22
Friday
November 2019
1:11 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
International News
Withdrawal limit for PMC bank depositors raised to Rs 50,000
 
Mumbai, Nov 5 (PTI) In further relief to customers of scam-hit Punjab & Maharashtra Cooperative (PMC) Bank, the Reserve Bank on Tuesday enhanced the withdrawal limit to Rs 50,000 per account from Rs 40,000 per account.

This is the fourth time the regulator has increased the withdrawal limit since it clamped down on PMC Bank on September 23, capping withdrawals at Rs 1,000 per customer, which led to a lot of distress and criticism. Last month the limit was enhanced to Rs 40,000 per account.

"The RBI, 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 50,000, inclusive of Rs 40,000 allowed earlier," the central bank said in a statement.

With the above relaxation, more than 78 per cent of the depositors of the bank will be able to withdraw their entire account balance.

The RBI has also been decided to allow the depositors to withdraw from the bank's own ATMs within the prescribed limit of Rs 50,000.

"This is expected to ease the process of withdrawals," it added.

The Reserve Bank further said it was closely monitoring the position and will continue to take further steps as are necessary to safeguard the interest of the depositors of the bank.

Punjab & Maharashtra Cooperative Bank, which is among the top 10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.

The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which has turned sour with a shift in the fortunes of the now bankrupt company.

Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests across city from the depositors following the RBI action.


Lankan Prez names elder brother Mahinda as PM after Wickremesinghe resigns
Nawaz Sharif meets medical experts for check-up in London
Ailing former Pak PM Nawaz Sharif leaves for London for treatment
Swedish prosecutor drops Assange rape probe
Newly-elected Lankan President to visit India on Nov 29
Sri Lanka will be friendly with all nations, but neutral in matters among int'l powers: Gotabaya
Pak successfully conducts test launch of nuclear-capable surface-to-surface ballistic missile
Democrats invite Trump to testify in impeachment inquiry
Gotabaya Rajapaksa wins Sri Lankan presidential election: Official results
Ailing Sharif to travel to London on Tuesday for medical treatment
Burkina Faso army says 32 'terrorists' killed in two operations
Diplomat says he overheard Trump call about 'investigations'
Vote count on in Sri Lanka presidential election
Bolivia's growing crisis turns deadly as 5 killed in clash
Lanka PM appeals to people to vote peacefully and maintain law & order
EU rebuffs American pitch of quick deal for more lobsters
Russia plans to deliver S-400 missile systems to India on schedule: Putin
Impeachment proceedings a 'sham and should not be allowed': Trump
New Gaza rockets disrupt Israel, Islamic Jihad cease-fire
Climate change poses 'lifelong' child health risk
ENTERTAINMENT NEWS
Sunny Leone to feature in musical Broadway 'Abhimanyu'
 Mumbai: Sunny Leone is all set to perform in Indian classical dance show in Broadway style, "Abhiman  
Nothing wrong in taking time off to better myself: Athiya Shetty
Vanessa Hudgens-starrer 'The Princess Switch' getting a sequel
Stardom a fine balance between contentment and ambition, says Ayushmann
KERALA NEWS
Opposition leader visits injured MLA at Medical College Hospital in Kerala
 Thiruvananthapuram: Opposition leader in Kerala Assembly Ramesh Chennithala called on Congress MLA S
Sabarimala temple opens for 2-month long pilgrimage season
Kerala: Mixed response to SC Sabarimala verdict
Orange alert in 4 districts in Kerala
NATIONAL NEWS
Normalcy has been restored in J&K: Shah
 New Delhi: Asserting that the normalcy has been restored in Jammu and Kashmir, Home Minister Amit Sh
Cabinet approves strategic disinvestment of CPSEs
T''gana techie among 2 Indians arrested in Pak; missing since 2017, says family
Rajini, Haasan hint at joining hands for TN''s welfare
Untitled Page
Rashtra Deepika LTD
Copyright @ 2019 , Rashtra Deepika Ltd.