Lakshmi Vilas Bank Cash Withdrawal: Bank account holders on street, this is what they said

The RBI has allowed withdrawal up to Rs 25,000 till 16 December. Many customers fear a repeat of the PMC bank like situation. Lakshmi Vilas Bank employees have been reassuring the depositors that their money is safe with the bank. Zee Business’ Anurag Shah spoke with the customers who have accounts at LVB’s Borivali (Mumbai) branch

The RBI has allowed withdrawal up to Rs 25,000 till 16 December. Many customers fear a repeat of the PMC bank like situation. Source: Reuters

After the recent restrictions imposed by the Reserve Bank of India (RBI) on the Lakshmi Vilas Bank (LVB), the bank’s branches have not seen an outpouring of people demanding their money back. This has been extremely fortunate as on some previous occasions, there were runs on the banks concerned and people had lined up in long queues demanding their money back under fear that their life's savings would be lost. Many had suffered medical emergencies under extreme stress. While that kind of frenzied action is not seen in Lakshmi Vilas Bank, it clear that there is a palpable tension among the depositors who are at the bank today.

The RBI has allowed withdrawal up to Rs 25,000 till 16 December. Many customers fear a repeat of the PMC bank like situation. Lakshmi Vilas Bank employees have been reassuring the depositors that their money is safe with the bank. Zee Business’ Anurag Shah spoke with the customers who have accounts at LVB’s Borivali (Mumbai) branch at around 11:30 am.

See what the customers have to say on this:

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Anurag says that customers have been queuing at the bank since 9:30 am. Many customers were not given money after bank branch cited technical reasons. However, LVB’s employees are reassuring the customers about the safety of their deposits.

At one time during the banking hours, current account holders' problems increased as check clearance was halted.

“I have been standing (here) since 9 am in the morning. Have not given money citing technical issues,” one of the customers told Shah.

The bank has said it will give Rs 25,000 tomorrow, another customer said adding that he feared a PMC bank like situation happening at LVB.

Another customer who spoke to Zee Business said that the current account holders were facing a lot of problems.

However, one of the customers said that he was given Rs 25,000 by the bank.

The customers will not face challenges while withdrawing the current limit: TN Manoharan who is an administrator of the LVB said.

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The employees of LVB need not worry: TN Manoharan

The employees will be transfarred to the new bank under the existing conditions:TN Manoharan

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Lakshmi Vilas Bank Banking & Finance