Case Brief
RBI has extended the existing All-Inclusive Directions applicable to Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra, from June 23, 2020 to December 22, 2020, subject to review. The bank remains under the original Section 35A / Section 56 directions, with all other terms unchanged. In the same release, RBI increased the withdrawal limit for depositors to ₹1,00,000 per depositor, citing the bank’s liquidity position, its ability to pay depositors, and the difficulties caused by the COVID-19 situation.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date