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24 Sep 2019

RBI took big step, Punjab and Maharashtra Co-operative Bank Limited Banned

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The Reserve Bank of India has recently taken a major step, the RBI has banned Punjab and Maharashtra Co-operative Bank Limited, Mumbai for the next six months. 

The bank is accused of irregularities, RBI has taken this action under section 35A of the Banking Relocation Act, 1949, after this ban, the account holders of this bank can withdraw only one thousand rupees from their account for the next six months. 

Not only this, the account holder could not withdraw more than 1000 rupees from his savings account, current account or any other account in six months. The RBI says that Mumbai-based PMC Bank will have to obtain written approval from it before conducting banking-related transactions.

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