After South Indian Co-operative Bank and Maratha Mandir Co-operative Bank in Mumbai, and City Co-op Bank in Surat, one more co-operative bank in the country's financial capital faced panic withdrawals by depositors.

Depositors rushed to some of the Punjab & Maharashtra Co-operative Bank branches in Mumbai on Friday to withdraw their savings.

The bank witnessed withdrawals of Rs 5 crore (Rs 50 million), K Joy Thomas, managing director, said. The bank will function round the clock to meet customers demand, he added.

The bank is financially sound with a capital adequacy ratio of 14.39 per cent, net profit of Rs 14.41 crore (Rs 144.1 million) in June 2004.