Yesterday, thousands of people were very worried when the Reserve Bank (RBI) imposed strict restrictions on the Punjab and Maharashtra Co-operative (PMC) Bank for six months. According to the new restrictions, the bank cannot issue loans or open fixed deposit accounts for the next six months.The RBI has said that only Rs 1000 can be withdrawn from savings, current or any other account. The RBI has not clearly said if the Rs 1,000 withdrawal limit is for one day or just Rs.1000. Without the RBI’s approval, The PMC Bank cannot give or renew loans, make any type of investment, make new accounts etc. The RBI has not declared any official reason yet which is why there are many rumours circulating. Rumours say that the PMC Banks may have given fraudulent loans. The RBI may have found out about these loans and this is why they have imposed such strict rules. 

The RBI has appointed an officer named J.B. Bhoria who will oversee the bank management till the rules are removed. Now customers are very worried and think that the PMC bank is bankrupt. If the bank is bankrupt they are worried that they will lose all their money. There are people who have lakhs of rupees in fixed deposits. Mr J.B.Bhoria has said that each account in PMC bank has insurance and people will not lose their money. However people are still worried. There were huge crowds in the PMC banks all over maharashtra. People were very angry. In some places the police were called to manage the crowd. People are worried that when their salary is credited in their account in the first week of October, they won't be able to use the money because of the Rs 1,000 limit. 

Tags

• RBI
• PMC
• Bank
• HDIL

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