Depositors Panic As RBI Imposes Rs. 1,000 Withdrawal Limit On PMC Bank

The Reserve Bank of India has put limitations on the withdrawal of amount by accountholders of the Mumbai-based Punjab and Maharashtra Co-Operative Bank (PMC Bank) for six months. "The depositors will be allowed to withdraw a sum not exceeding Rs. 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions," RBI said in a press release.

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