Economy

RBI raises PMC Bank customers’ withdrawal limit to ₹40,000

The RBI logo is pictured outside its head office in Mumbai. File

The RBI logo is pictured outside its head office in Mumbai. File   | Photo Credit: Reuters

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With the above relaxation, about 77% of the depositors of the bank will be able to withdraw their entire account balance.

The Reserve Bank on Monday increased the withdrawal limit for depositors of scam-hit Punjab & Maharashtra Cooperative (PMC) Bank to ₹40,000 from ₹25,000 per account over the next six months.

This is the third time the regulator has increased the withdrawal limit since its clamped down on the bank on September 23, when the RBI had capped it at ₹1,000 per customer, which led to lot of distress and criticism.

The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors, has decided to further enhance the limit for withdrawal to ₹40,000, inclusive of ₹25,000 allowed earlier, the central banks said in a statement.

With the above relaxation, about 77% of the depositors of the bank will be able to withdraw their entire account balance, it said.

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Printable version | Nov 22, 2019 9:11:19 PM | https://www.thehindu.com/business/Economy/rbi-raises-pmc-bank-customers-withdrawal-limit-to-40000/article29682315.ece

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