RBI Raises Withdrawal Limit For PMC Bank Account Holders

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Mumbai: The Reserve Bank of India (RBI) on Thursday increased the withdrawal limit for Mumbai-based Punjab and Maharashtra Co-Operative Bank (PMC Bank) account holders to Rs 10,000

In a statement, the apex bank said PMC Bank customers can now withdraw Rs. 10,000 from their account, instead of Rs. 1,000.

More than 60 per cent of PMC Bank depositors will be able to withdraw their entire account balance, the RBI said in its statement. The relaxation has been granted with a view to “reducing the hardship of the depositors”, the central bank said.

The apex bank has changed its decision following the protests from PMC Bank customers in past two days following the RBI’s move to allow the co-operative bank’s customers to withdraw only a sum of Rs. 1,000 from their accounts over the next six months.

Earlier, on Tuesday the Reserve Bank of India (RBI) has imposed restrictions on Punjab & Maharashtra Cooperative Bank Ltd (PMC), Mumbai from carrying out the majority of its routine business transactions for a period of six months.

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