RBI has placed PMC Bank under Directions

Current context: The Reserve Bank of India has placed the Punjab and Maharashtra Cooperative (PMC) Bank Limited under Directions.

• As per the Directions, the depositors of the Mumbai based PMC Bank are not allowed to withdraw amount exceeding Rs 1,000 of the total balance in a savings account/current account or deposit account.
• Other restrictions put on the PMC Bank by RBI are:
• The bank cannot grant or renew any loans and advances.
• Can’t make any investment.
• Can’t incur liability including borrowal of funds.
• Can’t do acceptance of fresh deposits, without prior approval in writing from the Reserve Bank.
• Not be able to disburse or agree to any payment towards its liabilities and obligations.
• Enter into any compromise or arrangement.
• Sell, and transfer or dispose of any of its properties or assets.
• The directions are to remain in force for 6 months from the close of business of the bank.
• RBI has said that the direction is not be construed as a cancellation of a banking licence.

Question: 

Q.1 Which bank has been recently put under Directions by the RBI?
a. Allahabad Bank
b. Punjab National Bank
c. Bank of Baroda
d. Punjab and Maharashtra Cooperative Bank