RBI MPC member predicts ‘less severe’ high food inflation
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
In what seems to be a minuscule relief to the customers, the Reserve Bank of India (RBI) raised the withdrawal limit for the Punjab and Maharashtra Co-Operative Bank or PMC Bank account holders from Rs 25,000 to Rs 40,000.
This is the third time when the RBI has raised the withdrawal limits since it clamped down the bank on September 23. Initially, it was just Rs 1,000 per customer for a period of six months. With this recent relaxation, over 77 per cent of the bank’s customers will now be able to withdraw their entire account balance, the regulator said in a statement.
In the same statement, the regulator said that it was closely monitoring the developments and shall take necessary actions in the interest of the bank account holders.
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On Monday, in connection with the multi-crore scam, a Mumbai court extended police custody of the two officials of the Dewan Housing Finance Corporation Limited (DHFL) officials and the former chairman of the PMC Bank.
On the other hand, the Economic Offences Wing, Maharashtra Police has started an investigation based on the complaint filed by the bank against the officials involved and other borrowers associated with the financial irregularities in the bank’s books. Forensic auditors have also been appointed by the administrator of the bank to look into the matter.
(With input from agencies)
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