RBI increases Withdrawal Limit to Rs 1 lakh for PMC Depositors

Published on June 22, 2020
Current Context: The Reserve Bank of India has raised the limit of withdrawal from Punjab and Maharashtra Co-operative bank to Rs 1 lakh from Rs 50,000 but has extended a moratorium on the bank for another six months.
RBI increases Withdrawal Limit to Rs 1 lakh for PMC Depositors

  • The moratorium was initially imposed till 23rd June 2020. But now it is extended to 22nd December 2020.
  • This decision is taken by RBI after reviewing the bank’s liquidity position, its ability to pay the desired amount to its depositors and to provide relied on during a pandemic situation of COVID-19 to the bank’s customers.
  • After this decision, about 84% of the bank’s depositors will be able to withdraw the amount.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Recently RBI has allowed an extension in withdrawal limit of PMC bank depositors from Rs 50,000 to Rs ___?
a. Rs 70,000
b. Rs 1 lakh
c. Rs 1.5 lakh
d. Rs 80,000

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