The Reserve Bank of India has imposed restrictions on Punjab and Maharashtra Co-operative Bank, under which the depositors cannot withdraw more than Rs 1,000 from their accounts. The depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account. The curbs will remain for six months. PMC Bank has also been barred from making fresh loans and taking deposits.
PMC Bank is a multi-State scheduled urban co-operative bank with operations in the states of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.
Source: The Hindu