Now You Can Withdraw ₹10,000 From PMC Bank

The Reserve Bank of India (RBI) recently issued a statement that people can now withdraw ₹10,000 from their PMC Bank account.

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The Reserve Bank of India had recently issued a notice to the Punjab and Maharashtra Cooperative Bank (PMC) to shut down its operations from September 23. In addition, there is also a daily withdrawal limit of ₹1000 per customer which has been imposed. This has resulted in unrest among the people who have their amounts deposited in the bank. As soon as the news broke out, people gathered around several PMC branches across the city and created chaos. 

Recently, RBI relaxed its monthly withdrawal limit and now people can now withdraw ₹10,000 from their account.

Also Read:  No Banks Are Going To Be Shut Down: RBI Shoots Down Rumours

Following was the statement issued by the RBI: 

In exercise to the powers vested on it under subsection 1 of section 35(A) of the Banking Regulation Act of 1949, hereby directs that Punjab and Maharashtra Cooperative Bank (PMC) will close its operations from September 23, 2019 shall not, without prior approval of writing from the Reserve Bank of India grant or renew any loans or advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits.  

Also Read:  Here's What Went Wrong With PMC Bank

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