RBI imposed restrictions on bank: Reserve Bank of India has taken a big decision regarding a bank in Maharashtra. RBI has now imposed many restrictions on the bank, which will have a direct impact on the bank’s customers.
Reserve Bank of India: Reserve Bank supervises all the banks of the country. If you also have an account in the cooperative bank of the country, then this news is useful for you. Reserve Bank of India has taken a big decision regarding a bank in Maharashtra. RBI has now imposed many restrictions on the bank, which will have a direct impact on the bank’s customers.
Let us tell you that RBI has taken a big step against Shirpur Merchants Cooperative Bank of Maharashtra. The Reserve Bank of India (RBI) has taken several decisions in view of the deteriorating financial condition of Maharashtra-based Shirpur Merchants Cooperative Bank.
Bank will not be able to give loan
RBI has put restrictions on many services including withdrawing money from the bank. RBI said in a statement that after the close of business on Monday, this cooperative bank will not be able to give any new loan nor will it be able to make any investment.
RBI permission will be necessary
Along with this, the bank will not be allowed to transfer or dispose of its property or assets without the permission of the central bank. The Reserve Bank has taken this step in view of the current financial condition of Shirpur Merchants Cooperative Bank.
Will not be able to withdraw money from the account
In this, no amount can be allowed to be withdrawn from the total balance in all the savings bank or current accounts or any other account of the depositor. However, bank customers will be able to pay the loan from the amount deposited in their account under these terms and conditions of the Reserve Bank.
Entitlement to receive amount up to Rs 5 lakh
RBI said that eligible depositors will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Restrictions will remain in effect for 6 months
The restrictions imposed on Shirpur Merchants Co-operative Bank from closure of business on April 8, 2024 will remain in force for six months. However, the Reserve Bank said that these instructions should not be interpreted as cancellation of the license of the bank. He said that the bank will continue to conduct banking business with these restrictions until its financial condition improves.
