The Reserve Bank of India has placed the Punjab and Maharashtra Cooperative (PMC) Bank Limited, Mumbai, Maharashtra under Directions. According to the Directions, depositors will be allowed to withdraw a sum not exceeding 1,000 rupees of the total balance in every savings bank account or current account or any other deposit account, subject to conditions stipulated in the RBI Directions. The Directions shall remain in force for a period of six months from the close of business of the bank.<br />''<br />''The Bank has however clarified that the issue of the directions by the central bank should not be construed as cancellation of banking licence by the Reserve Bank. The bank will continue to undertake banking business with restrictions till further notice or instructions.<br />''<span style="color: #222222;"><br />''The RBI through a press release informed that PMC Bank Limited, Mumbai, Maharashtra will also not be able to grant or renew any loans and advances, make any investment, incur liability including borrowal of funds and acceptance of fresh deposits, without prior approval in writing from the Reserve Bank. The Bank will also not be able to disburse or agree to any payment towards its liabilities and obligations, enter into any compromise or arrangement and sell, and transfer or dispose of any of its properties or assets.</span><br />