The Reserve Bank on Tuesday imposed operational restrictions on Punjab and Maharashtra Co-operative Bank (PMC Bank), resulting in chaos outside its branches in the financial capital.As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.The RBI monitors banks' health and issues such directions in case of concerns over financial health of an institution. However, no reasons were specified by the central bank for its restrictions on PMC Bank.
Watch RBI puts curb on PMC Bank, only Rs1000 can be withdrawn; restrictions imposed for 6 months With HD Quality.
The Reserve Bank on Tuesday imposed operational restrictions on Punjab and Maharashtra Co-operative Bank (PMC Bank), resulting in chaos outside its branches in the financial capital.As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.The RBI monitors banks' health and issues such directions in case of concerns over financial health of an institution. However, no reasons were specified by the central bank for its restrictions on PMC Bank.
Watch RBI puts curb on PMC Bank, only Rs1000 can be withdrawn; restrictions imposed for 6 months With HD Quality
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The lives of thousands of account holders of Punjab and Maharashtra Co-operative Bank were thrown into disarray. This is because RBI ordered PMC Bank not to engage in any business for six months and capped depositor withdrawals. Shambhavi Mehrotra of ET Online tells you why RBI put restrictions on the bank and happens to your deposits if RBI places PMC-like restrictions on your bank? (Additional Inputs: Mumbai Mirror)
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Watch Why RBI put restrictions on PMC Bank, what happens to deposits when such restrictions are placed? With HD Quality
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PMC Bank पर RBI की कार्रवाई | छह महीने तक PMC Bank पर लगे प्रतिबंध |#DBLIVE
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पंजाब एंड महाराष्ट्र कॉर्पोरेशन बैंक (PMC Bank) के सामने लोगों की लम्बी—लम्बी लाइनें लगी हैं..... लोग अपना पैसा निकालने के लिए बैंक पहुंच रहे हैं... लेकिन बैंक से उन्हें सिर्फ 1 हजार रुपए ही मिल रहे हैं... और ये सब कुछ हो रहा है आरबीआई के एक आदेश के बाद... तो क्या है आरबीआई का आदेश जिससे परेशान हैं पीएमसी बैंक के ग्राहक... देखिए हमारी रिपोर्ट...
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Mumbai: Union Finance Minister arrived at Bharatiya Janata Party (BJP) office in Mumbai’s Nariman Point on Oct 11. She held a meeting with depositors of Punjab and Maharashtra Co-operative (PMC) Bank. Depositors of PMC Bank were holding protest. The RBI has put major restrictions on the transaction of this bank.
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Watch: Chaos outside PMC bank in Mapusa after RBI imposes restrictions
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The Reserve Bank of India (RBI) has barred the Punjab & Maharashtra Cooperative Bank Ltd (PMC), Mumbai from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles on Tuesday.
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Watch RBI bars PMC Bank from doing business for 6 months With HD Quality
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Restrictions imposes Sec 144 and Curfew like restrictions imposed in Rajouri Town.
Restrictions imposes Sec 144 and Curfew like restrictions imposed in Rajouri Town.
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Reserve Bank Governor Shaktikanta Das on Thursday said it is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway. He said co-operative societies amendment act is being worked on. 'PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case,' Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) here.
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