RBI Enhances Withdrawal Limit For PMC Bank Depositors To Rs 40,000

Mumbai: In huge relief for Punjab and Maharashtra Cooperative (PMC) Bank, the Reserve Bank of India (RBI) has enhanced the withdrawal limit up to Rs 40,000.

Earlier, the RBI had permitted depositors of the bank to withdraw up to Rs 25,000 from the accounts.

An RBI statement said, “The RBI, after reviewing the liquidity position of the bank and its ability to pay depositors, has decided to raise the withdrawal limit to Rs 40,000, including a rebate of Rs 25,000. is.”

The statement said that with the rebate, about 77 percent of the bank’s depositors will be able to withdraw their entire account balance.”The financial position of the bank has been severely impaired due to the fraud imposed on it by some individuals. As soon as the matter came to the notice of the Reserve Bank of India, the action was taken to appoint an administrator and ensure the bank. The available resources. Are protected and are not misused or overturned.

Also Read: Wadhawan Duo, Waryam Singh Sent To Police Custody Till Oct 16 In PMC Scam Case

Based on a complaint filed by the bank against its officials and borrowers linked to fraud / financial irregularities in the bank and manipulation of its books of accounts, the Economic Offenses Wing, Maharashtra Police has started its investigation in the case.

Forensic auditors have been appointed by the administrator of the bank to look into related transactions.

Work for the speedy resolution of various issues faced by the Bank in the conduct of Administrator and three-member Advisory Committee appointed by RBI in terms of Section 36 AAA (5) (A) read with Section 56 of Banking Regulation Act 1949 are doing. Its operations, RBI said.

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