PACL

PACL refers to the Punjab and Maharashtra Cooperative Bank Limited. It was an Indian multi-state urban cooperative bank. Established in 1984, it had a significant presence in Maharashtra and other states. The bank provided a range of banking services to its customers, including savings accounts, fixed deposits, and loans.

In September 2019, the Reserve Bank of India (RBI) imposed restrictions on PACL's operations due to severe financial irregularities and a reported loss of over ₹4,000 crore. These restrictions included limitations on withdrawals by depositors. The bank faced a major crisis, leading to widespread public concern and protests from depositors seeking access to their funds.

Following the RBI's intervention and subsequent investigations, the bank's management was superseded. The Economic Offences Wing (EOW) of the Mumbai Police initiated a probe into alleged fraud and mismanagement. Several directors and officials of the bank were arrested in connection with the case. The crisis at PACL highlighted broader concerns about governance and regulatory oversight within the cooperative banking sector in India. Efforts have been underway to resolve the bank's financial situation and return funds to depositors, though the process has been protracted.