RBI raises withdrawal limit from PMC Bank to Rs 50,000

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Published: November 6, 2019 3:29:09 AM

“The Reserve Bank of India 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,” it added.

RBI, PMC Bank withdrawal limit, PMC Bank depositors, PMC Bank crisisThe central bank has also allowed depositors to withdraw from the bank’s ATMs within the prescribed limit of Rs 50,000.

The Reserve Bank of India (RBI) on Tuesday enhanced the withdrawal limit of PMC Bank depositors to Rs 50,000 from the previous cap of Rs 40,000. With this, over 78% of the bank’s depositors will be able to withdraw their entire account balance, the central bank said. “The Reserve Bank of India 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,” it added.

The central bank has also allowed depositors to withdraw from the bank’s ATMs within the prescribed limit of Rs 50,000. “This is expected to ease the process of withdrawals,” the RBI stated. It had imposed restrictions on the bank and has been revising the withdrawal cap of the bank’s depositors in a phased manner ever since the fraud came to light.

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