What is the full form of PMC Bank?
The full form of PMC Bank is Punjab & Maharashtra Co-operative Bank. PMC Bank is a multi-state scheduled urban cooperative bank headquartered in Mumbai, India. The bank operates in several states including Maharashtra, Delhi, Karnataka, Goa, Gujrat, Andhra Pradesh and Madhya Pradesh. Founded in 1984, today the bank has a network of 137 branches across six states.
History of PMC Bank
- In 2000, PMC Bank was conferred with Scheduled Status by the Reserve Bank of India (RBI).
- In 2004, the bank achieved Multi-State Status from the Central Registrar and thus made an entry into the national platform.
- The Reserve Bank of India (RBI) gave the Authorised Dealer Category I license to PMC Bank for Forex business in 2011.
- The Reserve Bank of India imposed operational restrictions on PMC Bank for 6 months on 23rd September 2019 and account holders were not allowed to withdraw more than Rs. 1,000 from their accounts during this period.
- On 26 September, the restrictions were relaxed and customers were allowed to withdraw up to Rs. 10,000 from their accounts.
Products and services offered by PMC
- Savings account, Sapphire savings account
- MSME loans
- Demat account
- Credit cards and offers
- Internet banking like NEFT, RTGS
- Mobile banking (IMPS)
- Any branch banking
- Electronic clearance service (ECS)
- National electronic clearance service (NECS)
- E- Tax payment
- Lobby banking
- Cheque deposit machine
- Kiosk machine
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