PMC Bank in India restricts all account holders from withdrawing more than $14 for the next 6 months

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via indiatimes:


MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank.

Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans to real estate companies located in the financia ..




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