PMCB account holders' in tears after RBI's sanction | Ghanti Bajao

Dealing a pre-festival season bolt to lakhs of unsuspecting customers, the Reserve Bank of India on Tuesday barred the Punjab & Maharashtra Cooperative (PMC) Bank Ltd from carrying out a majority of its routine business transactions for a six-month period.

The move sent panic waves among the depositors, investors and the city's banking and business circles of the PMC Bank which ranks among the top 10 cooperative banks in the country.

In a terse communique issued late on Monday, RBI Chief General Manager Yogesh Dayal said as per the apex bank's directions, depositors cannot withdraw more than Rs 1,000 from their savings/current/other deposit accounts, leading to huge chaos outside the PMC branches in Mumbai and other parts of India.