Jai Bhagwan Bhoria appointed as new administrator for PMC Bank

The Reserve Bank of India has superseded the Board of Punjab and Maharashtra Cooperative Bank Limited, Mumbai and appointed Jai Bhagwan Bhoria as the bank’s administrator with all powers of the board. The amount of withdrawal from the bank allowed to depositors has been increased from one thousand to ten thousand rupees.

The RBI’s directives will remain in force for a period of six months.

Source- Live Mint

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