RBI sets withdrawal limit, fears of another bank sinking

Jan 14 2020 01:37 PM
RBI sets withdrawal limit, fears of another bank sinking

New Delhi: Due to the economic crisis, the RBI has imposed a withdrawal limit of Rs 35,000 on customers by placing several restrictions on the private sector bank of Bangalore, Sri Guru Raghavendra Sahakara Bank. Not only this, this bank cannot offer any new loan for the next six months without RBI permission. Also, he cannot make any investment during this period without permission.

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It is noteworthy that similar restrictions were also imposed on the PMC bank . RBI has said in its statement that until the financial condition of the bank improves, it will continue to operate banking operations under bank restrictions. However, RBI has not canceled the license of the bank. These restrictions have been imposed on the bank since the work ceased on Friday, 10 January.

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A statement issued by the RBI said that no matter how much is deposited in any savings account, current account or any other account, there can be no withdrawal of more than Rs 35,000. The RBI has banned under Section 35A of the Banking Regulation Act 1949. Let us tell you that after the ban on PMC bank many customers committed suicide.

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