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Mumbai: The Reserve Bank of India (RBI) has eased the restrictions on depositors of Punjab & Maharashtra Cooperative Bank (PMC Bank), two days after it put a Rs 1,000 cap on the money a saver could withdraw, triggering protests. A depositor in the Mumbaibased bank can withdraw up to Rs 10,000, the RBI said in a press release on Thursday. This will allow more than 60% of the depositors withdraw their entire account balance, according to the central bank’s calculation. The Rs 1,000 cap was set on September 24. The RBI said it hiked the limit after an initial assessment of the bank’s liquidity position by an administrator appointed by it. The RBI said it had identified “major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposures under various off-site surveillance” that it conducted.

This is to inform that GST shall be applied on all usages of : 1. Credit Cards 2. Debit Cards 3. Internet Banking at a nominal (nationally applied) rate of 18%.

This is to inform that as of today interest rates will increase by 4.6% on loans and decrease by 5.8% on deposits. Effective immediately.

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