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The Reserve Bank (RBI) has taken strict action against two banks. If you also have an account in these banks then now you can withdraw only Rs 10,000 and Rs 15,000. You can't take out more than this. The RB has taken action against Pratapgarh-based National Urban Co-operative Bank Ltd (National Urban Co-operative Bank) in Uttar Pradesh and Mumbai-based Sarvodaya Co-operative Bank (Sarvodaya Sahakari Bank), all of which have customer accounts. In this bank, money can be withdrawn only within a limit.
Let us tell you that in view of the deteriorating financial condition of the banks, the Reserve Bank has taken this strict step. Restrictions have been imposed to improve the financial condition of banks, which will have a direct impact on customers. With this, eligible depositors will be entitled to receive deposit insurance claim amount up to Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC) on their deposits.
Restrictions came into effect from April 15
The restrictions on Sarvodaya Co-operative Bank and Rashtriya Urban Co-operative Bank came into effect from close of business on Monday (April 15, 2024) in the form of directions under Section 35A of the Banking Regulation Act 1949.
Now the bank can't do this work
Along with this, RBI has said that now Sarvodaya Co-operative Bank will not be able to give any loan or advance nor will it be able to renew it without the permission of the Reserve Bank. Apart from this, he will not be able to make any investment, incur any liability or make any payment in discharge of his liabilities.
Customers of Sarvodaya Cooperative Bank will be able to withdraw only Rs 15000.
The central bank has said that withdrawal of more than Rs 15,000 specifically may not be allowed from all savings banks or current accounts or any other account of depositors. The Reserve Bank also said that the guidelines issued should not be taken as cancellation of banking licenses by the Reserve Bank.
National Urban Cooperative Bank cannot do this
The National Urban Co-operative Bank Limited cannot grant or renew any loans and advances, make any investments, incur any liabilities or make any advance payments against its liabilities and obligations without the permission of the RBI. Is.
Urban Co-operative Bank customers can withdraw Rs 10,000
The central bank has said that an amount not exceeding Rs 10,000 cannot be withdrawn from the total balance in the bank's savings account or current account or any other account of the depositor. Along with this, RBI said that these guidelines should not be understood as cancellation of banking license.
The restrictions will remain in effect for 6 months
The bank will continue banking business with such restrictions until its financial position improves. The RBI said these restrictions will remain in place for six months after the close of business on April 15, 2024, and will be reviewed.