New Delhi: The country's highest bank, Reserve Bank of India, has taken strict action against Punjab and Maharashtra Co-operative Bank Limited, Mumbai. RBI has banned the bank from conducting any transaction for the next six months. But with this, the RBI has arranged that the account holders will be able to withdraw a limited amount from their account. With the spread of this news, the bank's customer are panicking. A large number of people are gathering outside the branches of banks.
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The Reserve Bank has said in an order that depositors will be able to withdraw more than Rs 1,000 from their savings bank account, current bank account or any other account. Along with this, without the approval of the Reserve Bank in writing, the PMC has been banned to give any loan or renew it, accept any kind of investment, deposit.
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RBI clarified that these restrictions should not be construed that RBI has cancelled the banking license of PMC Bank. RBI has said that PMC banks can do business with restrictions till further notice or directions. The Reserve Bank can amend these guidelines according to the situation. These restrictions will remain in force for the next six months. With this, the Reserve Bank will now closely monitor the transactions of PMC Bank.
