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  Business   Companies  14 Oct 2019  RBI raises PMC Bank customers' withdrawal limit to Rs 40,000

RBI raises PMC Bank customers' withdrawal limit to Rs 40,000

PTI
Published : Oct 14, 2019, 7:56 pm IST
Updated : Oct 14, 2019, 7:56 pm IST

With this, about 77 per cent of the depositors will be able to withdraw their entire account balance, said RBI.

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 Rs 1,000 per customer, which led to lot of distress and criticism. (Photo: File | PTI)
 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 Rs 1,000 per customer, which led to lot of distress and criticism. (Photo: File | PTI)

Mumbai: The Reserve Bank of India on Monday increased the withdrawal limit for depositors of scam-hit Punjab and Maharashtra Cooperative (PMC) Bank to Rs 40,000 from Rs 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 Rs 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 Rs 40,000, inclusive of Rs 25,000 allowed earlier, the central banks said in a statement.

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

Tags: reserve bank of india, punjab and maharashtra cooperative bank, pmc bank
Location: India, Maharashtra, Mumbai (Bombay)