The Reserve Bank of India on Thursday raised withdrawal limit for account holders of Punjab and Maharashtra Co-Operative Bank or PMC Bank to Rs 25,000 from Rs. 10,000.
“The Reserve Bank of India again reviewed the bank’s liquidity position and, with a view to reducing the hardship of the depositors, has decided to further enhance the limit for withdrawal to Rs. 25,000,” the central bank said in a statement.
With the new relaxation, more than 70% of the depositors of the bank will be able to withdraw their entire account balance, the statement added.
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Earlier on September 26, the RBI had increased the withdrawal limit for PMC depositors to Rs 10,000 from Rs 1,000.