Monday, Aug 15, 2022
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RBI Increases Withdrawal Limit To Rs 10,000 For PMC Bank Account Holders

The depositors will be able to withdraw the said amount from their savings, current or any other deposit accounts at the bank.

People outside a PMC Bank branch. (PTI)

The Reserve Bank of India on Thursday increased the withdrawal limit of account holders at the Punjab and Maharashtra Cooperative Bank to Rs 10,000 from Rs 1,000 earlier. The depositors will be able to withdraw the said amount from their savings, current or any other deposit accounts at the bank.

"The above relaxation has been granted with a view to reducing the hardship of the depositors," the bank said in a statement

"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 also said with the relaxation coming into effect, at least 60% of bank's depositors will be able to withdraw their entire account balance.

The central bank had earlier limited the withdrawal to Rs 1,000 over the next six months, leading protests and long queues outside PMC bank branches.

Earlier this week, the PMC Bank was barred from granting, renewing and loans and advances, make any investments, incur any liability, including borrowing of funds or accept fresh deposits, etc., without the prior written approval from RBI.

The RBI has also restricted the bank from disbursing, agreeing to disburse any payment, whether in the discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangements and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI notification on Monday.

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