Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Customers Stranded as RBI Restricts Withdrawal to Rs 1,000 at Mumbai-based PMC Bank for Six Months

The PMC Bank has been barred from granting, renewing and loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from RBI.

News18.com

Updated:September 24, 2019, 12:39 PM IST
facebookTwitterskypewhatsapp
Customers Stranded as RBI Restricts Withdrawal to Rs 1,000 at Mumbai-based PMC Bank for Six Months
Punjab and Maharashtra Bank Ltd, Mumbai

Mumbai: The Reserve Bank of India has placed restrictions on the amount that can be withdrawn from the Punjab & Maharashtra Cooperative Bank, Mumbai, setting the limit at Rs 1,000.

The central bank placed the urban co-operative bank under directions for six months from the close of business of the bank on September 23, 2019, creating panic among the banks depositors sending shock waves in city trading community.

The apex bank's Chief General Manager Yogesh Dayal said that as per the RBI directions, depositors cannot withdraw more than Rs 1,000 of the total balance in their savings/current/other deposit accounts.

The PMC Bank has been barred from granting, renewing and loans and advances, making any investments, accepting fresh deposits, etc, without the prior written approval from RBI.

These restrictions will be in force for a period of six months from the close of business of the bank on September 23, 2019.

The issue of the directions by the Reserve Bank should not, per se, be construed as cancellation of banking licence by the Reserve Bank. The bank will continue to undertake banking business with restrictions till further notice/instructions. The Reserve Bank may consider modifications of these directions depending upon circumstances.

The directions are imposed in exercise of powers vested in the Reserve Bank under Sub-section (1) of Section 35A of the Banking Regulation Act, 1949 read with Section 56 of the said Act. A copy of the Directive dated September 23, 2019 is displayed at the bank’s premises for perusal by interested members of public.

Meanwhile, the decision has resulted in panic among customers of the bank. Long queues outside branches with account-holders confused over the future of the bank were seen on Tuesday morning.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
IRCTC 727.75 127.42
Infosys 786.10 -3.52
Yes Bank 40.10 1.26
Tata Motors 127.85 5.40
Indiabulls Hsg 197.80 -5.76
Company Price Change %Gain
Fortis Health 130.55 -5.36
IRCTC 728.60 127.69
Indiabulls Hsg 197.90 -5.74
Yes Bank 40.00 1.01
Tata Motors 127.80 5.32
Top Gainers
Company Price Change %Gain
Tata Motors 127.85 5.40
ONGC 135.25 4.84
Bharti Airtel 393.55 2.78
UltraTechCement 4,170.30 2.28
IndusInd Bank 1,250.60 2.24
Company Price Change %Gain
Tata Motors 127.80 5.32
ONGC 135.20 4.73
Bharti Airtel 393.50 2.84
IndusInd Bank 1,250.50 2.23
Sun Pharma 394.60 2.15
Top Losers
Company Price Change %Gain
Infosys 786.10 -3.52
Bajaj Finance 3,883.30 -2.26
Power Grid Corp 198.40 -1.29
Bajaj Finserv 8,082.25 -1.07
UPL 586.65 -0.54
Company Price Change %Gain
Infosys 785.65 -3.68
Bajaj Finance 3,881.65 -2.37
Power Grid Corp 198.45 -1.27
Larsen 1,422.65 -0.34
Kotak Mahindra 1,583.75 -0.27

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results