Mumbai: The Reserve Bank of India has placed restrictions on the amount that can be withdrawn from the Punjab & Maharashtra Cooperative Bank, Mumbai, setting the limit at Rs 1,000.
The central bank placed the urban co-operative bank under directions for six months from the close of business of the bank on September 23, 2019, creating panic among the banks depositors sending shock waves in city trading community.
The apex bank’s Chief General Manager Yogesh Dayal said that as per the RBI directions, depositors cannot withdraw more than Rs 1,000 of the total balance in their savings/current/other deposit accounts.
The PMC Bank has been barred from granting, renewing and loans and advances, making any investments, acceping fresh deposits without the prior written approval from the RBI.