RBI puts curbs on PMC Bank, customers panic3 min read . Updated: 25 Sep 2019, 12:11 AM IST
- Withdrawals capped at ₹1,000 for six months, bank can’t make fresh loans
- The curbs aim to prevent a run on the bank which could endanger the stability of the entire financial system
Mumbai: The Reserve Bank of India (RBI) put severe curbs on Punjab and Maharashtra Co-operative (PMC) Bank on Tuesday, including on cash withdrawals, amid a probe into accounting lapses, sparking speculation that the regulator may force a management change through a merger.
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