RBI raises withdrawal limit for PMC Bank account holders to Rs 25,000 from Rs 10,000

PMC Bank (file image)

The Reserve Bank of India on Thursday raised withdrawal limit for account holders of Punjab and Maharashtra Co-Operative Bank or PMC Bank to Rs 25,000 from Rs. 10,000.

“The Reserve Bank of India again reviewed the bank’s liquidity position and, with a view to reducing the hardship of the depositors, has decided to further enhance the limit for withdrawal to Rs. 25,000,” the central bank said in a statement.

With the new relaxation, more than 70% of the depositors of the bank will be able to withdraw their entire account balance, the statement added.

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Earlier on September 26, the RBI had increased the withdrawal limit for PMC depositors to Rs 10,000 from Rs 1,000.

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