PMC Bank crisis: Housing societies stare at cash crunch as funds remain locked up
Mumbai, Dec. 15 -- The restrictions imposed by the Reserve Bank of India (RBI) on Punjab and Maharashtra Co-operative (PMC) Bank on September 23 have pushed several housing societies in the city on the brink of a financial crisis. The central bank had capped the withdrawals from PMC Bank to Rs.50,000 for six months, after a fraud worth Rs.4,855 crore, in which several of the bank's executives are allegedly involved, came to light in September....
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