Hundreds of customers were left in the lurch after the RBI put withdrawal limits on Mumbai-based PMC Bank. From retired account holders to those saving up for the festival season, all had one question – how does one survive on just ₹1,000?
The RBI action, after all, meant that depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance.
Indresh Kumar Pandey, 27, has seven family members dependent on him. He has a salary and savings account since 2006 with PMC. “Withdrawing just ₹1,000 a month is not going fulfil the needs of my family. My parents are old and children are small, they all have needs. The bank just said this is what they can do as of now. I cannot even access my saving account, which has ₹1 lakh in it,” said Pandey.
Lalit Bhai Mistry, a 78-year-old customer of the bank for several years, was concerned about his fixed deposits worth ₹1 lakh, which are due for maturity next year.
Daksha Purohit, a housewife, had saved a little over a lakh from the monthly expenses her husband used to give her every month. “I save the money for a rainy day or to buy things I wish for myself or my children. I had plans for the festival season. I am not sure how will this pan out now,” she says teary eyed.
Sawarna Maudaankar, a 68-year-old who sells Kokam Sharbat for a living in Mumbai, had all her savings deposited in PMC. “I use this account for my daily expenses; I cannot survive on ₹1,000. I won’t even be able to buy stock if this continues.”
Chirag Bhangdev’s parents live close by to the branch in Vile Parle and moved here four years ago from Mulund. “My parents moved all their money from a bank in Mulund to this bank account. The savings would be over ₹6 lakh and fixed deposits worth ₹3 lakh. They used approximately ₹50,000 from the account every month; now we will have to support them.”