Home c_affairs RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account..

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PMC(Punjab And Maharashtra) Bank has been put under regulatory restriction BY RBI(Reserve Bank Of India) under Section 35A of the Banking Regulation Act for a period of six months.

 PMC bank has also been prohibited from making any type of investment and accepting fresh deposits without advance approval from the RBI. 

 About PMC Bank - 

 1. The PMC Bank was founded in Mumbai in 1984, is a multi-state urban co-operative bank.

 2. The bank had deposits and advances averaging Rs 11,617 crore and Rs 8,383 crore respectively.  


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