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Watch: Chaos outside Mumbai based PMC bank after RBI imposes restrictions

Sep 24, 2019 17:51 IST
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Mumbai branches of Punjab and Maharashtra Co-operative Bank Ltd (PMC) witnessed chaotic scenes on Tuesday after the Reserve Bank of India put regulatory restrictions on the bank for six months with effect from September 23. According to the RBI regulations, PMC cannot grant or renew any loans and advances, make any investment, incur any liability including borrowing of funds and acceptance of fresh deposits or disburse any liabilities without the prior approval from the RBI, said the bank in a press release dated September 23. The savings account holders with the PMC Bank cannot withdraw more than Rs 1,000.