New Delhi: Punjab and Maharashtra Co-operative (PMC) bank is facing the ban of the Reserve Bank of India (RBI). RBI has extended the ban on PMC bank for 6 months. While giving relief to consumers, the limit for cash withdrawal has been increased. Now the customers of the bank can withdraw up to 1 lakh rupees. Till now this limit was 50 thousand rupees. About 84 percent of depositors will get relief from this decision of RBI.

In the month of March, RBI extended the duration of the bank's ban for 3 months. On September 23, 2019, the RBI imposed a ban on PMC Bank for 6 months. The duration of this ban was to end on 22 March 2020. A few days before the end of this period, the ban was extended for 3 months. Now after the new change, the new deadline for the end of the ban is 22 December 2020.

RBI has banned PMC Bank for violation of rules and irregularities. The limit for withdrawing cash of the bank's customers has also been fixed. In the initial days, this limit was only 1 thousand rupees for the customers of the bank. However, later the RBI has increased this limit several times. Customers of the bank cannot take new loans due to the ban. In these circumstances, the needy customers are not able to withdraw their own money from the bank and they have to face various problems in everyday life.

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