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RBI puts curb on PMC Bank, only Rs1000 can be withdrawn; restrictions imposed for 6 months

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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.

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