- Advertisement -
Home Personal Finance RBI extends restrictions on this bank? Do you have account in it?

RBI extends restrictions on this bank? Do you have account in it?

0
RBI Penalty on Banks: RBI imposes heavy penalty on 13 banks, know what will be the effect on customers

The Reserve Bank of India (RBI) has extended the restrictions on Karnataka-based Millath Co-operative Bank by three months till November 7.



This extension is subject to review, said an RBI statement. The restrictions were last extended till August 8.

“The RBI is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive DCBS.CO.BSD III.D-12 /12.23.096/2018-19 dated April 26, 2019 issued to Millath Co-operative Bank Limited, Devangere, Karnataka,” the statement said.

Also Read: PNB ONE: Pay to Contact facility! Send money through mobile number- Check the registration process here

As per the RBI’s directions, the co-operative bank shall not, without prior approval of RBI in writing a grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise.

The bank would also not enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.

Further, the central bank also imposed a withdrawal limit of Rs 1,000 from every savings or current account or any other deposit account.

The restrictions were first imposed in May 2019 and have been extended thereafter.

 

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com

Exit mobile version