PMC Bank: RBI raises withdrawal limit for customers to Rs. 50,000
Mumbai/IBNS: Giving relief to customers of trouble-torn Punjab and Maharashtra Co-Operative Bank or PMC Bank, the Reserve Bank of India on Tuesday raised the withdrawal limit for account holders to Rs. 50,000.
The limit was earlier Rs. 40,000.
"It may be recalled that the Reserve Bank of India on October 14, 2019 had permitted the depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd. to withdraw up to Rs. 40,000/- (Rupees Forty Thousand Only) of the total balance in their accounts," RBI said in a statement.
Reserve Bank enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd. to â‚¹ 50,000/-https://t.co/O6e97nK3t0— ReserveBankOfIndia (@RBI) November 5, 2019
"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. 50,000/- (Rupees Fifty Thousand only), inclusive of Rs. 40,000 allowed earlier. With the above relaxation, more than 78% of the depositors of the bank will be able to withdraw their entire account balance," it said.
"It has also been decided to allow the depositors to withdraw from the bank’s own ATMs within the prescribed limit of Rs. 50,000. This is expected to ease the process of withdrawals," the RBI said.
The Reserve Bank said it 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.
PMC Bank is a scheduled cooperative bank with operations in Maharashtra, Karnataka, Delhi, Goa, Gujarat, Madhya Pradesh and Andhra Pradesh through its 137 branches.
The restrictions were imposed after RBI detected certain irregularities apart from un-reported NPAs.