In huge relief to PMC Bank depositors, RBI increases withdrawal limit to Rs 50,000

In a huge relief for the depositors of the fraud-hit Punjab and Maharashtra Cooperative Bank, the Reserve Bank of India has increased the withdrawal limit to Rs 50,000.

The earlier limit for withdrawal was Rs 40,000.

The RBI said: “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 50,000/- (Rupees Fifty Thousand only), inclusive of Rs 40,000 allowed earlier. With the above relaxation, more than 78% of the depositors of the bank will be able to withdraw their entire account balance.”

Further easing the withdrawal process for the customers of the PMC Bank, the RBI has “decided to allow the depositors to withdraw from the bank’s own ATMs within the prescribed limit of Rs 50,000”.