279: Why are PMC Bank’s Customers Struggling to Get Their Own Money? - a podcast by The Quint

Imagine you’re one of the thousands of people who have scrounged and saved, every rupee, to make a nice little nest egg. For a rainy day or a special occasion like their child’s marriage.

One fine day your bank tells you you can’t touch the money you’ve worked so hard for. And you can do little to nothing about it.

If you’re a customer with Punjab and Maharashtra Co-operative or PMC Bank, you don’t have to imagine any of this. Because this is all a reality for them now.

Why? Well because, as of this week, the RBI told PMC bank that it shouldn’t transact or do business for six months at least. And to top this off, anyone who has an account in PMC was told that they can only withdraw Rs 1000…. Which was later increased to a withdrawal limit of Rs 10,000…in the next six months.

And that’s what we discuss on today’s Big Story podcast.