After much protests and panic, the Reserve Bank of India (RBI) on Thursday decided to increase the withdrawl limit of depositors of Punjab and Maharshtra Co-operative (PMC) Bank to Rs 10,000 for the next six months.
Earlier, RBI had capped the same at Rs 1,000 per account leading to wide spread chaos.
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“It has been decided to allow the depositors to withdraw a sum not exceeding ₹10,000/- (Rupees Ten Thousand Only) (including ₹1,000/- wherever already withdrawn) of the total balance held,” RBI said in a statement.
This means more than 60 per cent of depositors will be able to withdraw all of their funds.
