Reportedly around 80 per cent of Punjab & Maharashtra Co-operative Bank's customers will likely get all their money back once legal proceedings are over, Home Minister amit shah said, as he sought to assuage concerns over the scandal-hit bank's ability to pay its depositors. Speaking to india Today TV, Amit Shah said, "As far as PMC scam is concerned, only legal proceedings are left and by and large, all the customers will get their money back. We have seized properties of PMC promoters."
As per the Depositor Insurance Scheme Act, depositors with less than one lakh deposit will get their money, so, about 80 per cent will get back their money back. There is a procedure and I believe, the procedure will be completed in a month or two," amit shah said.
The PMC Bank was placed under regulatory restrictions by the Reserve Bank of india after a massive scam was unearthed at the bank. The scam related to senior bank officials conspiring to grand loans over and above what it was allowed to."