Angry and dejected customers, both young and old, protested across various branches of Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC) after the Reserve Bank of India on Tuesday imposed restrictions on the lender for six months following alleged ‘irregularities’.
Most depositors whom BusinessLine spoke to were anxious about the fate of their savings. They had parked their lifetime savings in the bank as it offered higher fixed deposit rates than mainstream banks, and its customer service was good.
What the RBI said
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