INSUBCONTINENT EXCLUSIVE:
PMC Bank news: This is the third time RBI has increased the withdrawal limits for account holders.The Reserve Bank of India (RBI) raised
withdrawal limit for account holders of the stressed Punjab and Maharashtra Co-Operative Bank or PMC Bank to Rs 40,000 from earlier
withdrawal limit of Rs 25,000
"The Reserve Bank of India, after reviewing the bank's liquidity position and its ability to pay its depositors has decided to further
enhance the limit for withdrawal to Rs 40,000, inclusive of Rs 25,000 allowed earlier," the central bank said in a statement
With the above relaxation, more than 77 per cent of the depositors of the bank will be able to withdraw their entire account balance, RBI
since it clamped down on the bank on September 23 and capped withdrawal limit at Rs 1,000 per customer for six months.The RBI said it is
"closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank".A Mumbai
court on Monday also extended police custody of the two Dewan Housing Finance Corporation Limited (DHFL) officials and PMC Bank former
chairman in connection with the multi-crore scam at the bank.Meanwhile, based on a complaint filed by the bank against its officials and
borrowers associated with the financial irregularities in the bank and manipulation of its books of accounts, the Economic Offences Wing,
Maharashtra Police has started its investigations into the matter
Further, forensic auditors have been appointed by the administrator of the bank to look into the related transactions.Last month, RBI
imposed restrictions on PMC Bank citing "major financial irregularities, failure of internal control and systems of the bank and
wrong/under-reporting of its exposures under various Off-site Surveillance reports"
Putting the co-operative bank under its lens, the RBI barred PMC Bank from renewing or granting any loans, or making investments without its
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