Reserve Bank of India imposes restrictions on four cooperative banks
Tags: Economy/Finance
In view of the deteriorating financial condition of the four co-operative banks, the Reserve Bank of India has imposed some other restrictions including withdrawal.
Bank names on which sanctions have been imposed
Saibaba Janata Sahakari Bank in Maharashtra
The Suri Friends' Union Co-operative Bank Ltd at Suri in West Bengal
United India Co-operative Bank Limited, Uttar Pradesh
National Urban Co-operative Bank Ltd, Bahraich, Uttar Pradesh
What are the restrictions imposed by the RBI?
A depositor of Saibaba Janata Sahakari Bank cannot withdraw more than Rs 20,000 from the bank, while the withdrawal limit for Suri Friends Union Co-operative Bank has been fixed at Rs 50,000.
In the case of National Urban Co-operative Bank, the withdrawal limit has been capped at Rs 10,000 per customer.
RBI has also imposed several restrictions on United India Co-operative Bank Ltd Bijnor, including restrictions on withdrawal of funds by customers.
The directions issued by RBI to these four co-operative banks under the Banking Regulation Act, 1949 will remain in force for six months.
About Reserve Bank of India
Established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
The central office of the Reserve Bank was initially established in Calcutta but was permanently shifted to Mumbai in 1937.
In the Central Office the Governor sits and policies are formulated.
The affairs of the Reserve Bank are handled by a central board of directors.
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