According to the latest information, RBI has increased the withdrawal limit for the PMC Bank account holders from Rs 1000 to Rs 10000.
Mumbai| In a slight relief for the depositors of the Punjab and Maharashtra Credit Bank (PMC Bank), the Reserve Bank of India has relaxed its restriction on the withdrawal limit. According to the latest information, RBI has increased the withdrawal limit for the account holders from Rs 1000 to Rs 10000.
The RBI direction came after a series of citizen protests rocked the PMC Bank branches in Maharashtra and Punjab. Panic-stricken customers queued up outside the bank to withdraw money.
Also Read: Breaking News: RBI puts restrictions on PMC bank; customers can withdraw only Rs 1000 in six months
On Monday, the Reserve Bank of India has imposed a six-month ban on Punjab and Maharashtra Co-operative Bank Limited (PMC Bank) on charges of irregularities. The central bank has issued special guidelines to monitor all transactions of PMC Bank. This will affect the account holders as well. Under this, no depositor can withdraw more than 1,000 thousand rupees from his savings account, current account or any other deposit account.
According to reports, by the end of March 2019, more than 11 thousand 500 crores was deposited in PMC Bank. The bank operates in Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. It has about 137 branches.
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