RBI Moratorium: By November, Rs 10,000 crore will be payable to PMC, Guru Raghavendra customers under new banking Act - GROWMUDRA

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By November, Rs 10,000 crore will be payable to PMC, Guru Raghavendra customers under new banking Act

13 Sep , 2021 By : monika singh

By November, Rs 10,000 crore will be payable to PMC, Guru Raghavendra customers under new banking Act

About Rs 10,000 crore of depositors’ money in banks under Reserve Bank of India (RBI) moratorium — such as the Punjab and Maharashtra Cooperative (PMC) Bank and Guru Raghavendra Sahakara Bank — will be payable to eligible customers by November end, under the recently-notified Deposit Insurance and Credit Guarantee Corporation (Amendment) Act

“While banks are yet to finalise the eligible account holders, initial estimates suggest the total amount to be around Rs 10,000 crore,” said a bank executive aware of the developments.

RBI action against PMC Bank took place in September 2019, while Guru Raghavendra Sahakara Bank has been under restrictions since January 2019. That imposed limits on withdrawals by depositors.

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