RBI hikes withdrawal limit in PMC Bank to Rs 10k

Mumbai: Providing relief to the customers, the Reserve Bank of India (RBI) on Thursday hiked the withdrawal limit from Rs 1,000 to Rs 10,000 per bank account in the sanction-hit Punjab and Maharashtra Cooperative (PMC) Bank.
The RBI Chief General Manager Yogesh Dayal said that the decision came in the wake of a preliminary assessment by the administrator of the PMC Bank’s latest depositor and liquidity profile.
Accordingly, depositors can now withdraw up to Rs 10,000, including the Rs 1,000 permitted earlier, of the total balance in every savings, current, or any other account for the next six months.
With the relaxation, more than 60 per cent of the bank depositors would be able to withdraw their entire account balance.
The RBI said that it had reviewed the position and allowed the relaxation to reduce the hardships of the depositors.
Taking up the cause of the desperate bank customers, Opposition Congress leader Sanjay Nirupam has written to RBI Governor Shaktikanta Das, highlighting the alleged irregularities in the PMC Bank.