January 14, 2020

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

[ By Bobby Anthony ]


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.

Related Post

latest News

  • Tamil Nadu Government Order Declaring Auto Component Industry 'Public Utility Service' Stayed By Madras High Court

    The Madras High Court has passed an interim stay order against a government order issued by the Tamil Nadu government’s labor and employment departm...

    Read More
  • California Consumer Privacy Act

    Third party developers have been reading Gmail users’ e-mails due to which people are increasingly concerned about the use and misuse of their perso...

    Read More
  • SC Quashes Clearance To Chandigarh Tata Housing Project Citing Its Proximity To Sukhna Lake And Wildlife Sanctuary

    The Supreme Court has quashed the clearance given to a Tata Group housing project in Chandigarh, citing its proximity to the Sukhna lake and wildlife ...

    Read More