Some limits have been fixed by the Reserve Bank of India (RBI) regarding the limit of withdrawing money from Shushruti Souharda Sahakara Bank Niyamita based in Bengaluru.
The Reserve Bank of India (RBI) announced the imposition of several restrictions on Shushruti Souharda Sahakara Bank Niyamita based in Bengaluru. Due to this, the problems of the customers of this bank may increase in the coming days. Some limit has been fixed by RBI regarding the limit of withdrawing money from the bank.
These restrictions imposed on the bank
RBI said that the bank can no longer give loans or accept deposits without its approval. RBI has also banned loan renewal. Apart from this, RBI has also fixed the limit for withdrawing money from the bank.
RBI said that customers cannot withdraw more than Rs 5,000 from their account. The RBI said in a statement, ‘The total amount of all savings accounts, current accounts or any other account of the depositors cannot be allowed to be withdrawn from the total amount of more than Rs 5,000.’
Restrictions will remain in place for 6 months
RBI has said that these restrictions on the bank will remain in force for the next 6 months. The bank has been permitted to carry on banking business with restrictions till its financial health improves. Earlier on Monday, RBI imposed a total fine of Rs 5 lakh on three cooperative banks for various non-compliances.
RBI said in a statement that Phaltan-based Yeshwant Cooperative Bank Ltd. has been fined Rs 2 lakh for non-compliance with its directions on income, asset classification, provisioning and other related issues.
2 lakh fine was imposed on Konkan Mercantile Bank
In another statement, RBI had imposed a fine of Rs 2 lakh on Mumbai-based Konkan Mercantile Cooperative Bank Ltd in a similar case. RBI said in another regulatory notice that it has imposed a fine of Rs 1 lakh on Kolkata-based Samata Cooperative Development Bank Ltd.
