Customers of the Reserve Bank of India (RBI) would be unable to withdraw more than 10,000 rupees from their savings or current accounts, according to the RBI. The Reserve Bank’s order has been posted in the bank’s lobby so that clients can learn more about it.
Following a terrible financial situation, the Reserve Bank of India tightened the restrictions on another bank. Nagar Urban Co-Operative Bank Limited, Ahmednagar, Maharashtra, has been subjected to numerous restrictions by the Reserve Bank of India. The bank’s customers’ withdrawal limit from their accounts has been set at Rs 10,000 as a result of these limitations.
The bank’s financial situation is dire.
The central bank took this action due to the bank’s deteriorating financial situation. These limits, imposed by the Banking Regulation Act (Applicable to Co-operative Societies), 1949, will be in effect for six months beginning December 6, 2021, and will be reviewed.
The central bank has stated that it will not grant any loan, advance, or renewal without its prior approval. Along with this, the bank will be forbidden from making any form of investment, incurring any kind of responsibility, making payments, or transferring or selling properties.
Will be unable to withdraw more than Rs10,000
Customers would not be able to withdraw more than 10,000 rupees from their savings or current accounts, according to the Reserve Bank. The Reserve Bank’s order has been posted in the bank’s lobby so that clients can learn more about it.
However, the central bank has stated that these limits do not imply that banking licences will be revoked.
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