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Why RBI Took Actions Against Punjab And Maharashtra Cooperative Bank

The Reserve Bank of India (RBI) has put limits on amount that can be withdrawn by depositors from the Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank). It is to be noted that the operational restriction was imposed on the PMC Bank for next six months starting September 23, 2019.  As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.

Updated : 24 September 2019, 06:24 PM