Reserve Bank Of India Extends Curbs On PMC Bank Till 30 June

The RBI has extended restrictions on withdrawals and deposits from Punjab and Maharashtra Cooperative (PMC) bank until June 30, 2021.
Sheena

Updated: Mar 30, 2021 06:37:57 pm

Reserve Bank Of India Extends Curbs On PMC Bank Till 30 June

30 March 2021 Current Affairs:The RBI has extended restrictions on withdrawals and deposits from Punjab and Maharashtra Cooperative (PMC) bank until June 30, 2021. This decision was made because the central bank was working to finalize investors in multi-state cooperatives bank that had been scammed. Highlights: ♦ PMC Bank is monitoring and investigating suspected violations in certain loan accounts, especially loans to financially stressed real estate player Housing Development & Infrastructure (HDIL)  ♦ The banking crisis was first exposed in September 2019, and the Reserve Bank of India (RBI) subsequently contained banking activities for six months. ♦ RBI also limits the amount that customers can withdraw from their account first, up to 1,000 rupees and later up to 25,000 rupees. ♦ The Law Enforcement Bureau also filed a money laundering case against PMC bank scam. About PMC Bank: PMC Bank was established in 1984. It has 137 branches in seven states. There are 81 branches in Thane, Mumbai, Navi Mumbai and Palghar regions. There are 10 districts in Pune and 12 districts in the rest of Maharashtra. Small businesses, housing associations and institutions are its main customers.  
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