RBI raises withdrawal limit to Rs 10,000 for PMC Bank customers
Mumbai, Sep 26: In a relief to the harried customers of crisis-hit Punjab & Maharashtra Cooperative Bank, the Reserve Bank Thursday increased the cash withdrawal limit to Rs 10,000 per account, which will help over 60 percent customers of the crippled lender.
The RBI had Tuesday imposed a slew of restrictions on the bank for six months, allowing withdrawal of only Rs 1,000 for the bank's depositors, leaving the customers, who are typically not from the well-heeled a worried lot.
The move came after the central bank has found certain irregularities in the bank, including under-reporting of NPAs and had put restriction on fresh lending.
"It has been decided to allow depositors to withdraw a sum not exceeding Rs 10,000 (including the Rs 1,000 already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account," RBI said in a release.
The regulator said, the higher limit is subject to fact the customer does not have any liability with the bank by way of loans of surety for a third-party loan.
With the above relaxation, more than 60 percent of the depositors of the bank will be able to withdraw their entire account balance.
RBI said the above relaxation has been granted with a view to reducing the hardship of depositors.
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Cong slams Modi govt as 'anti-worker', calls for review of new Labour code
New Delhi (PTI): The Congress on Friday accused the Modi government of being "anti-worker" and demanded that the new labour code be reviewed, MGNREGA be revived as well as a national minimum wage of Rs 400 per day be established.
On International Labour Day, Congress president Mallikarjun Kharge took a swipe at the government and said unemployment in India today is a direct consequence of the 'Hum Do, Hamare Do' policies.
"Driven by the 'Hum Do, Hamare Do' policy, the Modi government implemented an anti-worker Labour Code. As a result, unrest has erupted everywhere - be it in Noida, at the IOCL facility in Panipat, Adani's factory in Raikheda, NTPC Patratu, or the Samsung factory in Sriperumbudur," Kharge said in a post in Hindi on X.
Instead of ensuring job security, this Code promotes policies such as contract labour and 'Hire & Fire' practices, Kharge said and called for a review of the new Labour Code.
The Modi government has effectively dismantled MGNREGA by forcibly pushing legislation through Parliament, he alleged.
"Mr. Modi has shifted 40% of the wage burden onto the State governments. State governments are unable to bear this financial strain and will eventually be forced to stop providing work," he claimed.
The Modi government has compelled workers into a state of unemployment and pushed them towards 'gig work', Kharge said.
Currently, 69% of the workforce is working for wages below the statutory minimum wage, he said.
The Modi government has engineered a crisis of stagnant wages, Kharge alleged.
"When adjusted for inflation, the wages of the majority of India's workers have grown by less than 1% annually over the last decade (from 2014-15 to 2022-23)," he said.
The Modi government has created a massive unemployment crisis among the educated workforce, specifically, among graduates, Kharge claimed and added that jobs have been eliminated through the sale of Public Sector Undertakings (PSUs).
"The government has refused to fill approximately 30 lakh vacant government positions. Furthermore, the government's policy blunders have led to the decimation of Micro, Small, and Medium Enterprises (MSMEs)," the Congress chief said.
The Congress reiterates its five demands for India's workers including revival of MGNREGA and its expansion to urban areas, Kharge said.
He said a national minimum wage of Rs 400 per day should be established, with MNREGA included within its scope.
Kharged demanded that a 'Right to Health' law must be enacted, providing Universal Health Coverage of up to Rs 25 lakh for laborers and workers.
"'Life Insurance and Accident Insurance' coverage must be provided for all unorganized workers. Preventing the contractualization of employment must be made a core priority of the government, and the new Labour Codes must be reviewed," Kharge asserted.
