Deccan Urban Co-op Bank: RBI caps withdrawal limit at ₹1,000 for next 6 months
Reserve Bank on Friday said that it has put restrictions on Karnataka-based Deccan Urban Co-operative Bank LtdPremium
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RBI has also barred the bank from granting fresh loans or accepting deposits.
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The Reserve Bank of India on Friday said that it has put restrictions on Karnataka-based Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits.
The central bank has also restricted the withdrawal limit at ₹1,000. Considering the bank s present liquidity position, a sum not exceeding ₹1000 only of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, RBI said in a release on Friday. So, the customers of the co-operative bank cannot withdra more than ₹1,000 from the lender.
RBI imposes restrictions on THIS bank, check important guidelines for customers here - Reserve Bank of India (RBI) has imposed a withdrawal cap of Rs 1,000 on customers of Deccan Urban Cooperative Bank.
The Reserve Bank of India has put restrictions on the Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits on Friday (February 19). The Deccan Urban Co-operative Bank Ltd has been prohibited from making any fresh investments or incur any liability without taking permission from the Reserve Bank of India.
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RBI Puts Rs 1,000 Withdrawal Cap On Deccan Urban Co-Op Bank; Fresh Loans, Deposits Restricted
It has also asked the lender to desist from disbursing any payment whether in discharge of its liabilities or otherwise, or dispose of any of its assets except as notified in the RBI direction.
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The Reserve Bank on Friday said it has barred Karnataka-based Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits and customers cannot withdraw more than Rs 1,000 from their savings account for a period of six months.
The lender has also been asked not to make fresh investments or incur any liability without its prior permission.
RBI puts Rs 1,000 withdrawal cap on Deccan Urban Cooperative Bank ANI | Updated: Feb 20, 2021 12:52 IST
The bank cannot undertake any fresh business, including giving new loans and taking fresh deposits, said the RBI adding that the directions will remain in force for six months from the close of business on February 19 and are subject to review. Considering the bank s present liquidity position, a sum not exceeding Rs 1,000 only of the total balance across all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn, the RBI said in a statement late on Friday.