WITHDRAWAL LIMIT AT PMC BANK RAISED

MUMBAI: The Reserve Bank of India (RBI) on Tuesday increased the withdrawal limit for customers of Punjab and Maharashtra Cooperative (PMC) Bank to ₹50,000. “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 ₹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,” a central bank statement said. RBI added it is closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank.