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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.

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Video: Vijay takes oath as Tamil Nadu CM amid loud cheers and chants

TVK leader C Joseph Vijay on Sunday took oath as the Chief Minister of Tamil Nadu amid a sea of supporters, his friends and family, and several political leaders. Eight other TVK leaders were sworn in besides him, as ministers in the new government. Congress leader Rahul Gandhi also attended the ceremony. The TVK managed to secure the Governor's nod to form the government after the Congress, the CPI, the CPI(M), the VCK, and IUML extended their support to the Vijay-led party for a colaition government.