PMC Bank withdrawal limit: RBI hikes withdrawal limit for PMC Bank customers | India Business News


NEW DELHI: The Reserve Bank of India (RBI) on Thursday raised the withdrawal limit for Punjab and Maharashtra Cooperative (PMC) Bank account holders from Rs 1,000 to Rs 10,000.

“Accordingly, vide modified Directive dated September 26, 2019, it has been decided to allow the depositors to withdraw a sum not exceeding Rs 10,000 (including Rs 1,000 wherever already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directive dated September 23, 2019,” the central bank stated in a notification on its website.

It further said that “other terms and conditions of the said directive shall remain unchanged” adding that “with the above relaxation, more than 60 per cent of the depositors of the bank will be able to withdraw their entire account balance.”

The higher limit is subject to fact the customer does not have any liability with the bank by way of loans of surety for a third-party loan, RBI said.

Several account holders of the crippled PMC Bank also filed a joint police complaint on Thursday against the bank’s chairman and its directors for alleged misappropriation of funds of the customers.

The RBI imposed operational restrictions on the PMC Bank and had capped withdrawals at Rs 1,000 per account.

The move came after the central bank has found certain irregularities in the bank, including under-reporting of NPAs and had put restriction on fresh lending.

The restrictions will be in force for six months, the Reserve Bank mentioned.

Although, the bank tried to allay fears of the depositors and customers, saying it has enough liquidity to meet all liabilities and every penny of the public is secure.

Asserting that all its loans are fully secured, the management admitted that one large account – HDIL- is the sole reason for the present crisis.

(With PTI inputs)

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