<p>Days after Finance Minister Nirmala Sitharaman spoke to the Reserve Bank governor Shaktikanta Das, the central bank has again enhanced the withdrawal limit of the Punjab and Maharashtra Cooperative Bank (PMC Bank) depositors.</p>.<p>The apex bank has enhanced the withdrawal limit from previous Rs 25,000 to Rs 40,000. "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. </p>.<p>With the above relaxation, about 77% of the depositors of the bank will be able to withdraw their entire account balance.</p>.<p>Earlier the Reserve Bank of India on October 3, 2019 had permitted the depositors of the co-op bank to withdraw up to Rs 25,000 of the total balance in their accounts. This is now the third revision in the withdrawal limits in the past one month.</p>.<p>The central bank said that the financial position of the bank has been substantially impaired due to fraud perpetrated on it by certain persons. The bank had been cornering its deposits and advances towards large customers.</p>.<p>Meanwhile, based on a complaint filed by the bank against its officials and borrowers associated with the fraud/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, the bank said. </p>.<p>The central bank said that it is closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank.</p>
<p>Days after Finance Minister Nirmala Sitharaman spoke to the Reserve Bank governor Shaktikanta Das, the central bank has again enhanced the withdrawal limit of the Punjab and Maharashtra Cooperative Bank (PMC Bank) depositors.</p>.<p>The apex bank has enhanced the withdrawal limit from previous Rs 25,000 to Rs 40,000. "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. </p>.<p>With the above relaxation, about 77% of the depositors of the bank will be able to withdraw their entire account balance.</p>.<p>Earlier the Reserve Bank of India on October 3, 2019 had permitted the depositors of the co-op bank to withdraw up to Rs 25,000 of the total balance in their accounts. This is now the third revision in the withdrawal limits in the past one month.</p>.<p>The central bank said that the financial position of the bank has been substantially impaired due to fraud perpetrated on it by certain persons. The bank had been cornering its deposits and advances towards large customers.</p>.<p>Meanwhile, based on a complaint filed by the bank against its officials and borrowers associated with the fraud/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, the bank said. </p>.<p>The central bank said that it is closely monitoring the developments and shall continue to take necessary steps in the interest of the depositors of the bank.</p>
