The Reserve Bank of India has restricted depositors to withdraw till the limit of Rs. 1000 from the Punjab & Maharashtra Cooperative Bank, Mumbai. The withdrawal limit is restricted on the total balance in their savings/current/other deposit accounts.

The PMC Bank has also received the imposition to grant or renew loan and advances, new investment, accept deposit unless prior approval from the RBI.
The bank will be barred with these till for a period of six months.
The imposed restriction on the bank by RBI is under Sub-section (1) of Section 35A of the Banking Regulation Act, 1949 read with Section 56 of the said Act.

The RBI keeps its regular check with the financial health of an institution. however, no specific reason has been disclosed till now by the RBI over barring PMC Bank. Bank will continue its banking business with all the restrictions till the next notice of RBI.