Withdrawal Limit for PMC Depositors Raised to Rs 40,000 By RBI

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The Reserve Bank of India on Monday raised the withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd to Rs 40,000 from the earlier limit of Rs 25,000. This is the third such raise in the last month.

The initial limit imposed on the harried customers of the bank was Rs 1,000, which was subsequently raised to 10,000 and Rs 25,000 after protests. The limit was raised after finance minister Nirmala Sitharaman, who had faced protests by irate depositors at the BJP office in Mumbai last week. With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank further added.

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The RBI has also decided to form a three-member committee under the provisions of Banking Regulation Act to assist the administrator for PMC Bank. On Monday, the apex bank had superseded the board of the PMC Bank and appointed Jai Bhagwan Bhoria as the new administrator of the embattled lender with all the powers of the board. The Economic Offences Wing of the Mumbai Police has arrested HDIL promoters Rakesh Kumar Wadhawan and Sarang Wadhawan in connection with the PMC Bank case. The agency also attached properties worth Rs 3,500 crore in the relation to the case.

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