RBI imposed restrictions on 4 cooperative banks

New Delhi: In view of the deteriorating monetary situation of 4 co-operative banks, the Reserve Financial institution has put restrictions on withdrawals together with withdrawals. Restrictions have been imposed on Saibaba Janata Sahakari Financial institution, The Suri Associates Union Co-operative Financial institution Ltd., Suri (West Bengal) and Nationwide City Co-operative Financial institution Ltd., Bahraich. A depositor of Saibaba Janata Sahakari Financial institution can’t withdraw greater than Rs 20,000 from the financial institution, whereas it’s Rs 50,000 for Suri Associates Union Co-operative Financial institution.

Equally, within the case of Nationwide City Co-operative Financial institution, the withdrawal restrict has been capped at Rs 10,000 per buyer. (Also read: Another blow to Nirav Modi! ED attaches assets worth Rs 253 cr in Hong Kong)

RBI has additionally imposed a number of restrictions on United India Co-operative Financial institution Ltd., Bijnor, together with restrictions on withdrawal of funds by clients. (Also Read: Gold Rate Today, July 23: Gold Corrects, Rates Of Rs 400, Check Latest Rates)

The instructions issued by the RBI to the 4 co-operative banks underneath the Banking Regulation Act, 1949 will stay in power for six months.

Asserting the restrictions on cooperative banks, the Reserve Financial institution has issued a separate assertion.

In one other assertion, the RBI mentioned it has imposed a penalty of Rs 57.75 lakh on Suryoday Small Finance Financial institution for violation of sure norms referring to ‘fraudulent classification and reporting by business banks and choose monetary establishments’.