The Reserve Bank of India (RBI) has put restrictions on Punjab and Maharashtra Co-operative Bank (PMC) for six months.
RBI has put a cap on the withdrawals wherein depositors will not be able to withdraw over Rs 1,000 of the total balance in savings, current or any other deposit account. The bank also won't be allowed to disburse new loans or renew loans.
In this episode of Editor’s Take, Shraddha Sharma talks to Ravi Krishnan to understand why RBI has taken this step and what could be the consequences.
Source: moneycontrol.com