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 per cent 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.
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