Last Updated on May 9, 2021 by Damini Patel
Indian Reserve Bank of India (RBI) Co-operative The ban on the bank has been extended till August 8, 2021. According to Reserve Bank of India investors, any type of loan or this cannot be called renewal without the prior approval of the co-operative bank RBI. At the same time, no one will invest here and will not be able to take money or accept deposits.
And no disbursement of any kind is allowed. According to the RBI director, the bank will not enter into any agreement or arrangement and cannot sell or acquire any assets.
The ban has been in place since May 2019
In addition, the central government has set a withdrawal limit of Rs.1000 for every savings or current account in the bank along with any deposit account. The ban was first imposed in May 2019, but has since been extended. These were last extended until May 7, 2021.
The bank has also been banned
The RBI monitors the financial condition of banks and takes strict action if required. The RBI had earlier banned Garha Co-operative Bank Ltd in February 2021.
According to these restrictions, the bank management will not be able to grant any kind of grant, give new loan or renew the loan without the written approval of the Reserve Bank. Customers of this bank will not be able to withdraw more than Rs 50,000.
Earlier on February 19, Deccan Urban Co-operative Bank Limited, a co-operative bank in Karnataka, was banned from issuing new loans. Earlier, an independent co-operative bank was also banned in Nashik, Maharashtra.