Withdrawal limit for PMC Bank increases to ₹50,000

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  • RBI allows the depositors to withdraw from the bank’s own ATMs within the prescribed limit of ₹50,000.
  • The central bank had initially capped the deposit withdrawal at ₹10,000 but later raised it to ₹40,000.

The Reserve Bank of India (RBI) on Tuesday increased the withdrawal limit for customers of Punjab and Maharashtra Cooperative (PMC) Bank to ₹50,000 . The central bank allowed PMC Bank’s depositors to withdraw from the bank’s own ATMs within the prescribed limit of ₹50,000. This is expected to ease the process of withdrawals, the central bank said in a press release.

The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to ₹50,00, inclusive of ₹40,000 allowed earlier. With the above relaxation, more than 78% of the depositors of the bank will be able to withdraw their entire account balance,” said RBI.