The Punjab and Maharashtra Co-operative Bank's withdrawal limit has affected the preparations for the 550th anniversary of Guru Nanak Dev. At least 10 gurudwaras had saved huge amounts of money in the bank to commemorate the event. Speaking to ANI on the issue, Chandigarh Sector-8 Gurudwara Prabhandak Committee president SS Kohli said, "If I am not wrong, I believe that a huge amount of funds belonging to different gurudwara management committees were parked with this bank (PMC Bank) in controversy." On September 24, customers of Punjab and Maharashtra Cooperative Bank woke up to a big shocker. A message from the bank revealed that it had been put under directions by RBI for six months. The Economic offences Wing (EOW) of the Mumbai Police registered a case against top management officials of the PMC bank and director of HDIL (Housing development and Infrastructure Limited) on directions of RBI.
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