The Reserve Bank has enhanced the withdrawal limit to Rs 50,000 per account from Rs 40,000 per account. The move is seen as relief for the customers of scam-hit Punjab & Maharashtra Cooperative (PMC) Bank
This is the fourth time the regulator has increased the withdrawal limit since it clamped down on PMC Bank on September 23, capping withdrawals at Rs 1,000 per customer, which led to a lot of distress and criticism. Last month the limit was enhanced to Rs 40,000 per account.
“The RBI, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to Rs 50,000, inclusive of Rs 40,000 allowed earlier,” the central bank said in a statement.
With the above relaxation, more than 78% of the depositors of the bank will be able to withdraw their entire account balance.