Restriction Ease On PMC Bank Fails To Stem Customer Panic
"Other terms and conditions of the said Directive shall remain unchanged. With the above relaxation, more than 60% of the depositors of the Bank will be able to withdraw their entire account balance," RBI said in a statement.
RBI: On a preliminary assessment of Punjab and Maharashtra Cooperative Bank Ltd (Mumbai), RBI has decided to allow the depositors to withdraw a sum not exceeding ₹10,000 of the total balance held in every savings bank account or current account or any other deposit account pic.twitter.com/rnerT13UK5— ANI (@ANI) September 26, 2019
"The above relaxation has been granted with a view to reducing the hardship of the depositors. The Reserve Bank is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank," RBI said.