RBI Increases PMC Bank’s Withdrawal Limit
The RBI has increased the withdrawal limit for PMC account holders. This has helped reduce common man’s suffering as they can now manage their expenses.
The RBI had imposed many restrictions on the PMC Banks after they found that the bank was invovled in a Rs 4,355 crore scam. Earlier account holders of the PMC bank could only withdraw Rs 10,000. Account holders became very worried as they could not withdraw money for their daily expenses.
8 account holders have died due to stress and tension about not being able to withdraw their money because of the withdrawal limit. People were protesting have been continuously protesting. In one protest outside the RBI office in Mumbai, 9 account holders were even arrested by the police. Now after verifying the Bank’s financial position, the RBI has increased the withdrawal limit to Rs 40,000.
Because of this, now 78% of PMC’s account holders can withdraw all the money from their accounts. However no solution has been found for the Bank’s problems and 5 persons involved in the scam have been arrested.
