RBI increases withdrawal limit to Rs 1 lakh for PMC Bank customers

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%
Headquarters: Mumbai
Founder: British Raj
Founded: 1 April 1935, Kolkata

RBI increases withdrawal limit

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