PMC Bank chief expresses regret

PMC Bank chief expresses regret

The chief of the crisis-ridden PMC Bank regretted over the chain of developments and assured that the bank will be back in operations. 

Beginning September 24, account holders at PMC Bank won't be allowed to withdraw amounts exceeding ₹1,000 a day for the next six months, according to an RBI directive.

ALSO READ: RBI curbs withdrawals over Rs 1,000/day at PMC Bank

"I regret to inform you that your PMC Bank has been put under regulatory restriction under Section 35A of Banking Regulation Act by RBI for a period of 6 months due to irregularities disclosed to RBI," PMC Bank managing director Joy Thomas said in a statement.

"As the MD of the Bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of 6 months. All efforts are made to remove the restrictions by rectifying the irregularities," he added.

ALSO READ: Chaos among depositors as PMC Bank in crisis

Extending an apology,  he said: "I know it is a difficult time for all of you and any apology may not restore the pain you are undergoing. Please co-operate with us. We assure that we will definitely overcome this situation and stand strong."