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RBI enhances withdrawal limit for PMC Bank depositors to Rs 50,000

This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23

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2 min read Last Updated : Nov 05 2019 | 5:55 PM IST

The Reserve Bank on Tuesday enhanced the cash withdrawal from the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank to Rs 50,000 per account.

This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.

The RBI also allowed the depositors of the bank to withdraw from the bank's own ATMs within the prescribed limit of Rs 50,000, which will further ease process of withdrawals.

"After reviewing the bank's liquidity position and its

Topics : RBI Cash withdrawal PMC Bank

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