The Reserve Bank of India has enhanced the withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Limited, Mumbai to Rs 1 Lakh per depositor. The withdrawal limit was earlier set at Rs 50,000. According to RBI, with the enhancement of the withdrawal limit, more than 84% of the depositors of the bank will be able to withdraw their entire account balance.
Click Here To Get Test Series For SBI PO 2020
RBI placed the PMC bank under All-Inclusive Directions under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on 23rd September 2019, in the interest of depositor protection. These directives were applicable till June 22, 2020. But, due to lockdown on account of COVID-19 pandemic the resolution process of the bank was negatively affected. Hence, these directives has been extended by RBI for a further period of six months from June 23, 2020 to December 22, 2020 subject to review.
Important takeaways for all competitive exams:
India will observe the 11th Ayurveda Day on September 23, 2026, celebrating the country’s more…
State-owned Oil and Natural Gas Corporation (ONGC) has made gas discovery in the deepwater basin…
India will see its maiden blue bond issue as Sagarmala Finance Corporation seeks to raise…
The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks…
A new comprehensive checklist of flowering plants in the Agasthyamalai Biosphere Reserve (ABR) in the…
The India-New Zealand FTA will come into effect on October 20, 2026, heralding a new…