Mumbai: The Punjab and Maharashtra Co-operative Bank Ltd (PMC) branches of Mumbai experienced chaotic scenes on Tuesday after the Reserve Bank of India placed regulatory restrictions on the bank for six months with impact from September 23.
Long queues of account holders, could be seen as anguished depositors hurried to the branches of the PMC Bank in various branches to make withdrawals even as police were deployed around the branches to prevent untoward incidents.
According to the RBI regulations, PMC cannot grant or renew any loans and advances, make any investment, incur any liability including borrowing money and accepting new deposits or disburse any liabilities without RBI's prior permission, the bank said in a September 23 press release.
