PMC Bank Crisis: Withdrawal Limit Now Increased To ₹50,000

Initially, the withdrawal limit was ₹1,000 on September 23 which was later revised to ₹10,000. Earlier this month it was then revised to ₹25,000 and then ₹40,000.

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The news regarding Punjab and Maharashtra Cooperative Bank (PMC) scam has been doing the rounds for a while now. The Reserve Bank of India (RBI) had issued a notice to the bank to shut down its operations from September 23. Post this, an atmosphere of panic had spread amongst the PMC Bank account-holders who were unable to withdraw their own money.

Initially, the withdrawal limit was ₹1,000 on September 23 which was later revised to ₹10,000. Earlier this month it was then revised to ₹25,000 and then ₹40,000. However, the RBI has now increased the limit to ₹50,000. 

Also Read: PMC Bank Crisis: Bombay HC Asks RBI To File Affidavit Stating Steps Taken For Depositors

Earlier, taking into note the number of medical emergencies by the depositors, RBI stated that depositors can remove ₹50,000 only in a case of medical emergency but now the same amount is applicable for everyone.  

The scam has already claimed eight lives and the majority of the reason has been that the depositors did not have enough money to meet their medical expenses. The bank crisis had earlier claimed lives of Bharti Sadarangani, Sanjay Gulati, Nivedita Bijlani, Murlidhar Dharra, Fattomal Punjabi, Keshumalbhai Hinduja, Kuldeep Kaur Vig and Andrew Lobo.  

Also Read: PMC Bank Crisis: 9 Depositors Detained While Protesting Outside RBI Office

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