With RBI's new restrictions, PMC customers daily withdrawal limit reduced to Rs 1,000 per account

Reserve Bank of India has imposed new operational restrictions on Punjab and Maharashtra Co-operative Bank (PMC Bank) on Tuesday that has caused chaos outside its branches. As per the new rule, the bank is not allowed to give new loans, and the withdrawal limit has also been capped at Rs 1,000 per account. Reserve Bank authority has not provided any reasons for imposing such restrictions on the PMC bank.