MUMBAI, Oct. 4 -- Large withdrawals of deposits from Punjab & Maharashtra Co-operative Bank (PMC Bank) in a span of two-three days forced the Reserve Bank of India (RBI) to put curbs on the troubled bank, according to a person aware of the matter.
These withdrawals, which started on 19 September, amounted to more than 5% of total deposits on some days, the person said on condition of anonymity.
These large-scale withdrawals, coupled with news of a build-up in non-performing assets and attendant capital erosion, prompted the central bank to step in and place restrictions on 23 September.
The identity of the depositor (or depositors) withdrawing large sums or the exact quantum of deposits withdrawn during this period could not be ascertain...