Punjab and Maharashtra Cooperative Bank Limited

RBI extended the All-Inclusive Directions on Punjab and Maharashtra Cooperative Bank Limited, Mumbai. The restrictions continue unchanged through March 31, 2022, subject to review.

PMC Bank continues to operate under RBI-imposed restrictions for the extension period, with all earlier terms and conditions remaining unchanged. Depositors and other stakeholders remain subject to the existing limitations until March 31, 2022 or further RBI review/action.

• Section 35-A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949
• Section 45(6)(b) of the Act ibid

+1 more in the case brief

RBI extended the All-Inclusive Directions on Punjab and Maharashtra Cooperative Bank Limited, Mumbai. The restrictions continue from July 1, 2021 to December 31, 2021, subject to review.

PMC Bank remains under RBI-imposed operational restrictions for the extended period. The bank must continue complying with the existing directions, and depositors and other stakeholders remain subject to the same constraints until the order is reviewed or otherwise modified.

• Sub-section (1) of Section 35-A read with Section 56 of the Banking Regulation Act, 1949

RBI extended the existing All-Inclusive Directions on Punjab and Maharashtra Cooperative Bank Limited, Mumbai, through June 30, 2021. The order continues the bank’s operating restrictions pending reconstruction efforts.

PMC Bank continues to operate under the existing RBI restrictions until June 30, 2021, unless revised earlier. The extension preserves the status quo for depositors and other stakeholders while reconstruction discussions proceed, and the bank remains subject to the same directions and limitations already in force.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended the All-Inclusive Directions on Punjab and Maharashtra Cooperative Bank Limited, Mumbai. The existing restrictions now continue through March 31, 2021, pending review.

PMC Bank remains subject to the same operational restrictions under the existing All-Inclusive Directions until March 31, 2021, unless reviewed earlier. Depositors and other stakeholders continue to be protected under the restrictive framework while the bank evaluates reconstruction proposals.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended the All-Inclusive Directions on Punjab and Maharashtra Cooperative Bank Limited for another six months. It also raised the depositor withdrawal limit to ₹1,00,000.

The bank continues to operate under RBI-imposed restrictions until December 22, 2020 unless further extended or modified. Deposit withdrawals remain capped, though the cap was relaxed to ₹1,00,000 per depositor, affecting depositors’ access to funds; the bank is also subject to ongoing RBI monitoring and any further measures RBI may take to safeguard depositor interests.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended the All-Inclusive Directions on Punjab and Maharashtra Cooperative Bank Limited for another three months. The existing operating restrictions therefore continued unchanged.

The bank remains subject to the same operating restrictions under the existing directions through June 22, 2020, unless reviewed earlier. Depositors and other stakeholders continue to face the consequences of the restriction, though the release notes that 78% of depositors were able to withdraw their entire account balance under the modified directions.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI relaxed the withdrawal limit for Punjab and Maharashtra Cooperative Bank under its existing All-Inclusive Directions. Depositors were allowed to withdraw up to ₹10,000 per account, subject to the original conditions.

The bank continues to operate under the original Section 35A restrictions, with only a limited relaxation in withdrawal access for depositors. A large majority of depositors can now withdraw their full balances if within the stated limit, but RBI retains close monitoring and may take further steps to protect depositors.

• Section 35A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949
• Section 36 AAA of the Banking Regulation Act, 1949

RBI placed Punjab and Maharashtra Cooperative Bank Limited under Section 35A directions on September 23, 2019. Depositor withdrawals were capped at ₹1,000 per account, and the bank faced broad restrictions on lending, investments, liabilities, and asset disposal.

Customers of the bank face immediate withdrawal limits of ₹1,000 per account, and the bank must operate under RBI-imposed restrictions for six months from the close of business on September 23, 2019. Core banking activities such as lending, taking fresh deposits, incurring liabilities, and disposing of assets require RBI approval or are restricted as stated in the directive.

• Sub-section (1) of Section 35A of the Banking Regulation Act, 1949
• Section 56 of the said Act