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26 Sep 2019

Withdrawal Limit Of PMC Bank Increased From Rs 1000/- To Rs 10,000/-

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Withdrawal limit of PMC has been increased from Rs 1000/- to Rs 10,000/-.  In a major decision taken by the RBI today withdrawal limit of PMC has been increased to facilitate customers.  

In the earlier decision RBI had imposed restrictions on the lender on lending activities and deposit withdrawal as RBI had found irregularities in the working of the PMC Bank.  

The decision was important in terms of RBI as the financial restrictions imposed on the banks were hardly seen and since the financial irregularities were so much that transactions to the bank had to be checked and curtailed urgently.  

And surveillance was necessary in terms of internal control of the bank.  The RBI further added that the board of the bank has been super ceded and an administrator has been appointed 


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