RBI Enhances Cash Withdrawal Limit to Rs 50,000 from PMC Bank

Guwahati, November 5, 2019:

Reserve Bank on Tuesday enhanced the cash withdrawal limit to Rs 50,000 per account from the Punjab & Maharashtra Cooperative (PMC) Bank.

For the fifth time, the increase in withdrawal limit has been issued since the bank was placed under its direct control with an administrator on September 23.

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The RBI also allowed the depositors of the bank to withdraw from the bank's own ATMs within the prescribed limit.

In an official statement, the RBI said, “After reviewing the bank's liquidity position and its ability to pay its depositors, it has been decided to further enhance the limit for withdrawal to Rs 50,000, inclusive of Rs 40,000 allowed earlier.”

Over 78 percent of the depositors of the bank will be able to withdraw their entire account balance.

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As on October 14, the RBI had permitted the depositors to withdraw up to Rs 40,000 of the total balance in their accounts.

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