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Home INTERNATIONAL RBI raises PMC Bank withdrawal limit to Rs 1 lakh from Rs...

RBI raises PMC Bank withdrawal limit to Rs 1 lakh from Rs 50,000 before

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The Reserve Bank of India (RBI) has improved the withdrawal restrict from Punjab and Maharashtra Cooperative (PMC) Bank to Rs 1 lakh, inclusive of Rs 50,000 permitted before.&#13
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With the increase in limits, 84 for every cent of the troubled cooperative bank’s depositors will be capable to withdraw their entire cash deposited with it.&#13
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The central bank reported in a notification that it took the selection immediately after a evaluation of the bank’s liquidity position, and in an effort and hard work to mitigate the problems of the depositors during the prevailing Covid-19 problem.&#13
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The central bank claimed perform on an powerful resolution of the bank has been affected owing to the Covid-19 crisis. “Further, the extent of the detrimental net worth of the bank, and the legal procedures involved in restoration of negative money owed also pose difficulties/limits in resolution of the bank,” the central bank claimed. &#13
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But session on a resolution procedure is continuing with several stakeholders and therefore, the limitations on the bank will proceed for a further six months to acquire the process forward.&#13
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The RBI experienced imposed withdrawal and other restriction on the bank on September 23, 2019 just after acquiring that 75 for every cent of the financial loans have been fraudulently provided to HDIL Group and that subsequently went bad.&#13
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The central bank experienced last improved the withdrawal limit to Rs 50,000 per depositor on November 5, 2019.&#13

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