PMC

Bank

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RBI increases withdrawal limit from PMC Bank customers to Rs 10,000 from Rs 1,000 In a relief for Punjab & Maharashtra Cooperative (PMC) Bank customers, the Reserve Bank of India today increased the withdrawal limit from Rs 1,000 to Rs 10,000."Other terms and conditions of the said Directive shall remain unchanged. With the above relaxation, more than 60% of the depositors of the Bank will be able to withdraw their entire account balance," RBI said in a statement.

bank

The 35-year-old

Bank

bank

In a relief to the crisis-hit Punjab & Maharashtra Cooperative (PMC) Bank customers, the Reserve Bank of India today increased the withdrawal limit from Rs 1,000 to Rs 10,000."Other terms and conditions of the said Directive shall remain unchanged. With the above relaxation, more than 60% of the depositors of the Bank will be able to withdraw their entire account balance," RBI said in a statement."The above relaxation has been granted with a view to reducing the hardship of the depositors. 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," RBI said.The RBI on Tuesday had barred thefrom carrying out almost all its routine banking activities for six months. It had allowed depositors to withdraw only Rs 1000 from any of their accounts. The crackdown caused panic among depositors.The move came after the centralhas found certain irregularities in the, including under-reporting of NPAs and had put restriction on fresh lending.The RBI also sacked the's board of directors under sub-sections 1 and 2 of section 36 AAA read with section 56 of the Banking Regulation Act 1949. An administrator has been appointed to take charge.is a multi-state cooperativewith operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.