Money & Banking

PMC Bank customers can now withdraw up to Rs 25,000

Our Bureau Mumbai | Updated on October 03, 2019 Published on October 03, 2019

Now, more than 70 per cent of the bank's depositors can withdraw their entire account balance.

The Reserve Bank of India (RBI) has further relaxed the cap on withdrawal for PMC Bank customers to Rs 25,000 from Rs 10,000.

It had earlier put a limit of Rs 1,000 on withdrawals for the PMC Bank, which was later increased to Rs 10,000.

"The Reserve Bank of India again reviewed the bank’s liquidity position and, with a view to reducing the hardship of the depositors, has decided to further enhance the limit for withdrawal to Rs 25,000," RBI said in a statement.

With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance. "The Reserve Bank is monitoring the position of the bank, and will continue to take necessary steps in the interest of depositors," it added.

The RBI has also decided to appoint a Committee of three Members to assist the Administrator of Punjab and Maharashtra Cooperative Bank Ltd.

Published on October 03, 2019
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