PMC Bank crisis: RBI raises cash withdrawal limit to Rs 10,000

SUKIRTI MISHRA 26/09/2019 17:05:41

--With the new relaxation, now, more than 60% of the depositors of the bank will be able to withdraw their entire account balance.

New Delhi. The central bank has provided a major relief to customers of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank), by increasing the withdrawal limit for its account holders to Rs 10,000 from Rs 1,000 made on Tuesday. RBI placed PMC Bank under its directions on Tuesday for a tenure of 6 months, post identigying some irregularities in granting loans to some of the corporates. 


The banking regulator mentioned, "On a preliminary assessment of the bank’s latest depositor and liquidity profile as furnished by the administrator, RBI has decided, in the interest of depositors, to review the directions. Accordingly, vide modified directive dated September 26, 2019, it has been decided to allow the depositors to withdraw a sum not exceeding  Rs 10,000/-  (including Rs 1,000/- wherever already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directive dated September 23, 2019."
The central bank stated that relaxation in the withdrawal limit has been approved to reduce the hardships being faced by the depositors. More than 60% depositors of PMC Bank will be able to withdraw their entire account balance after the new relaxation. 


Also ReadPMC Bank crisis: RBI clarifies of not closing down any bank

Also Read : RBI limits PMC Bank withdrawals to Rs 1,000 per account. Details...


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