RBI Doubles Withdrawal Limit For PMC Depositors

RBIIn a press release it said that for depositors of Punjab & Maharashtra Co-operative Bank (PMC), the Reserve Bank of India (RBI) has doubled the withdrawal limit from Rs 50,000 to Rs 1 lakh.

Bank’s depositors will be able to withdraw their entire account balance up from 78% earlier, with this relaxation of 84%.

“Further, on a review of the bank’s liquidity position, its ability to pay the depositors and with a view to mitigating the difficulties of the depositors during the prevailing COVID-19 situation, it has also been decided to further enhance the limit for withdrawal to Rs 1,00,000 per depositor, inclusive of Rs 50,000 allowed earlier,” the RBI added.

Since September last year, the RBI imposed restrictions on banks and its withdrawal limit was last raised in November.

RBI extended the directions on the bank for a further period of six months from June 23, 2020, to December 22, 2020, subject to review, on Friday.

The RBI has continued talks with all the stakeholders involved and pointed out that the need to recover bad loans, owing to the extent of the negative net worth of the bank and the resolution of the bank will take further consideration.


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