PMC Bank withdrawal limit increased to Rs 25,000 - reports

Punjab and Maharashtra Cooperative (PMC) Bank withdrawal limit has been increased to Rs 25,000 from the earlier Rs 10,000 by the Reserve Bank of India (RBI) in a sigh a relief for customers, according to news agency ANI. Senior officials of PMC Bank are under investigation over loan defaults running over Rs 4,355 crores.

According to the police, PMC bank officials gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.

Reserve Bank of India: Reserve Bank Enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd to Rs 25,000. pic.twitter.com/Y11XH8eTv7

— ANI (@ANI) October 3, 2019

The RBI had earlier set the withdrawal limit at just Rs 1,000 but increased it to Rs 10,000 after several bank account holders protested against the move outside its branch in Mumbai.

Also Read: PMC Bank crisis 'eye opener', RBI looking into lapses: Thakur