RBI Imposed Restriction: RBI has imposed restrictions on Musiri Urban Co-operative Bank. If you have an account with this bank, then you can withdraw only up to Rs.5000.
RBI Action on Musiri Urban Co-operative Bank: Big news related to Reserve Bank of India is coming out. RBI has once again taken big action on co-operative banks on Friday. Now RBI has said to impose restrictions on Musiri Urban Co-operative Bank Ltd. Under this restriction, now the cash withdrawal limit of customers from the bank has been reduced. The Reserve Bank says that this restriction has been imposed on this bank in view of the worsening financial situation. Know what else RBI has said about this.
Customers can withdraw up to 5 thousand
RBI has prohibited depositors from withdrawing an amount exceeding Rs 5,000 of the total balance in all savings bank or current accounts or any other account. Means now less than 5 thousand rupees can also be withdrawn. RBI has imposed restrictions on Musiri Urban Co-operative Bank Limited today, March 3, 2023 (Friday) to improve the financial condition.
This won’t work
Under the restrictions imposed on the bank by RBI, the bank will not give any kind of loan to anyone. No one can invest in this bank. Also, the bank cannot bear any liability related to the loan of rupees. Also may not accept any new deposit or agree to any payment. The central bank said that this bank cannot make any agreement with anyone. This bank has no right to sell and transfer any property or assets.
Banking license not canceled
In the release issued by RBI, it has been informed that the banking license of this bank has not been canceled by RBI. Bank can continue banking operations with restrictions till its financial position improves. The Reserve Bank may also consider modifications of these instructions depending upon the circumstances. RBI has not allowed depositors to withdraw an amount exceeding Rs 5,000 out of the total balance in all savings bank or current accounts or any other account.
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