Business

Reserve Bank of India Allows Coop Bank PMC Customers To Withdraw Rs 10,000

PTI

Mumbai: In a relief to the harried customers of crisis-hit Punjab & Maharashtra Cooperative Bank, the Reserve Bank Thursday increased the cash withdrawal limit to Rs 10,000 per account, which will help over 60 percent customers of the crippled lender. 

The RBI had Tuesday imposed a slew of restrictions on the bank for six months, allowing withdrawal of only Rs 1,000 for the bank's depositors, leaving the customers, who are typically not from the well-heeled a worried lot. 

The move came after the central bank has found certain irregularities in the bank, including under-reporting of NPAs and had put restriction on fresh lending. 

"It has been decided to allow depositors to withdraw a sum not exceeding Rs 10,000 (including the Rs 1,000 already withdrawn) of the total balance held in every savings bank account or current account or any other deposit account," RBI said in a release. 

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

With the above relaxation, more than 60 percent of the depositors of the bank will be able to withdraw their entire account balance. 

RBI said the above relaxation has been granted with a view to reducing the hardship of depositors.  

Help Us Create the Content You Love

Take Survey Now!

Enjoyed reading The Bridge Chronicle?
Your support motivates us to do better. Follow us on Facebook, Instagram, Twitter and Whatsapp to stay updated with the latest stories.
You can also read on the go with our Android and iOS mobile app.

Apple's India Shift Makes Tata Lead iPhone Supplier for U.S. Market, Revenue Surges to 75,000 Cr in FY25

Top 8 Gadgets of 2025 Everyone Is Talking About

Who is the Leader of Opposition (LoP)?

A family of Indians and Pakistanis; UAE national cricket team

MIT-WPU Pune Develops Technology to Produce Hydrogen and Bio-CNG from Agricultural Waste

SCROLL FOR NEXT