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.
“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depositors to withdraw a sum not exceeding ₹10,000/- (Rupees Ten Thousand Only) (including ₹1,000/- wherever already withdrawn) of the total balance held,” RBI said in a statement.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.
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