the goan I network
MAPUSA
In a surgical strike against the account holders of the Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India (RBI) overnight imposed stiff financial curbs on the bank putting paid to the Mumbai bank’s merger plans with Mapusa Urban Cooperative Bank (MUCB) and demoralizing thousands of customers and their trust in cooperative banks.
The apex bank’s order effectively shuts the doors over plans of MUCB to merge with PMC bank.
It also means the doors are wide open for the Mapusa bank to open merger talks with other banks including Thane Janata Sahakari Bank (TJSB).
As per the RBI directions, withdrawals have been capped at Rs 1,000 per account.
The PMC bank will also not be able to grant or renew any loans and advances and accept fresh deposits without prior approval from the Reserve Bank.
The embargo imposed under Section 35A of the Banking Regulation Act, 1949 will remain in force for a period of six months. RESTRICTIONS
ON PMC BANK
Withdrawals capped at Rs 1,000 per account
PMC bank will not be able to grant or renew any loans and advances and accept fresh deposits
Embargo to remain in force for six months
Thousands of PMC bank customers in Goa in shock
PMC bank has six branches -- Caranzalem, Mapusa, Margao, Ponda, Dabolim and Porvorim
