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Reserve Bank of India imposes restrictions, including on withdrawals on four cooperative banks

Mumbai: The apex bank in the country, the Reserve Bank of India (RBI)  has imposed restrictions, including on withdrawals, on four cooperative banks in the country. The apex bank imposed restrictions due to deteriorating financial positions of these banks.

The four cooperative banks are Saibaba Janata Sahakari Bank in Maharashtra, The Suri Friends’ Union Co-operative Bank Ltd at Suri in West Bengal,  United India Co-operative Bank Limited, Bijnor and National Urban Co-operative Bank Ltd, Bahraich in Uttar Pradesh.

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As per the restrictions by RBI, a  depositor of Saibaba Janata Sahakari Bank cannot withdraw more than 20,000 rupees from the bank. The  withdrawal limit for The Suri Friends’ Union Co-operative Bank is 50,000 rupees and Rs 10,000 for National Urban Co-operative Bank.

The RBI has  imposed a also imposed ban on withdrawals of funds by customers  from  United India Co-operative Bank Limited, Bijnor.

The directions issued by the RBI to these four cooperative banks under the Banking Regulation Act, 1949, will remain in force for six months.


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