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RBI hikes PMC Bank withdrawal limit to Rs 50,000

RBI hikes PMC Bank withdrawal limit to Rs 50,000

The Reserve Bank of India today enhanced the cash withdrawal limit from the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank to 50,000 rupees per account. This is the fourth increase in withdrawal limit since the bank was placed under its direct control with an Administrator in September.

In a statement, RBI said after reviewing the bank’s liquidity position and its ability to pay its depositors, it has been decided to further enhance the limit for withdrawal to 50,000 rupees, inclusive of 40,000 rupees allowed earlier. With the above relaxation, more than 78 per cent of the depositors of the bank will be able to withdraw their entire account balance.

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