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RBI raises PMC Bank customers’ withdrawal limit to Rs 40,000

This is the third time the regulator has increased the withdrawal limit since its clamped down on the bank on September 23, when the RBI had capped it at Rs 1,000 per customer. 

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 40,000, inclusive of Rs 25,000 allowed earlier, the central bank said in a statement. 

With the above relaxation, about 77 percent of the depositors of the bank will be able to withdraw their entire account balance. 

The RBI said it is closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank.

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