Case Brief
RBI reviewed the existing All-Inclusive Directions on Punjab and Maharashtra Cooperative Bank Ltd., Mumbai, and issued a modified directive on September 26, 2019. The modified order permitted depositors to withdraw up to ₹10,000 from each savings, current, or other deposit account, while keeping all other conditions of the September 23, 2019 directive unchanged. The underlying restrictions had been imposed because of major financial irregularities, weak internal controls and systems, and wrong/under-reporting of exposures in off-site surveillance reports to RBI.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date