The Union Government has imposed a one-month moratorium on Tamil Nadu-based Lakshmi Vilas Bank with effect from 6 pm on November 17 until December 16 with a cash withdrawal limit of Rs 25,000. Until December 16, account holders of the bank can only withdraw a total of Rs 25,000, even if they have more than one account with LVB.
For depositors, there are exceptions where they can withdraw more than Rs 25,000 by taking special permission from the Reserve Bank of India. These include meeting unforeseen expenses such as medical treatment of the account holder or any person dependent on them, for payment towards higher education in or outside India of the account holder, or any person dependent on them. Account-holders will also be able to withdraw in excess of Rs 25,000 in case they have obligatory expenses in connection with marriages or other ceremonies, and for any other ‘unavoidable emergency’.
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