The Reserve Bank of India has imposed restrictions on the Punjab and Maharashtra Cooperative Bank for a period of six months. Following the restrictions, the bank cannot disburse any fresh loan or open a Fixed Deposit account. In added trouble for the customers, they can only withdraw an amount up to Rs 1000.
The restrictions were imposed on the bank by the RBI under Section 35A of the Banking Regulation Act, 1949. RBI imposes restrictions on PMC Bank for 6 months, customers can withdraw up to Rs 1000 only, bank can't give new loans, take FDs.
The Reserve Bank of India has imposed restrictions on the Punjab and Maharashtra Cooperative Bank for a period of six months. Following the restrictions, the bank cannot disburse any fresh loan or open a Fixed Deposit account. In added trouble for the customers, they can only withdraw an amount up to Rs 1000.
The restrictions were imposed on the bank by the RBI under Section 35A of the Banking Regulation Act, 1949. RBI imposes restrictions on PMC Bank for 6 months, customers can withdraw up to Rs 1000 only, bank can't give new loans, take FDs.
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