Recently the Reserve Bank of India has imposed limitations, initially

Recently the Reserve Bank of India has imposed limitations, initially for a period of six months, on the withdrawal of amount by account holders of which one of the following banks?

[amp_mcq option1=”IndusInd Bank” option2=”Dhanlaxmi Bank” option3=”Punjab and Maharashtra Cooperative Bank” option4=”South Indian Bank” correct=”option3″]

This question was previously asked in

UPSC CDS-1 – 2020

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The Reserve Bank of India (RBI) imposed withdrawal limitations on the Punjab and Maharashtra Cooperative Bank (PMC Bank) in September 2019.

In late September 2019, RBI placed PMC Bank under restrictions, including caps on customer withdrawals, due to alleged financial irregularities, including under-reporting of non-performing assets.

The restrictions were initially imposed for six months under Section 35A of the Banking Regulation Act, 1949, and were subsequently extended. The case involved significant fraud allegations against the bank management.

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