RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account

MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank.

Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans to real estate companies located in the financia ..

“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,” RBI said in a statement.

https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-bars-punjab-maharashtra-co-op-bank-from-business-transactions/articleshow/71271849.cms