PMC Bank crisis: Cash withdrawal limit raised to Rs 25000

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New Delhi: The Reserve Bank of India has increased the cash withdrawal limit for account holders of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank) to Rs 25,000 from Rs 10,000.

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

The RBI said over 70% of the depositors of the bank will be able to withdraw their entire account balance. The Reserve Bank is monitoring the position of the bank and will continue to take necessary steps in the interest of depositors, it added.

 

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