A significant decision involving banks has been made by the Reserve Bank of India (RBI Update on Banks). You will no longer be able to withdraw more than Rs 5000 from your account if you also have a bank account. The Reserve Bank announced this by issuing a circular. The state of the banks is a consideration when the RBI makes a number of significant decisions. Now, allow us to explain which banks the RBI has forbidden and why.
Will only be able to withdraw 5000 rupees from the account, update by RBI
The Reserve Bank has placed numerous restrictions on some cooperative banks due to their deteriorating financial situation. Of the 5 banks targeted by this move, customers of 2 banks can only withdraw up to Rs 5000 from their accounts. Please let people know that this ban is still in effect for the next six months.
What banks are prohibited?
For Urvakonda Sahakari Municipal Bank in Urvakonda (Ananthapur District, Andhra Pradesh) and Shankarrao Mohite Patil Sahakari Bank in Akluj (Maharashtra), the RBI has placed limitations that will limit a maximum of Rs. withdrawals.
Banks won’t even be able to renew any further loans or advances
banks won’t even be able to offer loans. Also, the bank won’t be allowed to make any sort of investment. Also, none of the banks will be permitted to sign any contracts or sell or transfer any of their assets.
RBI published a notice.
The RBI circular states that banks will continue conducting banking operations with limitations until their economic conditions improve. While customers of the HCBL Sahakari Bank in Lucknow, Uttar Pradesh, the Adarsh Mahila Nagari Sahakari Bank Maryadit in Aurangabad, Maharashtra, and the Shimsha Sahakari Bank Regular in Maddur, Mandya, Karnataka, may withdraw Rs. won’t be permitted to withdraw.
Clients will receive 5 lakh
According to the RBI, the Deposit Insurance and Credit Guarantee Corporation will be able to pay eligible depositors of the five cooperative banks up to Rs 5 lakh as part of their deposit insurance claims.
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