Relief for PMC Bank depositors as RBI raises withdrawal limit to Rs 50,000

This marks the fourth revision in withdrawal limit by the RBI since the PMC Bank scam came to the fore

In a relief to the aggrieved depositors of Punjab and Maharashtra Cooperative (PMC) Bank, the Reserve Bank of India (RBI) on Tuesday raised the withdrawal limit to Rs 50,000 from Rs 40,000 earlier. This is the fourth revision in withdrawal limit by the RBI since the PMC Bank scam came to the fore. The RBI had first restricted the withdrawal limit to just Rs 1,000.
 
“It has also been decided to allow the depositors to withdraw from the bank’s own ATMs within the prescribed limit of Rs 50,000. This is expected to ease the process of withdrawals,” the RBI