Mumbai- Customers of Punjab and Maharashtra Cooperative Bank, PMC Bank can now withdraw only one thousand rupees from their account in six months. This message has been sent by the bank to the customers. Also, instructions have been written outside the branch of the bank. After this, a loud uproar has started in front of the bank branch in Mumbai. According to media reports, the Reserve Bank of India (RBI) has imposed a six-month ban on Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) on charges of irregularities. But RBI has clearly said that the license of PMC bank will not be canceled.
Customers will be able to withdraw 1000 rupees in 6 months - in the order issued by the RBI, it has been said that under Section 35A of Bank Banking Regulation, the bank was completely banned from issuing new loans and business under sub-section 1. is. Guidelines have been issued to monitor all transactions of PMC Bank. This will affect the account holders as well.
Why took this step-
According to media reports, the bank has been accused of irregularity many times. Questions have also been raised about bad corporate governance on the bank.
Mumbai-based PMC Bank will have to obtain approval in writing from the Reserve Bank (RBI) before conducting banking related transactions.
This means that no loan can be sanctioned or extended without permission from RBI. Also, the bank cannot invest anywhere on its own volition. However, exemption has been given in very important things like giving salary of employees.