PMC bank account holders can now withdraw Rs10,000

MUMBAI: The Reserve Bank of India (RBI) raised the withdrawal limit for the account holders of the troubled Punjab and Maharashtra Co-operative (PMC) to Rs10,000 from the earlier Rs1000 for the next six months.

RBI informed that the other terms and conditions of the said directive will remain unchanged. RBI said the new decision is likely to benefit more than 60 per cent of the PMC customers. It was on September 23, the RBI had decided to bring the withdrawal limit of the deposit holders down to Rs1000 after the Apex bank found some irregularities with regard to the banks’ running, especially concerning bad loans.

The restriction was imposed for a period six months. The new move from RBI will bring relief to bank account holders who will now be able to withdraw Rs10,000 in six months instead of just Rs1,000 that was fixed earlier. The RBI had also restricted the bank from issuing loans or open fixed deposit accounts for the next six months.

The distraught customers had been planning to resist the RBI move, mainly the restriction on withdrawal, by organising protest across the country. PMC Bank is a scheduled urban co-operative bank with its area of operations in the states of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.

Many of the banks’ customers have been protesting both -on social media and at various PMC bank branches- following the announcement. However, fresh development is expected to provide some relief to protesting customers.

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