RBI controls Malkapur Urban Co-op Bank;  Rs.10,000 cap removal

RBI controls Malkapur Urban Co-op Bank; Rs.10,000 cap removal

RBI controls Malkapur Urban Co-op Bank; Rs.10,000 cap removal

The RBI on Wednesday imposed a Rs 10,000 limit on withdrawals and imposed several restrictions on the financial condition of Malkapur Urban Co-operative Bank in Maharashtra.

Malkapur Urban Co-operative Bank cannot renew any loan, make any investment, take any liability and disburse any payment without prior permission of RBI, the RBI said in a statement.

“In particular, withdrawals of not more than Rs. 10,000 from the total balance in all savings bank or current accounts or any other account of the depositor may be allowed …,” it said.

The restrictions will remain in place for six months after business closes on Wednesday.

The central bank, however, should not consider co-operative banks to be subject to revocation of banking license.

“Until the financial condition of the bank improves, the banking business will continue with restrictions,” it said.

The Reserve Bank may consider making changes to these directives depending on the circumstances, the statement said.

(Only the title and image of this report may have been recreated by Business staff; the rest of the content is automatically generated from the syndicated feed.)

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