RBI hikes withdrawal limit from ₹1000 to ₹10,000 for PMC Bank customers

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In a relief to customers of crisis-hit Punjab & Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Thursday increased the cash withdrawal limit to Rs 10,000 from Rs 1,000.

“It has been decided to allow depositors to withdraw a sum not exceeding Rs 10,000 (including the Rs 1,000 already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account,” RBI said in a release.

Earlier on Tuesday, the central bank had imposed a slew of restrictions on the bank for six months, allowing withdrawal of only Rs 1,000 for the bank’s depositors, leaving the customers in a worry.

The move came after the RBI has found certain irregularities in the bank, including under-reporting of NPAs and had put restriction on fresh lending.

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The RBI said the relaxation has been granted with a view to reducing the hardship of the depositors.

The bank also said that it 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.

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