RBI imposes restrictions on banks: The Reserve Bank of India (RBI) has taken a big step in view of the deteriorating economic condition of some cooperative banks. RBI has imposed several restrictions including withdrawal on 5 cooperative banks. Let’s know the complete details about it.
Due to these restrictions, these banks cannot sanction loans, make any investments, incur any new liabilities and transfer or liquidate any of their assets without prior intimation to RBI. Can’t use any other.
Customers of this bank will not be able to withdraw large amount from their account
The central bank has imposed a cap on withdrawal of money from the account of Shankarrao Mohite Patil Sahakari Bank, Akluj (Maharashtra). Customers of the bank can withdraw only up to Rs 5,000 from their account. RBI said in separate statements that these restrictions will remain in effect for 6 months.
Customers of these banks will not be able to withdraw money from their account
As per RBI, due to the current cash position of HCBL Sahakari Bank, Lucknow (Uttar Pradesh), Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra) and Shimsha Sahakari Bank Regular, Maddur, Mandya (Karnataka), customers of these banks may withdraw Rs. Will not be able to withdraw.
Can claim up to Rs 5 lakh on deposits
RBI said that eligible depositors of the five cooperative banks will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
