Why RBI put restrictions on PMC Bank and what happens to your deposits when such restrictions are placed?
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)