(THE NEWSMAN OF INDIA.COM)
The Reserve Bank of India (RBI ) vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board.

As per press release of RBI dated 26th September,2019 the amount of withdrawal allowed to the depositors has been increased from Rs.1000 (Rupees One thousand) to Rs.10,000(Rupees ten thousand ). The directives of RBI shall remain inforce for a period of six months.