In view of the financial condition of the bank, RBI has imposed some restrictions on this bank. The customers of the bank will not be able to withdraw more than Rs 5,000 from their account.
Along with the withdrawal of customers, the RBI has banned a bank from granting or renewing loans. The bank will now have to take prior permission from RBI for this. As soon as the business of April 7, 2022 is over, the Reserve Bank of India has implemented all these restrictions.
Ban on withdrawing more than Rs 5,000
Due to the poor economic condition, RBI has reached this conclusion. The Central Bank has imposed restrictions on Shushruti Souharda Sahakara Bank Niyamita of Bengaluru and banned its customers from withdrawing more than Rs 5,000. Bank customers will not be able to withdraw cash more than Rs 5,000 from their savings or current accounts.
six months ban
RBI issued instructions on Thursday and informed about the ban on the bank for the next six months. After exactly six months from April 7, further strategy will be made after taking stock of the situation. According to the instructions, the bank will have to take the approval of RBI before making can be relaxed laterinvestments, making payments, accepting fresh deposits and selling assets.
can be relaxed later
RBI says that the license of Shushruti Souharda Sahakara Bank Regularity has not been cancelled. With the help of these restrictions, the condition of the bank will improve. These restrictions can be relaxed after the economic situation improves.
