RBI enhances PMC Bank withdrawal limit to Rs 50,000

PMC Bank
Punjab & Maharashtra Co-operative Bank Ltd

Mumbai, Nov 5 : Following a review of the crisis-ridden Punjab and Maharashtra Cooperative Bank’s (PMC’s) liquidity position, the Reserve Bank of India (RBI) on Tuesday raised the withdrawal limit for bank depositors to Rs 50,000.

The RBI said this would enable more than 78 per cent of the depositors of the bank to withdraw their entire account balance.

“The RBI, after reviewing the PMC’s liquidity position and its ability to pay its depositors, has decided to further enhance the limit for withdrawal to Rs 50,000, inclusive of Rs 40,000 allowed earlier,” an RBI statement said.

The RBI further said that it has decided to allow the depositors to withdraw within the prescribed limit of Rs 50,000 from the bank’s own ATMs.

“This is expected to ease the process of withdrawals,” it said

“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,” it added.

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