RBI Raises Withdrawal Limit of PMC Customers to 10,000

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In a major relief to the customers of Punjab and Maharashtra Cooperative Bank Limited (PMC), the Reserve Bank of India increased the withdrawal limit from rupees 1000 to rupees 10000 on Thursday.

The notification released by the RBI said, “Other terms and conditions of the said Directive shall remain unchanged. With the above relaxation, more than 60% of the depositors of the Bank will be able to withdraw their entire balance.”

Now, this move by RBI allows 60 percent of PMC customers to withdraw entire balance.

The RBI statement also said, “The above 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.”

Earlier on September 24, RBI had imposed restrictions on PMC withdrawal amount for the customers to rupees 1000.

Panic had stricken among customers after RBI put restrictions on loans, fixed deposit accounts for the next six months.

 

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