RBI has slapped restrictions on five cooperative banks on account of their deteriorating financial condition.
RBI Imposes restrictions on five Cooperative Banks
The restrictions on cooperative banks will remain in place for six months and includes a ban on
- Granting Loans
- Making Investments
- Incurring any liability
- Disposing of properties without prior approval from RBI
The measures taken by the RBI against Cooperative Banks is aimed at safeguarding the interests of depositors and ensuring the stability of the financial system in the country.
RBI Measures against five Cooperative Banks
Customers of three cooperative banks i.e. Adarsh Mahila Nagari Sahakari Bank Maryadit, Shimsha Sahakari Bank Niyamitha and HCBL Cooperative Bank will not be able to withdraw funds from their accounts due to the banks present liquidity position.
However, the customers of Uravakonda Co-operative Town Bank and Shankarrao Mohite Sahakari Bank can withdraw upto Rs 5000.
The eligible depositors of all the five cooperative banks will receive deposit insurance claim amounts up to Rs 5 Lakh from the Deposit Insurance and Credit Guarantee Corporation.
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