After the Reserve Bank of India (RBI) imposed penalty on some banks in the last few days, now a bank has fixed the withdrawal limit. Many types of restrictions have been imposed by the RBI on the Raigad Co-operative Bank of Mumbai. The central bank has taken this step in view of the deteriorating financial health of the bank.
15 thousand withdrawal limit
A withdrawal limit of Rs 15,000 has been imposed by the central bank for the customers of Raigad Co-operative Bank. After this strictness, the co-operative bank will not be able to give loans without the prior approval of the Reserve Bank, will not be able to make any investments and will not be able to accept new deposits.
The ban will continue for six months
In a statement given by the Reserve Bank, it was said that the customers of the bank will not be able to withdraw more than Rs 15,000 from their savings and current accounts. These restrictions on the bank will be applicable for six months. The Reserve Bank has clarified that the instructions issued to Raigad Co-operative Bank do not mean to cancel its banking licence.
Penalty was imposed on two big banks
Earlier, the RBI had imposed penalties on two big banks for non-compliance with the rules. In the information given by the RBI, it was told that Kotak Mahindra Bank and IndusInd Bank have been fined one crore rupees each for non-compliance in regulatory compliance.