News

January 14, 2020

RBI Imposes Rs 35,000 Withdrawal Limit On Co-Op Bank


[ By Bobby Anthony ]

Sri-Guru-Raghavendra-Sahakara-Bank

The Reserve Bank of India (RBI) has imposed a withdrawal limit of Rs 35,000 on depositors holding accounts in the fraud-hit Bengaluru-based Sri Guru Raghavendra Sahakara Bank.

The RBI has also restricted the co-operative bank from disbursing any loans, making any investment or incurring any liability including borrowing of funds and acceptance of fresh deposits, according to an RBI statement.

The restrictions came into effect from January 10, 2020, according to the RBI and the co-operative bank will have to take approval of the RBI for performing any such tasks, until its financial position improves.

However, the RBI has clarified that that directions issued by it should not be seen as cancelation of the bank’s banking license.

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