On September 24, the RBI restrained the PMC Bank from carrying out a majority of its routine businesses for a period of six months. This created huge panic among depositors, stunning the banking and corporate circles ahead of the festival season.
However, on Monday, the withdrawal limit was increased to Rs 40,000. Notably, the Reserve Bank of India (RBI) has hiked the withdrawal limit for the third time this month. Earlier on October 3, the RBI granted relief to account holders and depositors of PMC Bank by enhancing the withdrawal limit from Rs 10,000 to Rs 25,000. Initially, the RBI had restricted the withdrawal limit to a maximum of Rs 1,000 and later enhanced it to Rs 10,000.