RBI Imposes Restrictions On PMC Bank From Doing Business For 6 Months

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Mumbai: The Reserve Bank of India (RBI) has imposed restrictions on Punjab & Maharashtra Cooperative Bank Ltd (PMC), Mumbai from carrying out the majority of its routine business transactions for a period of six months.

As per a notification issued by RBI, the PMC Bank has been barred from granting, renewing and loans and advances, make any investments, incur any liability, including borrowal of funds or accept fresh deposits, etc.

Besides, the depositors cannot withdraw more than Rs 1,000 from their savings/current/other deposit accounts.

The bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank, added sources.

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