The RBI has given a big relief to the account holders of Punjab and Maharashtra Co-operative (PMC) bank trapped in the alleged scam in the Corona era. The Reserve Bank of India (RBI) allowed PMC account holders to withdraw up to one lakh rupees so that they could meet the financial needs in this difficult period of Corona crisis. However, the central bank has extended the regulatory ban on PMC for the next six months, which will remain in force till December 22. Earlier, bank account holders were only allowed to withdraw Rs 50,000 from their accounts.

On September 23 last year, the Reserve Bank had imposed several regulatory restrictions on PMC Bank Mumbai. Many financial irregularities were reported in the bank. It was also said that the bank had not given the correct information about the loan given to the real estate company HDIL. In a statement, RBI said that this limit of one lakh rupees is in total and it includes an exemption to withdraw up to 50,000 rupees earlier. The Reserve Bank said that with the withdrawal limit increasing, 84 percent of the bank's customers will be able to withdraw all their money from the accounts.

The central bank further said that the limit of withdrawal per depositor is being increased from Rs. 50 thousand to Rs. One lakh to provide relief to the account holders during the liquidity situation of the bank and Corona crisis. RBI said that it is in talks with shareholders to explore possible solutions for the bank which has been affected due to Corona crisis. RBI has also increased the withdrawal limit for account holders in four other co-operative banks including Sri Guru Raghavendra Sahakar Bank (Bengaluru) and Youth Development Co-operative Bank Limited (Kolhapur). All these are currently under the purview of RBI's restrictions.

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