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PMC Bank Crisis: RBI Increases Withdrawal Limit to ₹10,000 from ₹1,000
September 28, 2019
In what’s certainly a small respite to the customers of Punjab & Maharashtra Cooperative (PMC) Bank, the central bank RBI has hiked the withdrawal limit from ₹1,000 to ₹10,000. The official statement said that other terms and conditions will stay the same. It also said as per the new relaxation, more than 60% of the customers will be able to withdraw their entire bank balance.
RBI said that the move was taken in light of the hardship of the depositors and that it’s closely monitoring the situation and may take further steps if necessary.
Photo credit: Dr PS Sahana * Kadamtala Howrah on Visualhunt.com / CC BY
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