PMC account holders can now withdraw Rs 40,000: RBI

Reserve Bank of India

The Reserve Bank of India (RBI) has announced that it has raised the withdrawal limit for the customers of the troubled Punjab and Maharashtra Co-operative (PMC) Bank to Rs 40,000. The earlier limit was Rs 25,000.

Reserve Bank of India

The apex bank said in a statement that, ”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,”

 

“With the above relaxation, more than 77 per cent of the depositors of the bank will be able to withdraw their entire account balance,” the central bank added.

It’s the third time RBI has raised the withdrawal since the bank was clamped down on September 23.

The RBI said it is “closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank”.

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