The Reserve Bank of India (RBI) on Thursday increased the withdrawal limit for Punjab and Maharashtra Cooperative Bank (PMC) depositors from Rs 1,000 earlier to Rs 10,000.
The relaxation in withdrawal limit comes as a big relief, particularly for those who are not from affluent backgrounds. The earlier restriction imposed some days ago had become a worry for some.
In a statement released, the RBI said:
“Accordingly, vide modified Directive dated September 26, 2019, it has been decided to allow depositors to withdraw a sum not exceeding Rs 10,000 (including the Rs 1,000 already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions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.”
This will enable 60 per cent of the depositors to withdraw the entire amount, RBI added.
The restricting directive by the central bank was required after it found certain irregularities, failure of internal control and wrong reporting of exposures, the central bank stated.