RBI Order PMC Bank to Not allow their Customers to withdraw more than RS 1,000 from their accounts

Himachal Pradesh:  Reserve Bank of India has Placed the restriction on PMC (Punjab and Maharashtra Cooperative) Bank for 6 months, and now Bank Customer is allowed withdrawing only Rupees 1,000 from their saving accounts, Current or any type of account the sum of more than 1,000 rupees are not allowed to withdraw from the bank and this restriction does not mean that Bank licence is canceled by Central bank, says RBI.

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Also, RBI restricts PMC Bank for Granting Loan or renew any loans and advances or make any investment PMC Bank is Urban Co-operative banks and ranks among top 10 Cooperative banks in India.

Joy Thomas the MD of PMC Bank's said "As the MD of the bank, I take responsibility and assure all the depositors that this restriction will be rectified before the expiry of Six Months" also he said that its difficult time for all, but urged the people to cooperate.

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Reference "LIVEMINT"