The pmc bank full form is Punjab & Maharashtra Co-operative Bank Limited. PMC started operations in 1983 as a multi-state cooperative bank. It has 137 branches in half a dozen Indian states, with nearly 100 of them in Maharashtra. The Reserve Bank of India regulates it, and it is registered under the Cooperative Societies Act. Goa, Karnataka, Delhi, Madhya Pradesh, and Gujarat are among the states where it has locations.
It is one of India’s most profitable co-operative banks, with overall sales of Rs 1,297 crore and earnings of Rs 99.69 crore in fiscal year 2019.
P = Punjab &
M = Maharashtra
C = Co-operative Bank Limited
The RBI placed six-month operating constraints on PMC Bank on September 23, 2019. As a result, during the time of limitations, bank account holders are not permitted to withdraw more than 1,000 rupees from their accounts.
The limits were relaxed on September 26, 2019 and consumers could withdraw a limit of 10,000 rupees.