some of them being distorted account holders with the bank, expressed shock and awe over this issue with some posting their concerns on what lies ahead for the establishment and questioning the central government's financial policies and some posting memes on this issue.
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Everybody is talking about #pmcbank will not work for 6 months but I am asking what will happen after 6 months? Will all account holders get their money back? @RBI @nsitharaman
— Tejas (@tejasd24) September 24, 2019
Now it's better to keep money at home rather than bank . Today's it's #pmcbank tomorrow there might me some other who knows !
— Shubham Babar (@shubham_babar) September 24, 2019
Demonetisation---common people suffer
— SHEKHAR S (@Shekhar7Saurabh) September 24, 2019
26/11 attack---common people suffer
Mumbai flood---common people suffer
To protect forest---common people suffer
Bridge stampede---common people suffer
Withdraw own hard earn savings---common people suffer
Moral:we always suffer#pmcbank
With #PMCBank closed with not fault of the depositors. All our hard earn money stuck. How can one survive with total withdrawal of only Rs. 1000.
— Pritesh Shah (@priteshshah_) September 24, 2019
I wish if 50000 Houston people can come down and help the depositors.
But for Modi it's ...#BakiSabTheekHai
This can happen with any bank in over night #pmcbank
— DancingDemocracy (@Dimocrazy) September 24, 2019
State of panic, people waiting for a solution #pmcbank pic.twitter.com/kt5utFsiwE
— Sagar Obhan (@ObhanSagar) September 24, 2019
PMC before Account Opening:-
— Krishna (@Krishna94832176) September 24, 2019
Sir,You can open account in our bank with just âÂÂu00c2u0082¹500
PMC after Account Opening :-
Sir,Now you can make Transactions of âÂÂu00c2u0082¹1000 once in six months.@RBI #pmcbank @FinMinIndia
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