Published On : Thu, Sep 26th, 2019

RBI ups PMC Bank withdrawal to Rs 10,000

Mumbai: IN a huge relief to account holders in the Punjab & Maharashtra Co-operative Bank, the RBI has now increased the withdrawal limit to Rs 10,000 in six months. The RBI had capped withdrawals at Rs 1,000 per customer during the six-month period, and banned the bank from extending new loans.

The Mumbai-based bank has around Rs 11,000 crore of public deposits. “PMC without prior approval in writing from the RBI, will also not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowing funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations,” the RBI said in a statement without giving any reasons for the regulatory action.