'My money is gone now': Customers panic as RBI curbs activities at PMC Bank

The sudden move caused PMC Bank depositors to panic and led to protests and long queues outside the bank's branches

The Reserve Bank of India's (RBI) move to take charge of one of the country's top five co-operative banks on Tuesday has left thousands of depositors in the lurch and sparked renewed concerns about the health of India's troubled banking sector.

Depositors of the Punjab and Maharashtra Co-operative (PMC) Bank were informed on Tuesday they can withdraw only a sum of 1,000 rupees ($14.1) from their bank account over the next six months, while the bank itself has been put under the direction of the central bank and barred from renewing, or granting any loans, or making fresh investments without