New Delhi: The Reserve Bank of India (RBI) has banned Punjab and Maharashtra Co-operative Bank. The bank can no longer issue a new loan to any of its consumers. Along with this, RBI has also fixed a limit for customers to withdraw only one thousand rupees in a day. Customers are also worried about this.
Reserve Bank banned any business transaction from this bank, but…
At the same time, why has the RBI banned the bank for 6 months? No reason has been given for this. The Mumbai Mirror quoted sources as saying that the outstanding loan of Rs 2,500 crore on the bank's real estate firm Housing Development and Infrastructure Ltd is the reason. In the order issued by the RBI, it has been said that the instructions given by the Reserve Bank should not be considered as a cancellation of the license of this bank. This bank will continue to operate with restrictions until further notice.
Petrol and diesel prices continue to rise, know today's price
According to the report, the bank did not put this loan owed on the bankrupt company to the NPA even after RBI guidelines. This was done even after the company failed to repay its loan. The source was quoted as saying that according to the RBI guidelines, the bank should mention the loss in such cases. The cash reserve of PMC bank is only Rs 1,000 crore, while the company owes a loan of Rs 2,500 crore.
Good News! An old friend supports, onion comes from neighboring country