RBI increases withdrawal limit of PMC Bank account holders!

Today, RBI (Reserve Bank of India) gave a sigh of relief to the account holders in PMC (Punjab and Maharashtra Cooperative) bank by increasing the withdrawal limit to Rs. 50,000. People will be able to withdraw the amount from PMC bank’s ATMs.

RBI, in a press release said ‘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 ₹50,000, 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’.

RBI added to the above statement as it said that developments are being closely monitored and RBI will take all the necessary steps to help ease the situation of account holders.

On the 23rd of September, RBI asked PMC bank to stop their operations for at least upcoming 6 months which includes renewing existing or granting new loans, invest anywhere or acquire any liability. RBI, initially, put a cap of Rs. 1,000 on withdrawal limit which was increased to Rs. 10,000. Later the limit was again increased to Rs. 25,000, and later increased it by Rs. 15,000 again making the withdrawal limit Rs. 40,000.

The reason behind RBI’s such intense interference were the irregularities in banks reports, especially of Non Performing Assets (NPAs) and huge withdrawals.

Since the RBI put a cap on the withdrawal, there have been numerous protests by the account holders, and when the withdrawal limit was low, as low as 7 people has committed suicide.

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