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RBI Increases Withdrawal limit To Rs 50,000 PMC Bank depositors

INDVOX

The Reserve Bank of India (RBI) has increased the withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank (PMC) to Rs 50,000.

This move makes it the fifth increment in the withdrawal limit for the bank was set under the RBI immediate control with an overseer on September 23. From that point forward upwards of nine depositors have lost their lives including a 74-year-elderly person from Thane on Monday.

The RBI additionally enabled the depositors of the bank to withdraw from the bank’s own ATMs inside the endorsed furthest limits of Rs 50,000, which will further help the procedure of withdrawals.

“In the wake of checking on the bank’s liquidity position and its capacity to pay its depositors, it has been chosen to further improve the limit for withdrawal to Rs 50,000, comprehensive of Rs 40,000 permitted before,” the RBI said in a statement. With the above unwinding, in excess of 78 percent of the depositors of the bank will have the option to withdraw their whole account excess.

On October 14, the RBI had allowed the depositors to withdraw up to Rs 40,000 of the all-out balance in their records. The Reserve Bank said it is intently checking the position and will keep on making further steps as are important to protect the interest of the depositors. On September 23, the RBI had put out regulatory restriction on the urban cooperative bank after it found money related inconsistencies, including stowing away and distorting of loans given to land developer HDIL. The restrictions included banishing the bank from lending and allowing new deposits.

It likewise supplanted the board and the management of the bank and selected an ex-RBI official as the overseer at the bank.

Since the crisis, the offices have arrested five individuals including the director and MD of the bank just as the dad son team of HDIL, which owes in excess of 6,500 crore to the bank. the now-suspended MD Joy Thomas has conceded in a letter to the RBI that more than 72 percent of it’s the bank’s advance book of Rs 8,980 crore is with HDIL which is currently under bankruptcy.

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