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Mumbai: Sion housing societies have Rs 5 crore stuck in PMC Bank
Updated On: 26 September, 2019 07:15 AM IST | | Prajakta Kasale
At least 14 societies in Pratiksha Nagar have accounts with the bank, which is under operational restrictions
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Worried society office bearers visited PMC bank branch offices. Pic/Suresh Karkera
Many housing societies in Pratiksha Nagar, Sion, are facing a funds crisis, after the RBI on Tuesday placed the Punjab and Maharashtra Co-operative Bank (PMC) under operational restrictions. Panicked society office bearers visited its branch offices. Many housing societies have their accounts in co-operative banks. While some societies in Sion have funds only in PMC bank, some societies have kept them in multiple banks.
The Sion-Pratiksha Nagar Cooperative Housing Society Association has 36 societies as members. The buildings were built by MHADA and 14 of the societies have their accounts and up to R5 crore in all in PMC bank. The restrictions on PMC bank will affect more than 1,500 families in this area.
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