RBI Hikes Deposit Withdrawal Limit For PMC Bank Customers

by Mahima Bhatnagar
PMC Bank

The Reserve Bank Of India (RBI) has given relief to the customers of PMC Bank by increasing the cash withdrawal limit to 50,000 and also given an order to reopen its ATM after 2 months. Earlier the limit was 40,000 and now there has been raise in the limit y 10,000.

According to the first notification by the RBI, the limit for withdrawal was only Rs 1000 for over six months and then gradually the amount raised to 40,000. The RBI put up a cap on the amount after an alleged fraud of Rs 4,335 crore scam by Housing Development Infrastructure Limited came into the light. Several other people were arrested including the promoters of HDIL and the ex-chairman of the PMC Bank by Mumbai Police.

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The Central Bank stated on its website, ”Accordingly, vide modified Directive dated September 26,2009, it has been decided to allow the depositors to withdraw a sum not exceeding Rs 10,000 (including Rs 1,000 wherever already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account by whatever name called, subject to  conditions stipulated in the RBI directive dated September 23,2019”.

It further added that “other terms and conditions of the said executive shall remain unchanged” with that he also added that “with the above relaxation, more than 60 percent of the depositors of the bank will be able to withdraw their entire account balance”.

The higher limit is subject to fact the customers does not have any liability with the bank by way of loans of surety for a third-party loan, RBI said.

There are so many other account holders of PMC Bank also filed a police complaint regarding misappropriation of funds of the customers against the Bank’s Chairman and its directors.

This move came into the effect after the Central Bank has found certain irregularities in the bank.

The RBI has also decided to allow the customers to withdraw  from the bank’s own ATM within the fixed amount of 50,000.

This action will be in force for 6 months from dated 5th November, RBI said.

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