RBI relief for PMC Bank depositors, withdrawal limit hiked to Rs 40,000

RBI said it reviewed the bank's liquidity position and, with a view to reducing the hardship of the depositors, it decided to further enhance the limit

The Reserve Bank of India (RBI) has increased the withdrawal limit for depositors of Punjab and Maharashtra Co-operative (PMC) Bank to Rs 40,000. 

This is the third withdrawal limit increase by the RBI, in which it has increased the withdrawal amount. On September 24, the RBI set the withdrawal limit at Rs 1,000 per account, which it increased to Rs 10,000 the next day. On October 3, this limit was increased to Rs 25,000. 

The RBI said it reviewed the bank’s liquidity position and, with a view to reducing the hardship of the depositors, it decided to further enhance the