The Reserve Bank of India (RBI) today reviewed and modified the directions slapped on Punjab and Maharashtra Cooperative Bank Ltd, Mumbai in Maharashtra.

According to the modified directives, it has been decided to allow the depositors to withdraw a sum not exceeding 10,000 rupees of the total balance held in every savings bank account or current account or any other deposit account, subject to conditions stipulated in the RBI directive issued on 23rd of September. Other terms and conditions of the said directive shall remain unchanged.

With the above relaxation, more than 60% of the depositors of the bank will be able to withdraw their entire account balance.

The above relaxation has been granted with a view to reducing the hardship of the depositors.

The Reserve Bank is closely monitoring the position and shall continue to take further necessary steps to safeguard the interest of the bank depositors.

The PMC Bank was placed under All-Inclusive Directions on account of major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposures under various off-site Surveillance reports to RBI that came to the Reserve Bank’s notice recently.

The Board of the bank has already been superseded and an Administrator has been appointed.

Meanwhile, Former BJP MP Kirit Somaiya and several account holders of the crippled Punjab and Maharashtra Cooperative (PMC) Bank filed police complaints today against top officials of the bank and Housing Development and Infrastructure Limited (HDIL) for allegedly looting  3,000 crore rupees of the depositors.

The police informed that Mr Somaiya went to Mumbai Police's Economic Offences Wing (EOW) and filed a written complaint alleging that money of at least 9.12 lakh PMC Bank depositors was looted by its top management and real estate firm HDIL.

Speaking to reporters outside the EOW office, Mr Somaiya alleged that PMC Bank management and HDIL are together in this loot of depositors and sought a proper investigation in the matter. He said, the RBI Administrator should file a criminal complaint against HDIL and PMC Bank.

Earlier, a delegation of account holders went to Sion Police Station in central Mumbai and submitted a complaint against the bank's top officials, including its chairman and all directors, alleging that they were involved in misappropriation of funds of the depositors. casansaar (Source - NewsonAir)