Wednesday, April 14

RBI bars Punjab & Maharashtra co-op bank from business transactions

MUMBAI: The Reserve Bank of India (RBI) has placed the Punjab and Maharashtra Cooperative Bank Ltd, Mumbai from carrying out any kind of business transactions sparking panic among the banks depositors and sending shock waves in city trading community.

The central bank’s chief general manager Yogesh Dayal said that as per the RBI directions, depositors cannot withdraw more than Rs 1,000 of the total balance in their savings/current/other deposit accounts.

The PMC Bank has been barred from granting, renewing and loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from the RBI.

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