RBI's sanctions on PMC Bank, creates panic | ABP special

26 Sep 2019 09:37 PM

RBI's sanctions on PMC Bank, creates panic | ABP special

Updated 26 Sep 2019 09:37 PM

The Reserve Bank of India (RBI) on Thursday increased the withdrawal limit from Rs 1000 to Rs 10,000, in a relief for Punjab and Maharashtra Cooperative (PMC) Bank customers.

On a preliminary assessment of Punjab and Maharashtra Cooperative Bank Ltd (Mumbai), RBI has decided to allow the depositors to withdraw a sum not exceeding ₹10,000 of the total balance held in every savings bank account or current account or any other deposit account, the RBI said in a statement.
 
It said that the other terms and conditions of the said directive shall remain unchanged.

This comes a day after the RBI barred the customers from withdrawing  more than ₹1,000 from their accounts.

Accordingly, depositors can now withdraw upto Rs 10,000, including Rs 1000 permitted earlier, of the total balance in every savings, current, or any other accounts for the next six months.

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