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RBI has imposed restrictions on customers of Punjab and Maharashtra Cooperative Bank wherein customers would not be able to withdraw more than Rs. 25,000 from their accounts (Sep 2019). How many customers can get their entire deposit refunded?

RBI has imposed restrictions on customers of Punjab and Maharashtra Cooperative Bank wherein customers would not be able to withdraw more than Rs. 25,000 from their accounts (Sep 2019). How many customers can get their entire deposit refunded? Correct Answer 70%

  • RBI has imposed restrictions on Punjab and Maharashtra Cooperative Bank where customers would not be able to withdraw more than Rs. 25,000 from their accounts.
  • The RBI has increased the withdrawal limit from Rs. 10,000 to Rs. 25,000

  • The central bank had enhanced the withdrawal limit of the PMC bank initially from Rs. 1,000 to Rs. 10,000. It gradually increased the withdrawal limit to Rs. 25,000 after reviewing the liquidity position of the Mumbai-based co-operative bank.

  • The RBI said that 70% of the depositors can withdraw their full balance after the current move.

  • The bank would not be able to disburse or agree to disburse any payment whether in the discharge of its liabilities and obligations or otherwise.

  • The banks would not be able to enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.
  • The imposition on Bank would be in force for six months from September 23, 2019.
  • RBI clarified that this order should not be taken as a cancellation of banking.
  • PMC Bank's Managing Director- Joy Thomas

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