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Tuesday, September 24, 2019

RBI imposes restrictions withdrawal restricted to Rs 1,000 per account on Punjab and Maharashtra Co-operative Bank

The Reserve Bank on Tuesday imposed operational restrictions on Punjab and Maharashtra Co-operative Bank (PMC Bank), resulting in chaos outside its branches in the financial capital. As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans. The RBI monitors banks’ health and issues such directions in case of concerns over financial health of an institution.
However, no reasons were specified by the central bank for its restrictions on PMC Bank. “The issue of the directions by the Reserve Bank should not, per se, be construed as cancellation of its banking licence. The bank will continue to undertake banking business with restrictions till further notice/instructions,” the RBI said in a notification. The restrictions will be in force for six months, the RBI said.
According to PMC Bank’s website, the lender was awarded the scheduled status in 2000 and has a presence in multiple states. The bank could not be reached for comments immediately.
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3 comments:

Anonymous said...

It is not understood why the depositors will bear the burden of mismanagement of PMC bank and negligence of apex bank in monitoring the irregularities. Instead of accusing their own irregularities apex bank imposing restriction on the depositors. This is nothing but ridiculous .

Anonymous said...

It is not understood why the depositors will bear the burden of mismanagement of PMC bank and callous attitude of regulregula

Unknown said...

it is not justified..people can't trust any psu bank if such thing happens. what is the fault of people..can rbi person survive in 1000 in 6 month..

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