CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) on Tuesday extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another three months till March 31, 2022.

Detailed explanation-2: -RBI had imposed restrictions on the withdrawal of deposits from PMC Bank. The Reserve Bank of India (RBI) on December 28 extended the validity period of its directions imposed on Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) from January 1, 2022, to March 31, 2022.

Detailed explanation-3: -"Further action with regard to sanction of the scheme is under process, ” RBI said on Tuesday as it extended the restrictions for another three months till March 31, 2022, subject to review.

Detailed explanation-4: -As part of the restrictions, the two cooperative banks cannot grant loans, make any investment, incur any liability – including borrowal of funds and acceptance of fresh deposits, disburse or dispose of properties or assets.

Detailed explanation-5: -(PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd.