RBI increased withdrawal limit for PMC Bank to 10,000 rupees

RBI increased withdrawal limit for PMC Bank to 10,000 rupees

The Reserve Bank of India (RBI) increased the withdrawal limit for Punjab and Maharashtra Co-operative Bank (PMC) depositors to Rs.10,000. Earlier, the limit was set to Rs.1,000. RBI also said that 60% of the PMC Bank depositors will now be able to withdraw the entire amount. The relaxation aimed to reduce the hardship of the depositors.



RBI's restriction:

RBI has barred the PMC Bank, Mumbai to carry out the majority of its routine business for 6 months. The bank was put under regulatory restriction in the interest of depositors. The restriction was required due to the failure of internal control, major financial irregularities,  and wrong reporting of exposures. The announcement from the Central Bank will not cancel the banking licence of the Bank. The restrictions will be in force for six months.

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