PMC Bank depositors’ withdrawal limit raised to Rs50,000

MUMBAI: The Reserve Bank of India (RBI) has further enhanced the limit for withdrawal for the depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd (PMC Bank) up to Rs50,000 from the earlier Rs40,000.

RBI had on October 14, 2019 had permitted the depositors of the bank to withdraw up to Rs40,000 of the total balance in their accounts. Until October 14, the limit was Rs25,000 per account holder.

Earlier, soon after the detection of trouble in the bank, RBI had immediately restricted the withdrawal to Rs1000, which was subsequently increased to Rs10,000 and then to Rs25,000.

RBI said with the new relaxation on today (Tuesday), more than 78 per cent of the depositors of the bank will be able to withdraw their entire account balance, against an earlier 77 per cent of depositors.

“It has also been decided to allow the depositors to withdraw from the bank’s own ATMs within the prescribed limit of Rs50,000. This is expected to ease the process of withdrawals,” said the RBI statement.

RBI said it was closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank.

 

 

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