RBI Relaxes Withdrawal Limit For PMC Bank Accounts To Rs.50,000

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Mumbai : Reserve Bank of India ( RBI) on Tuesday raised the withdrawal limit of PMC Bank accounts to Rs.50,000 from Rs.40,000 earlier. On 14th October RBI had raised the withdrawal limit to Rs.40,000 from Rs.25,000.

“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 Rs. 50,000/- (Rupees Fifty Thousand only), inclusive of Rs. 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. 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 Reserve Bank is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank” RBI said in a press statement.

RBI on 23rd September had put several restrictions on the bank including squeezing   of withdrawal limit to Rs. 1000 The action was taken due to major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposures under various Off-site Surveillance reports to RBI that had came to the Reserve Bank’s notice.

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