PMC Bank Crisis: RBI increases withdrawal limit to Rs. 10.000

The PMC bank customers were in for a shock when RBI put up a restriction on the withdrawal limits. But today, in a relief for the Punjab & Maharashtra Cooperative (PMC) Bank customers, the Reserve Bank of India has increased the withdrawal limit from Rs 1,000 to Rs 10,000.

The RBI claims that with this relaxation many account holders will be able to remove their entire balance from their accounts in the PMC bank.

The Reserve Bank of India in a statement said, “It has been decided to allow the depositors to withdraw o withdraw a sum not exceeding ₹10,000/- (Rupees Ten Thousand Only) (including ₹1,000/- wherever already withdrawn)of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directive dated September 23, 2019. Other terms and conditions of the said Directive shall remain unchanged.”

They further added that “The above relaxation has been granted with a view to reducing the hardship of the depositors. The Reserve Bank is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank.”

On Tuesday the PMC account holders were in for a shock when the RBI placed the bank under restrictions allowing the account holders to withdraw just Rs. 1000 from their total account balance. Today’s move has given some relief for the account holders.

Many agitated account holders have also filed a joint police complaint against the bank’s chairman and directors for mishandling their funds.

PMC Bank was founded in 1984 in a small room in Mumbai. At present, the bank has a network of 137 branches in six states.

Also Read: PMC Bank: RBI Restricts Daily Cash Withdrawals at Rs 1,000