The Reserve Bank of India (RBI) has increased the strictures on banks. - AB TAK NEWS

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Friday, 17 January 2020

The Reserve Bank of India (RBI) has increased the strictures on banks.

The Reserve Bank of India (RBI) has increased the strictures on banks.
For some time, the Reserve Bank of India (RBI) has increased the strictures on banks to improve the banking sector.  Under this, the central bank imposed a 6-month ban on Punjab and Maharashtra Co-operative Bank (PMC) last year.

At the same time, several types of restrictions have been imposed on Sri Guru Raghavendra Cooperative Bank in Bangalore.  RBI has now shown strictness on another co-operative bank.  However, due to this strictness, customers may have to face problems.

RBI has extended the cash withdrawal and other restrictions on Kolkata-based Kolikata Mahila Cooperative Bank Limited for six months.  These restrictions will be effective from 10 January 2020 to 9 July 2020.
In fact, on 9 July 2019 last year, RBI banned this bank for 6 months.  Its deadline expired on 9 January 2020.

Now the Reserve Bank has increased it to 9 July 2020 for a further period of six months.  Along with this, it is also mandatory to paste a copy of the RBI directive for the attention of the common people in the bank premises.

What is the meaning of ban?

 After proceeding with this ban, depositors will be allowed to withdraw up to Rs 1,000 only for the next 6 months.  Apart from this, the central bank prohibited the cooperative bank from granting or renewing loans, making any kind of investment, raising any bill bill, making a new deposit or making any payment without the written permission of RBI.

This ban will continue even further.  However, the central bank has clarified that its instructions should not be seen as canceling the license of the bank.


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