![]() At the end of March, the bank had deposits and advances aggregating ₹11,617 crore (~$1.63 billion) and ₹8,383 crore (~$1.18 billion), respectively, the news outlet elaborated. PMC Bank currently has 137 branches across multiple states in India, The Hindu detailed, adding that they are located in Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. of the bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months,” Thomas was quoted as saying. “All efforts are being made to remove the restrictions by rectifying the irregularities,” The Hindu conveyed. Joy Thomas, Managing Director of PMC Bank, clarified in a statement that the bank has been put under regulatory restrictions because of irregularities disclosed to the central bank. “The bank will continue to undertake banking business with restrictions till further notice/instructions,” the RBI explained, adding that it “may consider modifications of these directions depending upon circumstances.” The central bank noted, however, that the notice does not mean the cancellation of the Punjab and Maharashtra Cooperative Bank’s license. The directions shall remain in force for a period of six months from the close of business of the bank on September 23, 2019. After detailing a long list of prohibited activities, the RBI wrote: ![]() These include granting or renewing any loans and advances, making investments, and incurring any liabilities including borrowing funds or accepting new deposits. Punjab and Maharashtra Cooperative Bank is also prohibited from a number of activities without prior approval in writing from the RBI. The central bank wrote:ĭepositors will be allowed to withdraw a sum not exceeding ₹ 1,000 (rupees one thousand only) of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions. 24 that it has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) Ltd. ![]() The Reserve Bank of India (RBI) announced on Sept. Police personnel had to be deployed to control angry customers at some locations.Īlso read: Indian Parliament Member Helping Crypto Community Influence Regulation RBI’s Restrictions The Reserve Bank of India has imposed regulatory restrictions on a cooperative bank with 137 branches across India, including limiting customer withdrawals to a total of 1,000 rupees (approximately $14) per account for six months.
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