Regional News

RBI raises withdrawal limit to Rs 40,000 for PMC bank account holders

RBI imposes Rs 1 cr fine on LVB, Rs 75 lakh on Syndicate Bank for violating norms – Moneycontrol

Reserve Bank has enhanced the withdrawal limit for the account holder of Punjab and Maharashtra Cooperative Bank or PMC Bank to 40 thousand rupees from 25 thousand rupees. This is the third time, RBI has raised the withdrawal limit since its clamp down on PMC Bank last month. In a statement, RBI said, after reviewing the bank’s liquidity position and its ability to pay its depositors, it has decided to further enhance the limit. With the revised relaxation, about 77 per cent of the depositors of the bank will be able to withdraw their entire deposits.

Finance Minister Nirmala Sitharaman yesterday said that she is closely monitoring the developments at PMC Bank, and the RBI governor has assured to protect customers’ interest.

AIR correspondent reports that providing further relief to the customers, the move comes after the weekend assurance by Finance Minister Nirmala Sitharaman. She had said that she will urge the Reserve Bank to look into the woes of the depositors of the cooperative bank with urgency. The irate depositors had met her in Mumbai.

Punjab & Maharashtra Cooperative Bank, which is among the top 10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. The bank had come on regulatory radar after Housing Development & Infrastructure Ltd (HDIL) and its directors failed to repay a Rs 4355 crore putting the bank under liquidity stress. The regulator had capped deposit withdrawals first at Rs 1,000, which was subsequently increased to Rs 10,000 and Rs 25,000.

News is information about current events. News is provided through many different media: word of mouth, printing, postal systems, broadcasting, electronic communication, and also on the testimony of observers and witnesses to events. It is also used as a platform to manufacture opinion for the population.

Contact Info

D 601  Riddhi Sidhi CHSL
Unnant Nagar Road 2
Kamaraj Nagar, Goreagaon West
Mumbai 400062 .

Email Id: [email protected]

West Bengal

Eastern Regional Office
Indsamachar Digital Media
Siddha Gibson 1,
Gibson Lane, 1st floor, R. No. 114,
Kolkata – 700069.
West Bengal.

Office Address

251 B-Wing,First Floor,
Orchard Corporate Park, Royal Palms,
Arey Road, Goreagon East,
Mumbai – 400065.

Download Our Mobile App

IndSamachar Android App IndSamachar IOS App
To Top
WhatsApp WhatsApp us