RATE Group | Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000
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Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

25 Sep Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Posted at 05:35h in Bitcoin News by

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Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

The Reserve Bank of India has imposed regulatory restrictions on a cooperative bank with 137 branches across India, including limiting customer withdrawals to a total of 1,000 rupees (approximately $14) per account for six months. Police personnel had to be deployed to control angry customers at some locations.

Also read: Indian Parliament Member Helping Crypto Community Influence Regulation

RBI’s Restrictions

The Reserve Bank of India (RBI) announced on Sept. 24 that it has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) Ltd. under regulatory restrictions. The central bank wrote:

Depositors will be allowed to withdraw a sum not exceeding ₹ 1,000 (rupees one thousand only) of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions.

Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000

Punjab and Maharashtra Cooperative Bank is also prohibited from a number of…

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