RBI News: Both banks cannot make loans, make any investments, undertake any obligations, including borrowing money and accepting new deposits, distributing or disposing of assets or assets, without the permission of the RBI.
RBI News: The Reserve Bank of India (RBI) has imposed several restrictions on two cooperative banks of Uttar Pradesh on Thursday. These also include the limit for withdrawing money from the bank by the customers. The Reserve Bank said that these restrictions have been imposed in view of the deteriorating financial condition of these banks. According to the news of PTI, both these banks are Lucknow Urban Co-operative Bank and Urban Co-operative Bank Ltd. Sitapur. The restrictions under the Banking Regulation Act will remain in force for six months.
Fixed limit for withdrawing money
According to the statement of the central bank, the customers of Lucknow Urban Cooperative Bank will not be able to withdraw more than Rs 30,000. On the other hand, in the case of Urban Cooperative Bank Limited, Sitapur, the withdrawal limit is Rs 50,000 per customer, according to the news. Both banks may not make loans, make any investments, undertake any obligations – including borrowing money and accepting new deposits, distributing or disposing of assets or assets – without the permission of the RBI.
These banks were also banned in the same month
Recently, the Reserve Bank of India had imposed some restrictions on Raigad Sahakari Bank of Mumbai. Apart from this, restrictions were also imposed on Nashik Zilla Girna Sahkari Bank of Maharashtra and Mallikarjuna Pattana Sahkari Bank of Karnataka. The Reserve Bank of India had taken this step due to the deteriorating financial health of the bank. A withdrawal limit of Rs 15,000 was imposed for the customers of the bank. This caused a lot of trouble to the customers of the bank.
From time to time, disciplinary action has been taken on banks by the Reserve Bank of India (RBI). Such action is taken on banks for violating rules and for other reasons. Recently, heavy fines have been imposed on some nationalized banks. On these too many types of objections were found from RBI.
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