RBI imposes restrictions on New Delhi-based Ramgarhia Co-op Bank
The RBI on Friday imposed several restrictions on New Delhi-based Ramgarhia Co-operative Bank, including a cap of Rs 50,000 on withdrawal per depositor, in view of the lender's deteriorating financial condition
The RBI on Friday imposed several restrictions on New Delhi-based Ramgarhia Co-operative Bank, including a cap of Rs 50,000 on withdrawal per depositor, in view of the lender's deteriorating financial condition.
See Zee Business Live TV Streaming Below:
The restrictions came into effect after the close of business on Friday and will remain in force for six months, the Reserve Bank said in a statement while issuing the directions under the Banking Regulation Act, 1949.
The bank cannot, without prior approval of the RBI, grant or renew any loans, make investments or accept fresh deposits.
"In particular, a sum not exceeding Rs 50,000 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the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn...," the RBI said.
It, however, said these directions to Ramgarhia Co-operative Bank should not per se be construed as cancellation of banking licence by the RBI.
"The bank will continue to undertake banking business with restrictions as stated in the Directions till its financial position improves," it added.
The Reserve Bank further said it may consider modifications of the directions depending upon circumstances.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
80% return in one year: Brokerage suggests buying this Maharatna PSU stock for 2-3 days, check target
Lok Sabha elections 2024 Phase 4: Voting date, timing, states, union territories, seats, key candidates and constituencies | LS Polls
5 investment schemes that provide monthly pension to senior citizens fixed deposit fds savings scss guaranteed return atal pension yojana post office monthly income swps mutual fund
HPCL dividend 2024: OMC Hindustan Petroleum Corporation announces Rs 16.50 dividend, check record date
10:00 PM IST