PMC Bank situation being closely monitored, says RBI Governor Shaktikanta Das

PMC Bank situation being closely monitored, says RBI Governor Shaktikanta Das. Forensic audit underway in PMC Bank case, says RBI Guv

Earlier on November 5, In a huge relief to its depositors, the Reserve Bank of India (RBI) increased the withdrawal limit for customers of PMC Bank to Rs 50,000. The move is expected to allow 78 percent of the lender's depositors to withdraw their entire account balance.

The central bank also announced that customers would be able to make withdrawals within the relaxed limit of Rs 50,000 from the bank's own ATMs.

On 23 September, RBI barred the bank from carrying out any operations for the next six months. It had initially capped the deposit withdrawal at ₹1,000 per account which was relaxed to ₹10,000 in two days and then further increased to ₹25,000 and later ₹40,000.

The central bank’s action came after it found certain irregularities in the bank, including under-reporting of non-performing assets (NPAs) and large deposit withdrawals