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Restrictions Imposed on PMC Bank; Withdrawal Capped at ₹1,000 Per Account
September 27, 2019
Punjab and Maharashtra Co-operative (PMC) Bank has been directed by the central bank RBI not to engage in any business activities for the next 6 months. A limitation of the maximum amount of cash withdrawal of ₹1,000 has also been imposed on the lender.
PMC bank has served millions of customers all these years and the new restrictions can have a huge impact on the state’s finances, especially considering that the festive season is just around the corner.
Photo credit: Dr PS Sahana * Kadamtala Howrah on Visualhunt.com / CC BY
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