PMC Bank scam: RBI allows depositors to withdraw up to Rs 40,000

In a relief to Punjab and Maharashtra Cooperative (PMC) Bank account holders, Reserve Bank of India (RBI) on Monday, increased withdrawal limit for bank customers to Rs 40,000 which is inclusive of Rs 25,000 allowed earlier. In an official statement issued, RBI said that after reviewing bank's liquidity position, it h decided to enhance withdrawal limit. Amidst protests earlier, on October 3, RBI h allowed depositors to withdraw up to Rs 25,000. 

"77% of depositors able to withdraw entire balance," says RBI

official statement issued by RBI re, " Reserve Bank of India, after reviewing bank’s liquidity position and its ability to pay its depositors has decided to furr enhance limit for withdrawal to ₹ 40,000/- (Rupees Forty Thousand only), inclusive of ₹ 25,000 allowed earlier. With above relaxation, about 77% of depositors of bank will be able to withdraw ir entire account balance."

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statement also said that Ecomic Offences Wing (EOW) of Maharashtra Police has started its investigations in PMC scam case based on a complaint filed by bank against its officials and borrowers on grounds of fraud and financial irregularities in bank and manipulation of its books of accounts. central bank stated that as soon as it was informed about crisis, it took necessary steps to ensure that bank's available resources are protected and t misused furr.  “Furr, forensic auditors have been appointed by ministrator of bank to look into related transactions. ministrator and three-member visory committee appointed by RBI in terms of Section 36AAA(5)(a) re with Section 56 of Banking Regulation Act, 1949 are working for speedier resolution of various issues being faced by bank in conducting its operations," statement issued on Monday re.

RE | RBI Increases Withdrawal Limit To Rs.10000 For PMC Bank's Depositors

RBI h initially limited withdrawal amount to Rs 1,000 per account which was increased to Rs 10,000 in two days and n increased to Rs 25,000 on October 3. central bank's action came after it found certain irregularities in bank, including under-reporting of n-performing assets (NPAs) and large deposit withdrawals. 

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