date_range 01 Apr, 2020

RBI’s Restrictions The Reserve Bank of India (RBI) announced on Sept. 24 t


RBI’s Restrictions

The Reserve Bank of India (RBI) announced on Sept. 24 that it has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) Ltd. under regulatory restrictions. The central bank wrote:
Depositors will be allowed to withdraw a sum not exceeding ₹ 1,000 (rupees one thousand only) of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions.

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