The Reserve Bank of India (RBI) has put restrictions on Punjab and Maharashtra Co-operative Bank (PMC) for six months.
RBI has put a cap on the withdrawals wherein depositors will not be able to withdraw over Rs 1,000 of the total balance in savings, current or any other deposit account. The bank also won’t be allowed to disburse new loans or renew loans.
In this episode of Editor’s Take, Shraddha Sharma talks to Ravi Krishnan to understand why RBI has taken this step and what could be the consequences.
Watch the video for moreThe Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .