Reserve Bank enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd. to Rs 50,000

Reserve Bank of India

It may be recalled that the Reserve Bank of India on October 14, 2019, had permitted the depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd. to withdraw up to Rs 40,000/- (Rupees Forty Thousand Only) of the total balance in their accounts.

The Reserve Bank of India, after reviewing the bank’s liquidity position and its ability to pay its depositors has decided to further enhance the limit for withdrawal to Rs 50,000/- (Rupees Fifty Thousand only), inclusive of Rs 40,000 allowed earlier. With the above relaxation, more than 78% of the depositors of the bank will be able to withdraw their entire account balance.

It has also been decided to allow the depositors to withdraw from the bank’s own ATMs within the prescribed limit of Rs 50,000. This is expected to ease the process of withdrawals.

The Reserve Bank is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank.

Reserve Bank of India

[Press Release dt. 05-11-2019]

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