The Reserve Bank of India (RBI) has banned the Punjab and Maharashtra Cooperative Bank Ltd, Mumbai from doing any kind of business transactions. This has sparked a lot of panic among the lenders’ depositors.
The central bank’s chief general manager Yogesh Dayal said that as per the RBI directions, depositors will not be allowed to withdraw more than Rs 1,000 of the total balance in their savings/current/other deposit accounts.
According to the apex bank’s order, the PMC Bank has been banned from granting, renewing and loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from the central bank.
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