RBI raises PMC Bank withdrawal limit to Rs 1 lakh from Rs 50,000 earlier

With this 84% of the bank's depositors will be able to withdraw their entire money deposited with it

Depositors can withdraw up to Rs 1 lakh from their Punjab and Maharashtra Cooperative (PMC) Bank account, with the Reserve Bank of India (RBI) on Friday enhancing the limit, which was Rs 50,000 earlier. However, other restrictions on the troubled cooperative bank will continue for another six months. With this, 84 per cent of the bank’s depositors would be able to withdraw their entire deposit.

The central bank, in a notification, said it took the decision after a review of the bank’s liquidity position, and in an effort to mitigate the difficulties of the depositors during the prevailing Covid-19 situation. The