PMC Bank: Depositors Panic As RBI Imposes Rs. 1,000 Withdrawal Limit On Lender | Read
The Reserve Bank of India has put limitations on the withdrawal of amount by account-holders of the Mumbai-based Punjab and Maharashtra Co-Operative Bank (PMC Bank). The restrictions will remain in force for a period of six months starting the end of business hours on September 23, the central bank said. "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 by whatever name called, subject to conditions stipulated in the RBI Directions," the RBI said in a press release.
