The Reserve Bank of India (RBI) has taken action against some banks in the country amid the money of hundreds of account holders stuck in Punjab and Maharashtra Co-operative (PMC) banks. RBI has imposed a Bumper penalty on Janta Cooperative Bank of Pune, Jalgaon People Co-operative Bank.
The Reserve Bank has imposed a fine of 1 crore on the Janta Cooperative Bank and 25 lakh on the Jalgaon People's Co-operative Bank. It is being told that this action has been taken on not accepting the instructions of RBI.
In Maharashtra, Punjab and Maharashtra Co-operative Bank (PMC) account holders protested outside Mumbai-based Reserve Bank of India (RBI). Punjab and Maharashtra Co-operative (PMC) bank account holders are facing many difficulties.
Let us tell you that the management of PMC Bank has given wrong information to the RBI about its non-performing assets and loan disbursements, after which the RBI has imposed various restrictions on the bank. Due to these restrictions, many account holders are not able to withdraw money from their account.
