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 Rs 50,000/- (Rupees Fifty Thousand only), 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.
It may be recalled that the Reserve Bank of India on October 14, 2019 had permitted the depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd. to withdraw up to Rs 40,000/- (Rupees Forty Thousand Only) of the total balance in their accounts.
It has also been decided to allow the depositors to withdraw from the bank’s own ATMs within the prescribed limit of Rs 50,000. This is expected to ease the process of withdrawals.
The Reserve Bank 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, reads a press release from RBI.