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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