RBI puts restrictions on PMC Bank; customers can't withdraw more than Rs 1,000 from account

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The Reserve Bank of India (RBI) has imposed restriction on how much depositors of Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC) can withdraw from their accounts. It added that PMC customers will not be able to withdraw more than Rs 1,000 from their accounts.

"According to the Directions, 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 or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions," the RBI stated.

RBI clamps down on PMC Bank; customers can't withdraw more than Rs 1,000
 
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