RBI puts curbs on urban coop bank

MUMBAI, Sept 24:

Citing many regulatorylapses, including massiveunder reporting of NPAs, theReserve Bank Tuesday put aslew of restrictions on Punjab& Maharashtra Co-operativeBank (PMC) for six months.

The major restrictionsinclude capping withdrawals atRs 1,000 per customer during thesix-month period, and banningthe bank from extending newloans.

The city-based bank hasaronnd Rs 11,000 crore of pub-lic deposits.

"PMC without prior approvalin writing from the RBI, willalso not be able to grant or renewany loans and advances, makeany investment, incur any liabil-ity including borrowing fundsand acceptance of fresh deposits,disburse or agree to disburse anypayment whether in discharge ofits liabilities and obligations,"the RBI said in a statement with-out giving any reasons for theregulatory action.(PTI)

ISLAMABAD, Sept 24:

At least 19 people werekilled and more than 300 oth-ers injured in Pakistan-occu-pied Kashmir today after a 5.8-magnitude quake jolted sever-al cities in the northern parts ofthe country including capitalIslamabad.

According to USGeological Survey, the epicen-tre of quake was near NewMirpur in Pakistan-occupiedKashmir.

Deputy Inspector General(DIG) of police in Mirpur,Sardar Gulfaraz Khan, told themedia that at least 19 peoplewere killed and over 300

injured in Mirpur and sur-rounding areas due to the pow-erful quake.

Pakistan MeteorologicalDepartment's earthquake centresaid the 5.8-magnitude earth-quake was located near themountainous city of Jehlum inPunjab province. Its depth wasat 10 kilometres. However,Minister for Science FawadChaudhry said that the intensityof the quake was 7.1.

Some houses collapsed in

Mirpur following the earth-quake, Deputy CommissionerRaja Qaiser said. Parts of amosque also collapsed in thearea, which is severely affectedby the quake. Emergency hasbeen declared in hospitals acrossPoK.

TV channels showed thefootage of heavily damaged

roads in Mirpur, with manyvehicles overturned. Severalcars fell into the deep cracks onthe roads.

The quake was powerful andcreated panic as people ran outof building, eyewitnesses said.

Pakistan Army chief GeneralQamar Javed Bajwa directed"immediate rescue operation inaid of civil administration" forvictims of earthquake in PoK.Army troops with aviation andmedical support teams havebeen dispatched, the media wingof the army tweeted.

Lt. Gen. Muhammad Afzal,chairman of the NationalDisaster Management Authority,said that most of the damagewas done in Mirpur and Jhelum."We are assessing the damage tolife and property," he said.

Several cities includingPeshawar, Rawalpindi, Lahore,Skardu, Kohat, Charsadda,Kasur, Faisalabad, Gujrat,

Sialkot, Abbottabad, Mansehra,Chitral, Malakand, Multan,Shangla, Okara, Nowshera,Attock and Jhang felt thetremor.

Pakistan's major water reser-voir Mangla Dam located nearMirpur remained safe, officials

said. Mangla dam power househas been closed, cutting off 900MW power supply to the nation-al grid, they said.

However, upper Jhelumcanal was damaged and waterinundated various villages.(PTI)

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19 killed, over 300 injured in PoK after earthquake jolts north Pakistan

Roads damaged in Mirpur area of PoK due to earthquake.

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