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RBI relaxes restriction on withdrawal from Rs 1000 to 10,000

RBI relaxes restriction on withdrawal from Rs 1000 to 10,000

India Blooms News Service | @indiablooms?lang=en | 26 Sep 2019, 02:20 pm

Mumbai: The RBI on Thursday increased the withdrawal limit of Punjab and Maharashtra Co-operative Bank (PMC) bank depositors from Rs1000 to Rs10,000, relaxing initial restrictions imposed on Sep 23.

"The relaxation has been granted with a view to reducing the hardship of the depositors. The Reserve Bank is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank," the RBI said. 

The restrictions were imposed after RBI detected certain irregularities apart from un-reported NPAs.

The RBI also removed company’s board of directors in line with sub-sections 1 and 2 of section 36AAA read with section 56 of the Banking Regulation Act 1949.

PMC Bank customers, on Thursday, filed a complaint at the Sion police station in central Mumbai against the Bank’s board of directors and chairman. According to the complaint, as many as 14 people were involved in the alleged siphoning of funds. In the complaint they also demanded management’s explanation.

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