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RBI restricts withdrawal limit as Rs 50,000 for yet another bank

The Reserve Bank of India has revised the withdrawal limit to Rs.50,000 for depositors of a co-operative bank. The RBI has revised withdrawal limit for depositors of Garha Co-operative Bank Ltd., Guna in Madhya Pradesh. As per the new announcement, all depositors of Garha Co-operative Bank Ltd can only withdraw not more than Rs 50,000 of total balance across all accounts. But RBI made it clear that the bank can set off loans against deposits subject to the conditions  set by RBI.

Also Read: Ministry of Home Affairs announces its decision on Covid-19 restrictions 

The apex bank in India also made it clear that this does not mean that the licence of the bank is cancelled. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

 

 

 

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