On Tuesday morning know, depositors of PMC bank can withdraw only Rs 1,000 from their accounts for the next six months.
The Reserve Bank of India has imposed restrictions on depositors of Mumbai-based PMC bank from their accounts.
The Reserve Bank of India has, of course, said that controlling the deposit withdrawal does not mean that the license of PMC Bank has been revoked.
In addition, according to the Reserve Bank’s orders, the urban co-operative bank PMC Bank can no longer give or refinance any loans or loans and; can not accept any funds borrower or new deposits and make no payments.
The bank must first obtain the written approval of the RBI for any transaction.
The bank may not invest at any place of its own accord. However, the bank has been exempted in the most urgent matters like employee salaries.
The bank’s owners cannot withdraw more than Rs 1000 from their savings, current or any other deposit account. As of March 31, 2019, the total deposit of Road Bank was Rs11,617.34 crore and the advance was Rs 8,383.33 crore.