RBI imposed restrictions on 5 co-operative banks
Tags: Economy/Finance National News
The Reserve Bank of India (RBI) on 24 February imposed restrictions on five cooperative banks due to their deteriorating financial condition.
An overview of the news
RBI has said in its statement that the restrictions imposed on these co-operative banks will remain in effect for six months.
Eligible depositors of all five co-operative banks will receive deposit insurance claim amount of up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation.
The move by the RBI is aimed at protecting the interests of depositors and ensuring the stability of the financial system.
Five co-operative banks on which restrictions have been imposed
Due to the current liquidity position of the following banks, customers will not be able to withdraw funds from their accounts.
HCBL Co-operative Bank,
Adarsh Mahila Nagari Sahakari Bank Maryadit,
Shimsha Sahakara Bank Niyamitha
Customers from following banks can withdraw up to ₹5,000.
Uravakonda Co-operative Town Bank
Shankarrao Mohite Patil Sahakari Bank
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