Economy

RBI raises withdrawal limit for PMC bank account holders

RBI raises withdrawal limit for PMC bank account holders

Reserve Bank of India has enhanced the withdrawal limit for account holders of Punjab and Maharashtra Cooperative Bank to Rs 40,000 from the existing limit of Rs 25,000.

This is the third time India’s central bank has raised the withdrawal limit since its clamp down on the PMC Bank last month.

In its statement the RBI declared that it decided to enhance the withdrawal limit after reviewing the bank’s liquidity position.

After the raise in withdrawal limit about 77 % of the depositors of the bank will be able to withdraw their entire deposits.

Punjab & Maharashtra Cooperative Bank  is among the top 10 urban cooperative banks, it was placed under an RBI administrator on September 23, 2019 for a duration of  6  months due to massive under-reporting of dud loans.

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