.
RBI last month imposed a 6-month ban on PMC and fixed the withdrawal limit for customers at Rs 1000. Later this limit was increased to 10000 and then 25000
Mumbai| The account holders of Punjab and Maharashtra Co-operative (PMC) bank may get slight relief as RBI on Monday informed to increase the withdrawal limit from Rs 25 thousand to Rs 40 thousand. Due to the loan scam, the RBI last month imposed a 6-month ban on PMC and fixed the withdrawal limit for customers at Rs 1000. Later this limit was increased to 10 thousand and then 25 thousand.
Also read: PMC bank account holders get assurance from Finance Minister Nirmala Sitharaman
According to the RBI statement, the decision was taken after reviewing the ability of the bank to pay the movable assets of PMC Bank and its consumers. The bank’s financial situation was deteriorating due to fake account holders and scams. The matter was then brought to the notice of RBI at the earliest. After this, an administrator was appointed to take action to ensure that there is no further fraud.
‘Rs 1 lakh Payment of deposit guarantee is not possible ‘
At the same time, Finance Minister Nirmala Sitharaman spoke to the media on the issue of PMC Bank after a meeting with the heads of public sector banks on Monday. She said that he had spoken to RBI Governor Shaktikanta Das about the possibility of immediate payment of deposit guarantee of Rs 1 lakh. The governor said that the deposit guarantee is paid only when the bank is closed or when the bank remains fully operational.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
