RBI hikes withdrawal limit to Rs 10,000 in PMC Bank

 The Reserve Bank of India (RBI) on Thursday increased the withdrawal limit from Rs 1000 to Rs 10,000, in a relief for Punjab and Maharashtra Cooperative (PMC) Bank customers.

On a preliminary assessment of Punjab and Maharashtra Cooperative Bank Ltd (Mumbai), RBI has decided to allow the depositors to withdraw a sum not exceeding ₹10,000 of the total balance held in every savings bank account or current account or any other deposit account, the RBI said in a statement.

 

It said that the other terms and conditions of the said directive shall remain unchanged.

This comes a day after the RBI barred the customers from withdrawing  more than ₹1,000 from their accounts.

Panic among the depositors had been sparked by the RBI on Tuesday after it barred the PMC Bank, Mumbai, from carrying out the majority of its routine business transactions for a period of six months. The restriction was imposed on the savings and current accounts or any deposit accounts.