New Delhi: Punjab and Maharashtra Cooperative (PMC) Bank's former MD K Joy Thomas said at a press conference on Friday that Reserve Bank of India (RBI) is likely to increase withdrawal limit to ₹1 lakh. Whatever has happened is not fraud, it is technical in nature and we could have rectified it without affecting the depositors," said Thomas. "Loans granted by PMC Bank were not reported during the last 6-7 years due to classification of our portfolio," said Thomas. PMC Bank's account holders are in distress as the RBI has put a cap of ₹10,000 on withdrawals over a period of six months. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.

Source: Mint September 27, 2019 12:49 UTC