RBI puts restrictions on PMC Bank, sets Rs 1000-withdrawal limit

The Reserve Bank (RBI) has imposed several restrictions on the Punjab and Maharashtra Co-operative (PMC) Bank for six months. According to the new restrictions, the bank cannot issue loans or open fixed deposit accounts for the next six months.

Chief General Manager of the RBI Yogesh Dayal said that as per RBI instructions, depositors cannot withdraw more than Rs 1,000 from their savings, current or any other account in the bank.