PMC Bank: RBI directives on bank put people in panic and despair

Updated: Sep 24, 2019, 16:27 IST | mid-day online correspondent |

The central banking institution asked the bank to restrict their activities for six months and refrain from renewing or granting loans

Account holders stand outside a brack of the Punjab and Maharashtra Cooperative Bank in Shahid Bhagat Singh Marg at Fort. Pic/Suresh KK
Account holders stand outside a brack of the Punjab and Maharashtra Cooperative Bank in Shahid Bhagat Singh Marg at Fort. Pic/Suresh KK

The restrictions put on the Punjab and Maharashtra bank by the Reserve Bank of India has thronged its account holders on a panic mode. The customers of this multi-state scheduled cooperative bank, that has 137 branches in their network, will be allowed to withdraw a sum not exceeding more than Rs 1000 at a time and will not be able to make any investment or incur any liability, including borrowal of funds. The bank has also been asked to refrain from accepting fresh deposits.

The Twitterati, some of them being distorted account holders with the bank, expressed shock and awe over this issue with some posting their concerns on what lies ahead for the establishment and questioning the central government's financial policies and some posting memes on this issue.

 

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