RBI increases withdrawal limit –
- The Reserve Bank of India (RBI) has increased the withdrawal limit to One Lakh for Punjab and Maharashtra Cooperative (PMC) Bank . previously, the withdrawal limit was 50,000 Rupees.
- The moratorium was applied on Bank till 23rd June 2020 but, it has been increase by RBI till 22nd December 2020.
- Rbi take decision after reviewing bank’s liquidity position, checked their ability to pay the depositors and to help depositors mitigate the difficulties faced amid the COVID-19 situation.
- Due to relaxation, more than 80 per cent depositors would able to withdraw amount from their bank account when they need amid COVID-19.
Increased withdrawal limit for FOur (4) other banks –
- Kerala Mercantile Co-operative Bank ltd, Kozhikode, Kerala: The withdrawal limit has been increased to Rs 50000 from Rs 2000.
- Hindu Cooperative Bank ltd, Pathankot, Punjab: The limit has been raised from 25,000 rupees to Rs 50,000.
- Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka: The withdrawal limit is increased to Rs 1,00,000 from Rs 35,000.
- Youth Development Cooperative Bank Limited, Kolhapur, Maharashtra: The withdrawal limit has enhanced Rs 20,000 from Rs 5000 per depositor under the existing directions.
About Reserve Bank of India (RBI) –
Governor: Shaktikanta Das
Bank rate: 4.00%
Interest on reserves: 3.35%
Founder: British Raj
Founded: 1 April 1935, Kolkata
RBI increases withdrawal limit