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What happens to your deposits if RBI puts PMC Bank like restrictions on your bank?

image The lives of thousands of account holders of Punjab and Maharashtra Co-operative (PMC) Bank were thrown into disarray on Monday. This is because the Reserve Bank of India (RBI) ordered PMC Bank not to engage in any business for six months and capped depositor withdrawals. As per the RBI statement, "Depositors are allowed to withdraw a sum not exceeding Rs 1000 of the total balance in every savings bank account or current account."

The decision came as a surprise to customers of the bankrupt.............ET