Customers thronged branches of Punjab and Maharashtra Bank (PMC) across the city on Tuesday after the Reserve Bank of India put it under its directives for six months, thus limiting the bank's authority over business, including a tight cap on withdrawals. Messages conveying this were sent to its account holders on Tuesday morning immediately after which account holders visited their nearest branches for fear of losing their money.

The Versova branch of Punjab and Maharashtra Bank saw such heavy crowds that the local police had to be called in to maintain order. According to the Reserve Bank of India's press release, the Punjab and Maharashtra Cooperative Bank Limited, Mumbai, has been put under directions of the governing authority. Depositors will not be allowed to withdraw a sum exceeding '1,000 of whatever the total balance. The bank employees too were seen informing the customers about not this outside the branches.