PMC Bank crisis: Chandigarh Gurudwara Prabhandak Committee urges RBI to release 50% amount of deposits

The President of Chandigarh Gurudwara Prabhandak Committee, Sec 8, Chandigarh, SS Kohli has in a statement to news agency ANI said that the PMC bank crisis will have an impact on the celebrations of Gurpurab as a huge amount of money belonging to many Gurudwara management committees is parked with the PMC bank.

He said, “If I am not wrong, I believe that a huge amount of funds belonging to different Gurudwara Managemet Committees were parked with this bank in controversy (PMC Bank).”

He then went on to appeal to the RBI to release at least fifty per cent of the amount lying in the bank as deposits. It should be treated as a special case because the cash crunch will cast a shadow on the Guru Purab celebrations.

On 24 September, the Reserve Bank of India (RBI) asked the multistate co-operative bank to stop operations for six months, and capped withdrawals at ₹1,000 per account, an amount which was later increased to ₹25,000.