The RBI has imposed several restrictions on this bank for withdrawing money
The Reserve Bank of India (RBI) took strict action against a bank on Wednesday, imposing several restrictions. This action by the RBI will directly affect the bank’s customers, who will be unable to withdraw their own deposited money. The RBI has also fixed a withdrawal limit of ₹35,000 for customers of the bank.
This means customers will not be able to withdraw more than ₹35,000 from their bank accounts. However, these restrictions have been imposed on only one bank, and other banks will not be affected. The RBI took this action today due to the deteriorating financial condition of the Guwahati Cooperative Urban Bank.
All restrictions imposed by the Reserve Bank of India came into effect on Tuesday, when the bank closed for the day, and will remain in force for the next six months. According to the directives, the cooperative bank cannot grant any new loans or renew existing ones without the prior permission of the Reserve Bank.
This bank is prohibited from making any new investments, incurring any new liabilities, or making any payments. The Reserve Bank of India stated, “Considering the bank’s current liquidity position, the bank has been directed not to allow depositors to withdraw more than ₹35,000 from their savings or current accounts or any other accounts, although adjustment of loans against deposits is permitted.”
